Does your mindset agree to wealth?
I remind myself of the message written by T. Harv Eker in his book that I read a long time ago.
The concept is you need not only think as rich people think. You need to do like them as well.
So today I just wanted to update my knowledge about what rich people think and do these days.
We are living in the digital age. That means the most valuable thing is the information. Who holds the most information, will win. Because you will definitely see things thoroughly, more clear, and sharp. Hence, learning is always the first thing everyone should do.
Be eternal student!
At the same time, you need to develop the ‘unlearn‘ skill as well.
The old knowledge or belief that does not help you succeed in life, unlearn it.
If you want to learn about this mindset deeper. I recommended you read his book, Secret of Millionaire Mind. I have read his book in my early twenty. Of course, itÄs quite long. But the concept in that book is truly timeless I guarantee. I read the translated version in my language.
I can tell you here that the translation was a little bit hard to understand. Probably, the translator did not understand my culture properly. But it still works in my mind. It somehow triggered my belief about money.
Though, I did not start doing anything to create wealth and commit to getting rich at that time. Because first, changing the belief system is not a one-time act. And I have many beliefs that hold me back. For me, it’s the toughest part. It needs consistency and repetition. Second, I didn’t see that it’s important to get rich. Third, I didn’t feel the urgency to do it. And many more reasons.
However, this book did its job. I do change bit by bit even I did not understand all of it.
Until I had a chance to learn about his message again a few years earlier in his native language, both video, and books. And that made a huge impact on my belief.
I became interested to go deeper into this topic of how rich people think. How they make their fortune.
One obvious thing that they have is different from the poor has, is their belief system about money and about themselves. I have heard about it before but never truly understand it as I do today.
If you are new to this topic. Do not worry. You will get there, sooner or later. Just keep wandering, keep walking at your own pace.
So today I am sharing with you (more than the message above) about rich/wealthy people, what they do these days.
What rich/wealthy people do these days
Will Yokowicz published an article, on Forbes. He digested what business the top wealthy people on earth were doing the most (2019).
The first business wealthy people did (and still do) is a financial & investment (14%). I never met a rich person who doesn’t invest. Especially, in the past year, Bitcoin and Cryptocurrencies put the rich become richer.
The second place fell to the fashion and retail industry (11%). “People care more about how they look to others. They want to look good, smart, be valuable to others” This concept is true and will not be decline any time soon. The concept is called social currency, it was explained in the Contagious by Jonah Berger.
The 3rd is real estate (10%) and technology like a mobile app for example (10%).
What fascinates me about the technology sector is that everyone can be on the top of wealthy people in this industry. As the data show 34% of newcomers made fortune in technology.
My belief is this technology sector will move faster in these 5-10 years and will beat the real estate (I hope).
Then came the manufacturer and diversified (9%), food & beverage (8%), health care (6%), energy (4%), and media and entertainment (3%).
As you look at the data, you might already realize that everyone can get rich via investment.
It matters what you make for your living. But it matters more how you do with your money when you have it.
In my opinion, investment is still the simplest way to build wealth (especially for an ordinary person like me.) The earlier you started, the better.
Four paths to wealth
Thomas C. Corley, an expert about rich habits wrote the article about four paths to get rich in Business Insider. He showed us that everyone can do the same as rich people do.
He shared four paths make people rich.
#1 Saver-Investor path
I like this path the most because it’s what ordinary people can do easily. Starting from having a small job is fine. Then every salary you get, you divide one part for investment in stock, funds, bitcoin, or whatever forms that you’re interested to invest in (and what you know well). Let the money sit there and work for you while you sleep.
He suggested save 20% of your income and put them to work.
#2 Dreamer-Entrepreneur path
This is the path for people who have a big dream and hustle to do their things, their passions. People who pursuit of dreams.
#3 Being a senior executive in a big company
(I mentioned the executive in the previous post Working hard is not an answer to wealth.)
For being executive, CEO in the big company. First, you got a high salary as you can set your salary rate. The most important part is here, you will get a stock share as a bonus. (So the concept is (again), to invest.)
#4 Be a top expert in your field
You can also be rich being the top expert in your field of expertise. There are only about 7% of the top rich people came from this path. Because it needs a long-term commitment + a high formal degree + long year of experience.
Corley also stated that you need to study to get advanced degrees like law degrees, medical degrees, Ph.D., etc. Plus not every of people who gets an advanced degree will be at the top.
Therefore, if you want to build wealth. This post might give you an idea of how to plan your way out. Select one that suits your personality, and style. Then start building it from what you have and build it on top.
Don’t forget to have fun while doing it. Let’s look at it like you’re playing a game to win!
Is there anything on this topic you want to add or want to explore more.
Comment below, I will do my best to study and transfer information to you.
Thanks for reading!