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Here are the four misconceptions which middle class, the masses, have about self-made millionaires or themselves. These misconceptions are keeping the masses in the same situation lifelong. Is it easy to break these misconceptions and live a wealthy life like a self-made millionaire?
“Those who start in business with too little money are more likely to succeed than those who start with too much. Energy and imagination are the springboards to wealth creation.” ~ Brian Tracy
Misconception#1
The middle class believes self-made millionaires had an unfair advantage…
The masses are always looking for reasons why the great ones are so much more successful. In an effort to resolve this mystery, they search for unfair advantages granted only to the rich. If they can’t find evidence to substantiate their hypothesis, they fabricate it. Examples are political favor, illegal shortcuts, superior education, etc. After studying millionaires for 26 years, Steve Siebold (a financial expert, professional speaker, and author) states with authority that the biggest advantage to the rich is their focus, dedication, and hard work.
While on the surface this seems self-evident, the hard work we are referring to is not back-breaking toil. Hard work to the rich is applying persistent thought day after day to solve seemingly unsolvable problems. The rich know their most valuable asset is their ability to think, and because they use their mental powers so often, they become very good at it. So while the construction worker, roofer, or industrial labors away for relatively little compensation, the professional thinker is the highest-paid worker in the world. The more proficient they get, the wealthier they become. This is the non-linear approach to wealthy life that most people don’t understand.
When the masses refer to hard work it usually involves physical labor at some level. A millionaire’s hard work is often staring out the window in deafening silence thinking of how to solve a problem. When most people clock out at five, the great ones may physically leave the building but are still mentally engaged. Some of their best thoughts and biggest ideas are conceived in the shower, at the movies, or during their daily exercise routine. Meanwhile, the masses continue to labor away and wonder when their luck will change.
Misconception#2
The middle class bases their beliefs about the rich on the minority…
The average person has little exposure to the everyday millionaire, so they base their opinions of the class on what they see on television and in movies. They see five movies depicting millionaires in a negative light and conclude they all are the same. People who aspire to be rich build their beliefs based on the majority of the group, since they know there are always a small percentage of people who cast a negative shadow on any minority.
The great ones know if you want to be rich, you must study the rich; and what you will find upon further study is a group of ordinary people with extraordinary belief systems. Their world-class beliefs help them develop fearless philosophies and endless optimism. When it comes to building wealth, they are simply superior thinkers. It’s not beyond the average person’s intellectual comprehension; it’s beyond their emotional comprehension because to understand it requires a mindset where fear doesn’t exist.
Only a small percentage of the middle class believes this is the secret to a wealthy life and an even smaller percentage who believe it will make the effort. They must have the tenacity to transcend their fears and upgrade their thinking to an abundance-based consciousness. This is the real reason most people don’t move from middle class to millionaire, but it’s still possible for anyone who has the courage to try.
Misconception#3
The middle class believes they’re missing something…
It is human nature to think you’re missing something when you’ve tried repeatedly to accomplish a goal and it’s always eluded you. Most people never try to get rich because they don’t believe they are capable of making it happen. Some people try for a while and then resolve to settle for a life of mediocrity.
Millionaires know their behaviors are driven by their beliefs, and ultimately it’s their behaviors that make them rich. Beliefs are the cause, behaviors the effect, and wealth, the predictable result. Imagine believing making money is simple; that money is infinite in supply; and that all you have to do to earn more money is to think at a higher level. Those are three common beliefs of the rich. They see making money as a game, and they love looking for new ideas that solve problems and serve people in exchange for greater compensation. They approach each day with passion and excitement, knowing their opportunities are unlimited and they’ll be wealthier tomorrow than they are today. This mentality sets off a firestorm of events that lead them to bigger and better opportunities.
This millionaire mindset attracts other rich people, which creates more opportunities to make money and live a wealthy life. Love, abundance, and gratitude attract the rich. These people are walking through their day thinking they have the world on a string and can create their own future, which leads them to behaviors that support these beliefs and motivates them to take actions that generate results. Since they have an abundance mentality, they never seem needy. Abundance attracts abundance. Scarcity attracts scarcity. Love attracts love. If you have little money and you’re afraid of losing it, you probably will. If you have no money but you’re operating from an abundance mentality, you’re on your way to being rich. All of us have everything we need to be as rich as we desire, but most of us don’t know it. Millionaires do. That’s why they’re rich.
Misconception#4
The middle class believes they lack the desire…
One of the many misconceptions of the middle class is they believe the rich have more desire for wealthy life than they do. But this is rarely true. Think about it: why wouldn’t anyone want to be rich? It’s fun, it offers you a sense of security, and it gives you choices. If this is true, why do the masses refuse to go for it and why do they deny that they are interested in the subject?
If you believed you could choose to be rich or poor, why would you choose poor? The only logical explanation is most people don’t believe it’s possible. They have the desire, but lack belief in themselves.
They see others thriving and understand on an intellectual level that it is possible, but not for them. Millionaires learn this lesson early. It’s one of the reasons for the popular adage “The first million is the hardest to make.”
Some people think that once you have the first million you can leverage it to make more. While technically true, it’s not the real reason the second million is easier. The truth is once you’ve made your first million your belief in your ability to do it again skyrockets. That’s why the third, fourth and fifth million are even easier. Once you have solidified your belief, you become a force of nature. Desiring to be rich is easy. Building the belief that you can get rich before you’ve done it is the challenge. Getting rich is an inside job. It’s more about your mindset and mental toughness than it is about anything else, and you already have everything you need to make it happen! (Excerpt is from one of my favorite books ‘How Rich People Think’ by Steve Siebold).
The Wealth Code: Volume 1 is a personal development and financial education book written by Vinod Singh. It is designed to empower readers by teaching them principles of wealth creation, financial freedom, and personal growth. The book offers practical strategies to achieve financial success, with a vision to uplift and transform the lives of millions by promoting financial literacy and entrepreneurial thinking. Singh’s approach is rooted in inspiring individuals to take control of their financial destinies while cultivating a mindset focused on long-term success and abundance.
