Wealth Mindsets – Secrets of the Rich and Successful


there really is a psychology of success
in this video I reveal three secrets of the rich and successful, coming up Hey I’m Dr. Brad Klontz your financial psychologist if this is your first time
here and you want to harness the power of psychology to create a life of
freedom and abundance start now by subscribing and clicking the bell so you
don’t miss anything so I grew up knowing that we didn’t have much money we
couldn’t afford to have the same things and the same experiences and the same
opportunities as people who had more money maybe you can relate to that as a
kid it hurt not being able to do things other kids could afford to do and I
wanted it to be different for me and my kids someday I wanted to change my
family’s financial legacy one thing I noticed is that the rich seemed to go
about life very differently and sure enough our studies have shown key
psychological differences between people who make it big and people who struggle
financially so here are three wealth mindsets number one hedge your bets one
lie you’ll hear is that in order to be successful you got to take big risks
this just isn’t true most self-made people aren’t big risk takers now go
ahead and take some risks but you got to be smart about it for example if you
want to start a business one of the dumbest things you can do is to quit
your day job too soon don’t do it it’s a recipe for failure and discouragement
have a Plan A and a Plan B. Plan A is following your passion and taking those
risks do that side hustle start that business shoot for the stars
look I believe in you you can do it but make sure to have plan B in place also
plan B guarantees your success save 20% or more of everything you make invest in
your retirement accounts and don’t do anything stupid for example don’t raid
your 401k to start your business don’t do it so hedge your bet go ahead
for Plan A but make sure Plan B is in place then you can’t lose. Does this make
sense? Mindset number 2 focus on process not
outcome wealthier people know something that you don’t know they know that their
level of wealth is a great thing to have but that you’ll adjust to it eventually
in other words it’s not going to change your happiness factor by much at all new
toys lose their shine a bunch of free time actually makes us less happy so
live in abundance now by loving what you’re doing for example I love
conducting research I love every bit of it now it’s very cool to see my research
in print but that joy lasts for just a day or two and poof it’s gone that’s how
it is for most goals once you’ve achieved them it quickly becomes not a
big deal you’ll get dissatisfied and you’ll want
to move on to the next thing it’s part of the human condition so make sure to
love the process of whatever you’re doing because that’s what leads to
happiness mindset number three slow and grind verse quick and easy there is no
quick and easy we see success all over the place but we don’t see the long
hours the sacrifice the failures and the grind if you can’t commit to a process
you love you’ll end up failing you’ll be sucked into the quick and easy mentality
for example wealthy people don’t invest in the stock market to get rich no no no
they get rich and invest their money in the stock market for moderate growth if
you can get average returns in the stock market and not do something stupid
you’re a genius you’re doing way better than most people people crash and burn
when they try to go quick and easy it’s a fact of life hitting it big in the
first year or even the first five years for that matter is like getting struck
by lightning it could happen to you but it’s not gonna happen and if it did it
probably wouldn’t end well so don’t make that your goal you’ll learn so much in
the slow and grind and you’ll be better equipped for success when it happens so
question what’s one mental shift you can work on this week write it down and put
it into action special thanks to the Heider College of Business at Creighton University for helping
sponsor this channel subscribe if you liked this video and make sure to check
out the show notes in the description below for links and resources I’ll see
you next time

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