Lessons From Spending Time With The Wealthy
Lessons From Spending Time With The Wealthy
112: Lessons in there.
Welcome reader! Spending a week or two each summer with a few wealthy individuals makes this a perfect opportunity to write an article. It gives us insights into how they operate and prioritize in their daily routine. Readers following us on Twitter know that we love to share insights into how wealthy people think and what separates them from others. Before you comment that money separates the wealthy from the rest. We would argue that things are much deeper and more complex. There is a good reason why the wealthy operate differently.
How High Net-Worth Think and Act Differently
Why You Should Care: You should care how wealthy people think because they are doing things that will benefit them in the long term. Doing things that will save them time and energy in the long run. Thinking in advance and projecting is the difference between the wealthy and the average. There are a few things throughout the article that individuals will have to work harder to obtain. Anyone reading this could take lessons from this and apply them to their situation. The idea is not to cover the typical stuff you hear on every other mediocre YouTube video. The wealthy don’t watch Netflix and they hit the gym - what you will often hear. Self-explanatory and expected - especially if you follow our blueprint or avoid lifestyle traps. Knowledge, mindset, and an approach to everyday things are the areas to which you should pay attention. It is also worth mentioning that there are different levels of wealth. Having 4 million in the bank account is nowhere near the same as having 84 million in your bank account. The abundance is different, and the approach to life is different. It is worth mentioning that there are at least three categories of wealth: 1) 1 million up to 30 million, 2) 30 million to 70 million, and 3) 70 million up. This number was much lower, but we all know how the last few years have been. The game has changed. We do not need to split it into categories and make it unnecessarily complex. What you find here applies across all categories. Throughout the read, you will see the term "wealthy" instead of "rich" or "millionaires” - except in this intro part. Why? Rich is associated with fast money and poor choices. Media has portrayed the rich as short-term and the wealthy as long-term - the reason why we are sticking with the term wealthy.
Billionaires vs. Millionaires: We will only cover takeaways from those in the millionaire range. The billionaire territory is a different beast and more complex overall. Billionaires operate differently from everyone else. Not only that, but they know that everyone else knows they are billionaires. Which again leads them to act differently. You can be nobody with 30 million to your name and keep it low profile. Try to be nobody with 2 billion in your name. Impossible. Meaning that the game is different between those two.
Self-made vs. Inherited Millionaires: There is another difference, and those who have had a chance to meet both types of millionaires will confirm this. The biggest difference is in the level of drive. The second biggest difference is in how they react to everyday things. These small details are barely visible, which will not make sense for the most. It is worth mentioning that most of the millionaires you meet throughout your life are inherited millionaires. Everyone has a different definition of self-made - leaving that one for you to decide. Another trait is that those who grew up in wealth knew from day one of their lives that they had access to everything. No matter what move you make, there is always a safety net. Based on that, there are no chances you won’t be operating differently. The result is often overconfidence mixed with laziness. Readers in the startup world know what we are talking about. There are a million examples of trust fund kids with terrible products who are fully convinced of their vision and how they will achieve greatness. It is a good sign you are dealing with an inherited millionaire. Those who did not grow up in wealth? Can't relate to it. If someone grows up wealthy, does that mean they cannot achieve professional success? Not at all. There are just patterns among millionaires. Once you notice, you won't be able to unsee.
Wealth is not just about the numbers in your bank account; it’s about your mindset and the life you create with your resources. - Financial Mentor Blog
Lessons From Wealthy
Self-Belief System: Readers who have been reading us for some time know our take on how you should spend your money and why you should surround yourself with successful individuals. Encourage yourself to do so and surround yourself with as many of them as possible. Not all are worth your time, but there are always individuals worth spending time around. The main reason? You want to pick their brains and apply their insights to your situation. By spending minimal time around them, you will notice one trait that doesn't get enough attention. The self-belief system that all wealthy possess. Not a single wealthy person out there exists who doesn’t have an internal positive self-belief system. Manifestation and self-belief systems are not the same - to make it clear before anyone mixes up those two. A positive belief system is an internal belief that the result will be positive no matter what happens. Everyone knows that is not always the case, but your quality of life increases once you start incorporating this mental model. Why would anything become a reality if you don’t trust yourself that it will? If you must take anything out of this. Take this - start working on your internal belief system.
Irrational Optimism: The way we would explain irrational optimism to someone would be to say that it is the ability to turn every outcome into a positive one. No matter what your situation. No matter where you are now. The outcome, or at least a part, will favor you. Irrational optimism goes hand in hand with a strong self-belief system. Why? Because it serves as the support system on which the internal self-belief system is built. You can't have one without supporting the other. Each year, it feels that optimism is less present and that the overall positive outlook on life is less present. You already know what you should do. Do the opposite. No matter how bad your situation is or what is happening around you. Combine positive beliefs with irrational optimism and program your future. Repeating, we are not talking about manifesting. Forget about manifestation. Start thinking about programming your future. All wealthy individuals we have met possess this ability and are showing it. Irrational optimism makes little sense until you practice it and experience firsthand results. Leaving you with a great tweet from
- a perfect example of how irrational optimism should be used to your advantage.
