The difference between rich and poor mentality

If you’ve spent any time on social media such as Instagram, Facebook, and YouTube, you’ve no doubt seen people posting content about their incredibly lavish lifestyles. For some, the images are real. But for others, behind the scenes, there’s a lot of debt, poor credit, and zero savings.

In the extremely popular and captivating book The Millionaire Next Door, authors Thomas J. Stanley and William D. Danko studied millionaires over several decades. Do you know what they found? Most millionaires aren’t living out in Hollywood. 

Most millionaires are right in front of you – living in your neighborhood, driving that second-hand Toyota, and sporting the iPhone from 5 years ago.

There are so many lessons to learn from everyday millionaires. They’re business owners who’ve built their empires from the ground up, women and men who’ve maintained their old lifestyles while building real assets and using a rich mindset.

It’s important to realize that the truly rich often won’t flaunt it.

Additionally, it’s partly why they continue to increase in wealth. They’re not giving into consumption by buying the latest gadgets or the most expensive items. Instead, they’re building assets.

This is a key differentiator between rich vs poor people. Living in luxury can be one of the habits of the poor mindset.

But becoming rich is possible with the right mindset, and there are many more wealthy people out there than you might imagine.

What is a poor mindset?

On the other end of the spectrum, you have a significant number of people stuck in a poverty mindset. Poverty and being poor are complex. The environment, exposure, and life experiences can keep someone trapped in this poverty mentality.

It can be difficult to overcome this.

However, you can carve your way out by deciding to adjust your thinking with the power of mindset. So, what are the thought patterns that can hold you back from becoming wealthy?

A poor mindset believes things will not change

Poor mindset convinces people that their circumstances are fixed and that living paycheck to paycheck is the best they can do. They have a lot of negativity and think that there’s not much they can do to improve their circumstances. It’s a big difference between rich and poor mentality.

An attitude of poverty believes overcoming challenges is impossible

Someone using habits of the poor mindset believes that what life has thrown them has never been seen before and their challenges are impossible to overcome. This way of thinking may also cause them to feel judgment towards those that are rich.

What this person fails to realize is that everyone goes through rough patches. Oprah didn’t rise to where she is without facing major personal and professional challenges.

Instead, she has a wealth mentality. Below, we’ll walk through certain habits that wealthy people have that set them apart from the rest.

1. Rich people always have a vision

Before you hit the ground running, ask yourself this: what is your vision? Jonathan Swift said it right when he said, “Vision is the art of seeing what is invisible to others.”

Do you have hopes and dreams you’re constantly thinking of achieving? Is your vision big beyond what you think you are capable of today? Will what you see for yourself change your life, the life of your family, or your community in the future?

If all you see is where you are today, challenge yourself to build a vision. Once you do, realize it’s not a one-and-done affair.

Instead, it’s an everyday process where your mind dreams further of what’s possible, and then you follow your dreams. The rich are persistent and keep working towards their vision and goals; a huge difference between the rich mindset vs poor mindset.

2. Rich people have productive routines

Netflix, YouTube, and TikTok have been dominating the entertainment scene of late. Millions of hours are viewed each day. While it’s great for them, it does little for you – and the wealthy know this. Most rich people are more productive with their time.

People with money are intentional. They have routines. And they understand that you don’t just wake up as a diligent individual out of nowhere.

When we talk about routines, we don’t just mean waking up at 5 am every day. That’s only a tiny part of it.

Instead, we’re referring to the overall environment the wealthy put themselves in.

Rich people are intentional about the friends they keep. They pay attention to what they feed their minds. And they put themselves in environments where success is most likely.

Routines consist of all these components – time, environment, and habits.

For example, when you need to work from home, do you stay in bed? You probably end up getting much less done. Having a designated workspace will get you much further ahead.

Basically, create a life that makes success inevitable and eliminates obstacles that could stop you from achieving your goals. The reliability of a routine can help you succeed. The wealthy know this and are intentional about having a consistent billion dollar morning routine.

3. A rich mindset is results-driven

Rich people focus on outcomes. They take full responsibility by setting goals and achieving them.

In addition, they aren’t building routines for bragging rights. No one is waking up at 5 am, so they can post about it on Instagram.

No. People with money are focused on the results and will commit to doing what it takes to achieve them.

Routines alone will improve your quality of life. But they won’t do anything for your bank account. Routines coupled with focused action will yield results.

So, what’s the best way to achieve results? Know what you want. When you have a clear idea of what the end goal is, it will be so much easier to work back and figure out what it takes to get there!

4. Rich people admit when they don’t know

Guess what makes you a smart person? Admitting what you don’t know and knowing how to ask meaningful questions.

The rich know this and are on a constant search for knowledge as part of their rich mindset. So, if you’re learning from a mentor, ask smart questions for informational purposes.

Learn in regards to the challenges they are facing, understand what they are trying to achieve, how they are planning to achieve their goals, and what they’ve learned from past experiences.

Listening always pays off. Gather intel on best practices, new opportunities, and potential challenges and solutions. Use this skill when learning, negotiating, exploring, or networking – basically every human interaction you have!

5. People with a rich mindset don’t work for money

You heard that right. The wealthy work to learn. Poor people often work for their next paycheck.

Reasons for working is a huge difference in the rich vs poor mindset.

You see it all around you. Poor people end up working from paycheck to paycheck, barely making ends meet. Rich people, in the meantime, grow their skills and abilities and continually rise up the ranks.

6. Rich people have mentors

Life is all about relationships. You’ve heard the saying before, “Your network is your net worth.” It’s true.

But that doesn’t mean you should go out there and dump your friends. Instead, it means you should broaden your circle.

Once you make money the end goal, you’ll be stuck working for it without growing in your talents and abilities to boost your income.

However, if you work to learn, you’ll be well on your way to success.

You see, those with wealth connect with other people. They identify stars in their field, study them, and through a leap of faith, make that connection.

It all goes back to your vision.