Monday, May 2, 2016

How the Rich Think by Steve Siebold Part 8

Money is their enemy vs money is their friend
a.            Money is not materialistic, people are materialistic
b.            The great ones continue to cultivate and nurture their relationship with money by thinking about how to earn more, invest wiser, and leverage as much as possible. The rich do this so well they often acquire much more money than they’ll ever want or need, which is typically when they turn their attention to giving the excess away to charitable organizations. These groups wouldn’t survive without the success and generosity of the wealthy who have adopted money as a close friend.
c.            Do I see money as my friend or something you wish you didn’t have to think about?  This is a super interesting question because I think for myself that I wish I couldn’t/didn’t have to think about money.  I don’t consider it a friend.  A friend is someone who listens to you and helps you and gives you love and affection.  Of course money is an inannimate object and is incapable of actually doing those things in a physical sense, but it can also kinda do those things by buying people lunch, buying them gifts, buying them time with family and friends, helping when help is needed to get certain things done when it isn’t possible to do on one’s own.  It can entertain us and bring things to us.  Certainly money wouldn’t want to come to me if I didn’t treat it like a good friend and it is no wonder that so many people are poor because they do the exact same thing as I do.
d.            Start telling yourself on a daily basis that money is your friend and a positive force in your life, and your mind will go to work to help you acquire more.  Add this to my declaration wall of quotes.  I need to just get out there and make a little bit of side money on my own to get me encouraged to continue doing so.

Waits for their ship to come in vs builds their own ship
a.            The first line of this chapter is….”The average person subconsciously believes he’s going to be discovered, saved, or made rich by an outside force in the future.”, which mirrors almost exactly my sentiment said on number 32, “I almost feel like money is this imaginary thing and that making gobs and gobs of it will have to happen by someone bestowing it upon me or something like someone showing me how to do it step by step.”

Believes financial markets are driven by logic and strategy vs financial markets are driven by emotion and greed
a.            Rich know there is a difference between actual value vs perceived value and they take advantage of this appropriately.
b.            If you are not as wealthy as you like, there is something you don’t know.

Money is about status vs money is about freedom
a.            Instead of wasting your mental energy getting mad, direct it toward getting rich.
b.            A list of freedoms I will gain when I am rich:
i.                Great physical body because I’ll be able to hire a trainer to work out with and buy the best foods possible and classes to teach me how to cook better and tastier foods
ii.                Freedom of the stress of meeting everyday bills like car repairs and clothes for the kids
iii.                Freedom to work on the things I really want to work on
iv.                Freedom from having to worry about the neighborhood and neighbors I live by
v.                Free from having to worry about how to pay for marriages and college of kids

Lives beyond their means vs lives below their means

a.            How much money would you have to earn in a year to live the way you want to?  I’d say net take home of 50-60k would be pretty phenomenal.

No comments:

Post a Comment