The Top 10 Distinctions Between Millionaires and The Middle Class
August
22
2013
A
lot of us sit around during this time of year outlining new plans, new
ideas, new strategies … it’s a normal time of year to do this.And what’s interesting is that the word “new” literally means, “never having existed before”.
What’s super interesting to our own developments is this.
We’ve found that the most progress in our own lives, both financially and personally, have come NOT from any new ideas but by studying the old and implementing them as new.
For example, our biggest successes in real estate did not come from any of the tens of thousands of dollars spent on real estate boot camps, seminars, courses etc. They came from taking a very old strategy that worked, had been forgotten, and then implemented as if it were brand new.
We’ve also made the most progress in our financial knowledge NOT by reading the latest Forbes issues or watching the latest commentary on CNBC but by reading really old, dusty books on the history of economic cycles.
When we were first getting into sales two books had huge impacts on me and the newest one was ten years old, the other, at least 40 years old.
We made our very largest strides in marketing by not taking the latest blogging strategies, or website linking, or Twitter updating but by taking old direct mail principles and applying them with new technologies.
It’s become very obvious to us the true money making power comes from studying history. The history of your industry, of your field, of the very best individuals that have ever been in it.
Recently we find ourselves recommending, urging and even pushing people to turn off blogs (this one included), Twitter, Facebook and certainly all email for a few hours each day and go off and study … then reflect, plot, scheme and plan.
This leads us to this week’s pretty big idea that we came across recently:
It’s infinitely easier to become financially independent by becoming a person deserving of it than to go off and try to become financially independent by chasing money.
We never really understood why you needed to be “passionate” about your business endeveaors. But now we get it … it’s partly so that you can survive the rough times but, more interestingly to us, it’s so you become an avid student of your craft.
When you turn into a serious student you learn all this interesting stuff and you have an amazing appreciation for why things begin happening to you.
Last week, after organizing our offices, we came across this little book that seems to fit with today’s message.
It’s “The Top Ten Distinctions between Millionaires and the Middle Class“, by Keith Cameron Smith.
It’s a tiny book, 95-pages total but it does an excellent job of summarizing some of the long lasting principles that create wealth.
Here they are, the Distinctions between Millionaires and the Middle Class by Keith Cameron Smith:
Distinction #10: Millionaires think long-term. The middle class thinks short term.
Distinction #9: Millionaires talk about ideas. The middle class talks about things and other people.
Distinction #8: Millionaires embrace change. The middle class is threatened by change.
Distinction #7: Millionaires take calculated risks. The middle class is afraid to take risks.
Distinction #6: Millionaires continually learn and grow. The middle class thinks learning ended with school.
Distinction #5: Millionaires work for profits. The middle class works for wages.
Distinction #4: Millionaires believe they must be generous. The middle class believes it can’t afford to give.
Distinction: #3: Millionaires have multiple sources of income. The middle class has only one or two.
Distinction #2: Millionaires focus on increasing their net worth. The middle class focuses on increasing their pay checks.
Distinction #1: Millionaires ask themselves empowering questions. The middle-class asks themselves disempowering questions.
Food for thought.
Until next time … Your Life. Your Terms!
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