Learn the Mindset Behind Great Wealth
Among the many books on the topic of building wealth, there is a certain school of thought that attempts to analyze what is different about the habits of high net worth individuals. Wealth coach William R. Patterson reveals to Inc.com the behaviors and mindset of his wealthiest clients, so you can model their success.
Success Habits of Millionaires
1. They consult experts.
He said that his wealthiest clients are humble and realistic about their own limitations and are not afraid to ask for guidance. Like a president’s Cabinet, they try to surround themselves with people who are smarter than they are, and who have experience implementing proven systems that produce results.
Having this objective feedback helps separate emotion from decision-making—a habit his wealthiest clients share.
2. They overcome psychological barriers.
They tend to be more confident and decisive, with a bigger vision. “Financial freedom is about overcoming your emotions—especially fear. Most people do not truly believe they have the power to change the condition of their lives or businesses starting from where they are,” he writes.
Where most people get stuck, he says, is in the psychological implications of wealth that have been ingrained in most people—some of which are limiting or fear-based.
3. They are connected.
Patterson’s wealthiest clients are relationship builders. They actively network, and as a result, they can draw upon valuable “mentoring relationships, strategic partnerships and political alliances.”
4. They use leverage to increase income.
Instead of trying to build one’s fortune in a linear manner (i.e. work hard at one job and invest all your income into a single investment strategy, etc.), he says that wealthy individuals generally invest in three different strategies and find ways to increase the income each stream generates without “working harder.”
5. They are knowledge sponges.
Patterson’s wealthy clients are constantly feeding their brains with information and they value continuous learning.
6. They value their time.
They seek tools and courses to increase their effectiveness and the impact of their time. “Our wealthiest clients know the precise dollar value of their time, and treat it as their most valuable asset,” Patterson says.
7. They focus on their “one thing.”
He says that every day, there is one thing you can do that would have the most impact on your financial condition and the wealthiest clients zero in on that.
One advantage they have to staying focused is that accountability is structured in their lives: they have set up systems, hired coaches, they often report to a board of directors, shareholders, etc.
Will adopting the habits of millionaires help change your financial status? The author says yes. But like any habit change, it will take conscious effort and a fundamental shift in perspective. “Remember, the wealthiest individuals have a different mindset and make different choices about their time and associations than others,” Patterson says.
To read the original article in its entirety, please visit Inc.com.