Health: Nutrition, recovery, fitness, and everything else that comes with it. One key takeaway from spending time with the wealthy is that they are picky about what they eat and drink. Readers from poor backgrounds might remember how eating processed food makes them feel and how eating nutrient-rich food makes them feel. We would encourage everyone reading this to compare how sharp and focused they feel when eating processed food full of sugar and proper nutrition food. Total time investment won’t take over two weeks but will tell you everything you need. If you want to operate at a high level like the wealthy do. It would be best if you had a diet in place that is full of quality macronutrients and micronutrients. Next on the list? Much of the attention goes into the recovery: paid to massages, cryotherapy, IV therapies, and year access to the sauna. You need that as long as it makes you perform better. That’s how most of the wealthy think. The same goes for fitness. Having a personal trainer and someone to guide you is normal and a well-worth investment. The takeaway is that all the wealthy realize health is more important than wealth. Those who are not set take their health for granted. Placing money above health on the list of priorities - not long-term positive. Everyone who runs their own business must have done the same at one point. This should not be practiced in your 30s or later when you begin to feel the effects of pushing too hard.
Betting On The Future: The wealthy enjoy betting on the future and future trends: politics, economy, and financial markets - a few common examples. We even heard about health trends and predictions about what will become the new normal. Topics that are relevant for everyone and affect the quality of life. Once you spend your time around those discussions - you realize why maintaining a balance between the present and the future is essential. When you know what will happen, you can prepare yourself. Prepare yourself? When prepared, you can get the most output out with minimal investment. The same reason you should listen to the advice of experts, professionals, and their bets. You are looking for innovations - follow trends and innovations that make life easier. The easier innovation makes life, the bigger the chances of your bet success. Do you want an example of what betting on the future looks like? Bet on long-term degeneracy and everything that comes with it.
The key to wealth is to increase your leverage—whether it's through people, capital, or technology. - Wall Street Playboys
No Time To Complain: We have never heard of anyone with enough money in their bank account to complain. If you think they are not complaining because of their bank account. Wrong. Money is not the reason they do not complain. It is because the mindset of the wealthy is different. If you are over twenty-five, you should know that complaining does nothing for your life or the lives of those around you. Nothing is worse than having someone close to you who does nothing but complain without trying to fix it. The wealthy avoid such individuals at all costs. No one in their social circle has time to complain, wants to complain, or is surrounded by those who complain. Those who complain slow you down. Plus, they are not pleasant to be around - losers. If you complain about something - write it down with the date next to it. Over time, you start to feel ashamed of yourself… Looking at the dates and how you reacted to the meaningless things in your life. Leave complaining to losers and those who have time for it.
Social Skills: We have yet to meet a wealthy individual without being an above-average speaker. It is hard to pinpoint why. The part of the explanation must be that most of those who have inherited their wealth were exposed to the masses at a young age. Family trips, private events, social circles, and everything your parents put through. Inherited wealthy miss to realize that parents push them into it without knowing it. For those who have built wealth on their own? There was no other option. Readers reading this blog already know there is no other option to win without socializing. The only way you will move forward will be by possessing above-average social skills. You can be the most brilliant mind in the world, but if you can't articulate and bring your points so everyone understands them - you won’t be getting fair. Another reason the wealthy often succeed in the social aspect is because they don’t care about the outcome. You become better when you don’t care about the outcome of social interaction. Natural is one way to put it. Those who are on the higher end of the wealthy scale are often spending time with senators and others who have a direct impact on the community. Why do those in politics like them and want to spend their time around? Both are getting something out of it. One side donates the money while the other side gets the influence over them. Win-win for both. You already know what to do… If you want to get far, bet on your social skills.
Use of Debt: Readers who have been reading us for some time already know this is not something we recommend. The goal of the majority should be to minimize debt. The goal of the wealthy? Different game. When the market allows it, you can borrow amounts at low interest rates - meaning you will pay the minimum interest each year. If you can invest that borrowed amount for a higher return, you will make more money than your interest amount. Over the multiple-year span, you will be looking to make it back and earn extra on top of your initial debt. That's something that the wealthy understand and often do. Buying themselves more time with it. The difference is that they are not getting into debt to buy more useless material stuff but to invest it into assets that will return over time. The idea of getting into debt to buy more financial vehicles is not something we would encourage anyone without a big safety net to back it up. One wrong investment, and you are in for the ride.