Back in 2004, a single mother on welfare by the name of Candy Adams won a cool $10.5 million from the Ontario lottery & Gaming Corp.
After becoming a millionaire literally over night, she started blowing her money on designer clothes, luxury cars, big houses, crazy parties and expensive vacations.
A decade after winning big, she had spent it all, every last penny… and she was back to living in a rented house and riding the city bus to her part-time job.
Candy’s story teaches us that wealth is not about money, but about mindset.
A rich-minded individual with only $100 to his/her name is much better off than a poor-minded individual with $1 million to his/her name.
If you don’t remember anything else from the rest of this article, please remember this — building wealth has nothing to do with money, and everything to do with your mindset.
1. The Rich are voracious readers.
“Read, read, read. Read everything.”
— William Faulkner
Warren Buffett, arguably the world’s greatest investor of all time (worth approximately $73.8 billion), was once asked about the key to success, he responded by pointing to a stack of books and answering —
“Read 500 pages like this every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.”
He is not alone.
Mark Cuban (worth $3.4 billion) dedicates three hours a day to reading.
Bill Gates (worth $90.2 billion) reads 50 books a year, nearly a book a week.
Elon Musk (worth $15.2 billion) is an avid reader that claims he learned to build rockets by reading books.
If you want to become rich, you need to be reading books about how to become rich, not Googling “easy ways to make money”.
You become rich by expanding your knowledge base in areas like business, money, salesmanship and marketing — this can only be accomplished through reading.
2. The Rich are relentlessly resourceful.
“He that is good for making excuses is seldom good for anything else.”
— Benjamin Franklin
When the founder of Pinterest was first working to build popularity around his app, he was what some might call relentlessly resourceful — persistent in his journey towards success, while having the ability to quickly and cleverly overcome obstacles and difficulties.
At the time, Pinterest wasn’t worth the $5 billion that it is today, nor did it have anywhere close to its massive following of 150 million monthly users.
So, in order to attract new users, Pinterest’s founder would sneak into Apple stores and set Pinterest as the default landing page on their display devices.
When customers would visit Apple to test out a Macbook or the latest iPhone, the first thing they would see after opening the screen was Pinterest.
This is how Pinterest gained users early on.
The majority of people in this position would either make excuses or give up the moment their big idea wasn’t gaining traction — blaming their environment, blaming themselves or blaming others.
Rich people don’t make excuses. Rich people are relentlessly resourceful, they always figure out a way to succeed and make more money, regardless of their circumstances.
When rich people are dealt a bad hand, they don’t blame the dealer, they shut the hell up and still figure out a way to win.
In the words of Theodore Roosevelt, “Do what you can, with what you have, where you are.”
If you want to be rich, face every one of life’s challenges with these words in mind.
3. The Rich don’t save, they invest.
“How many millionaires do you know who have become wealthy by investing in a savings account? I rest my case.”
— Robert G. Allen
The concept of investing has been a subject of pure obsession for centuries now —a practice many of the world’s wealthiest and wisest swear by.
If you were to save $1,000 a month for the next 50 years… in 50 years you would have $600,000. This is a shit ton of money, certainly nothing to bat your eye at.
But, if you were to invest $1,000 a month for the next 50 years in an index fund that offered you a 7% return, in 50 years you would have nearly $4.9 million.
Like Mr. Robert G. Allen, I rest my case.
Albert Einstein famously stated, “Compound interest is the eighth wonder of the world.”
He was right, no other worldly wonder has the ability to make a poor man rich.
4. The Rich believe in positive energy and people
“Recognize the fortunate so that you may choose their company, and the unfortunate so that you may avoid them… do not die of another’s misery.”
— Robert Greene
Rich people recognize that they are the average of the five people they surround themselves with, so they surround themselves with a rich, successful and powerful bunch.
Anyone who wants to argue this may… but there is a reason politicians hang out with politicians, entrepreneurs hang out with entrepreneurs, professional athletes hang out with professional athletes, etc.