Rich VS Poor Mindset - How to Think Like a Billionaire

No Matter How Much Money You Have, If you truly want to join the ranks of the super rich, you'll need to start thinking like you're already one of them.

(Video: Rich VS Poor Mindset - How to Think Like a Billionaire)

You've probably may have heard the success formula “fake it until you make it.” The idea is to act as if you've already achieved a goal; your brain finds ways to bring your external situation into sync and people sense your (at first fake) self-confidence and treat you accordingly.

For example, if you want to be a successful entrepreneur, you start by believing that you're already an entrepreneur, even if you've never started a company. You find role models to teach you how an entrepreneur thinks and acts and you start thinking and acting that way. People notice... and might want to invest in your idea.

The most effective way to “fake it until you make it” is to find a role model and incorporate the mental processes of that role model into your own catalog of thoughts and beliefs. Using the example above, you can do that by finding a mentor or by reading books (and columns!) that are by and/or about entrepreneurs.

While many and probably most people would like to be billionaires, few (so far as I can tell) delve very deeply into the peculiar ways that billionaires think about things. Lack of that perspective makes “fake it until you make it” difficult if not impossible. Fortunately, there have recently been some groundbreaking studies about how the ultra-wealthy think and behave.

In addition, many billionaires have become much more public about themselves and their interests, thereby allowing us mere mortals to construct a mental model of how they think which (according to the theory) should position anyone who adopts that model to become a potential billionaire.

With that in mind, here are five beliefs that most billionaires appear to hold in common:

1. “I am better than you.”

Self-made billionaires tend to believe that life is a meritocracy and that they've become rich because they're superior to everyone else. Billionaires who've inherited their wealth possess this the same sense of superiority, in the apparent belief that they've inherited better genes than everyone else.

The classic statement of this belief comes from the novel The Great Gatsby by F. Scott Fitzgerald:

“Let me tell you about the very rich. They are different from you and me. They possess and enjoy early, and it does something to them, makes them soft where we are hard, and cynical where we are trustful, in a way that, unless you were born rich, it is very difficult to understand. They think, deep in their hearts, that they are better than we are because we had to discover the compensations and refuges of life for ourselves. Even when they enter deep into our world or sink below us, they still think that they are better than we are.”

Now, all of that sounds very horrible and non-egalitarian, but if you're truly serious about becoming a billionaire, and you're not planning on winning a huge lottery, you are automatically assuming that you're better than other people. So while you should definitely keep this belief to yourself, you might as well be honest with yourself.

2. “I can accomplish anything.”

Regardless of how they got their money, billionaires tend to be exceedingly self-confident about what they can accomplish as individuals. The undeniable fact that they can buy just about anything they want becomes conflated into the belief that they can accomplish anything they want.

A perfect example of this are the billionaires (Kochs, Soros, etc.) who use their money to alter the entire course of a country without ever wondering (apparently) whether their ideas have merit. Same thing is true of billionaires who run for high office even if they're obviously completely unqualified for the job.

While this kind of hubris can be destructive to society at large, it's also true that successful people in general and entrepreneurs specifically are almost always overconfident in what they can accomplish. Without a certain amount of overconfidence, would-be entrepreneurs couldn't be able to muster the gumption to start their own business in the first place!

3. “The rules don't apply to me.”

A series of studies conducted at the University of Michigan concluded that the wealthy tend to behave more unethically than those who lack wealth. They were more likely to.

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