085: Upgrade Your Thoughts & Beliefs: What Rich People Know vs. What Poor People Don’t

"The worst people to serve are the poor people. Give them free, they think it's a trap.
Tell them it's a small investment, they'll say can't earn much.
Tell them to come in big, they'll say no money.
Tell them try new things, they'll say no experience.
Tell them it's traditional business, they'll say hard to do.
Tell them it's a new business model, they'll say it's MLM.
Tell them to run a shop, they'll say no freedom.
Tell them run new business, they'll say no expertise.
Just ask them, what can they do? They won’t be able to answer you.
Poor people fail because of one common behavior: Their Whole Life is About Waiting." -- Jack Ma

"The pessimist complains about the wind. The optimist expects it to change.
The leader adjusts the sails." -- John Maxwell

  • Thought #1: Wealth is a choice: make up your mind. If money was distributed equally, it would be back in the "old" hands within 90 days
  • Thought #2: Stop fooling yourself about what you're after. Peace of mind, being able to do good in the world, is easier with money
  • Thought #3: Realize that you're the one holding yourself back, but don't be "happily miserable" about it

Factor #1: Relationships

  • Mastermind: associate with successful people (who challenge you) and not miserable people
  • Gossip, jealousy, nastiness. It's easy to be a critic. Why not do something if it's so easy?
  • Do a nice thing because it makes you feel good, before you need help, not just to use people
  • Be 100% there: don't try to "balance" business, family, day job, and fun

Factor #2: Abundance Mindset (skeptical vs. trusting)

  • Avoid the transactional trap where you either do something and expect a favor, or you play chicken to see who can do the least "work"
  • "Don't buy any courses... why would they give away their secret sauce?"
  • Zero sum: I'll have to steal money or sucker someone into working for me to make money

Factor #3: Take Control of Your Own Destiny (enjoy problems instead of placing the blame or making excuses)

  • Self-sabotage: one foot on the brake, the wrong kind of control, leads to "misery loves company" and trying to "save" others
  • Be coachable: Make some mistakes, or go into coaching with "what I've already built and here's where I'm stuck" as opposed to "I don't know where to start." Instead of a long-winded sob story, get to the point and tell me the one area where you need help.
  • Limiting beliefs, confirmation bias, self fulfilling prophecy, shooting yourself in the foot vs. The Four Minute Mile & The Mastermind
  • Find a way to enjoy building websites and making money
  • Minimum viable product and proof of concept: complete something so that you can contribute value
  • Let go of what doesn't matter

Factor #4: Time Management

  • Appointment Based Business: I have enough questions answered that I can now act (the calendar is immovable)
  • Anchoring: you become what you focus on, and your daily "time system" is only effective if you take it seriously
  • Train your brain. For example, set a timer for 10 minutes, start writing, and don't stop writing. The instant the timer stops, leave the computer. Don't act like you're smarter than the system. Don't just shrug it off and say "I got it."
  • Journaling, meditations, affirmations, daily actions & habits

Factor #5: Learning, Curiosity & Simplicity (lottery vs. action)

  • Crack the code: get to the goal in the least number of steps and make it repeatable
  • Specialized knowledge vs. "hard work"
  • Intake of information to solve a real problem instead of watching reality TV
  • Repetitions to improve your skill and repeat the positive result
  • Failure is a learning experience and the chance to begin again or change course, but don't give up too soon or set yourself up for disappointment
  • Don't ignore the simple or familiar stuff. Don't get caught up in buzzwords that make it more difficult. Avoid professor or student mode

Factor #6: Money Management

  • Emotional vs. logical
  • Gambling vs. saving
  • Live below your means

Factor #7: Future vs. the Past

  • You make your own story. Life is meaningless but then you assign meaning to a series of events.
  • Become desperate to reduce clutter (throw out what keeps distracting you)
  • Move out of your comfort zone: do what you are afraid to do
  • Pursue a real dream with milestones instead of just the status quo

Filed in: Archive 1: 2012-2016Making MoneyMindsetPodcast

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