Ep 3: Rich vs Poor (What Rich people do that Poor don't!)

Entrepreneurs Cult

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"I know most of you just hate me for writing this but that’s OK!"

Anyway, Do you want to be a stat or you want to be an entity?

We all know that Rich people are rich because they do certain different things and there are certain things they do differently.

So, today we are going to look into the things Rich people do which separate them from poor. Because as Jordan Belfort said "There is no nobility in poverty"

1. Rich People set actionable goals Brian Tracy way

Rich set goals and keep on measuring them. They know what gets measured can be improved. On the contrary, the poor just see the life go by expecting a change in life on its own. Probably, this is the reason many poor believe in some divine power.

There is an amazing goal setting exercise. I learned it from Brian Tracy, and after interviewing few rich people I got to know that they do this exercise too (in one form or other).

First - Write 10 goals on a piece of paper.

Second - Select 1 goal which you think if you achieve in 24 hours your life would transform.

Third - Now, write 20 things which you can do to achieve this goal in next 12 months.

Believe it or not, writing down 20 things is not an easy task. You may easily write 4-5 but then you will start struggling. After 10, It would become a daunting task.

However, you would realise those last 2-3 things on the list would turn out to be game changer for you.

So, Set Actionable Goals if you want to be rich.

1. Rich People Read a lot!

Rich people are readers but more importantly they read the books which help them in improving their craft. In one of the interviews, Warren Buffett said that he reads more than 10 hours in a day. Similarly, when asked from Bill gates what one quality would he like to acquire if given the opportunity. Gates replied ability to read faster.

As Earl Nightingale once said “If you spend an extra hour each day of study in your chosen field you will be a national expert in that field in five years or less.”

So, Start reading in the area of your work be it business, online marketing or investing.

1. Rich can Delay Gratification

Rich ones can delay their gratification. We all have read about the marshmallow experiment. Even the psychologists have proved that delaying gratification is the significant quality of potentially rich people.

While poor just give away to their urges, Rich people develop a discipline quotient. They cannot be swayed by the short term pleasures. They always eye on long term reward and sacrifice short term pleasures for the same.

For example: The moment poor people get salary or money, they end up buying that superfluous tech gadget to make an impression on others. While rich always use money to create more money. They instead of buying the latest iPhone would prefer to put that money in learning new skills to raise their earning potential.

1. Rich develop Internal Locus of Control (ILC)
   

ILC is the concept forwarded by Psychologist Julian Rotter. People with high ILC believe in themselves. They take the responsibility of their action. They don’t blame other for their failures.

While poor always attribute their failures to external factors be it their parents, spouse, circumstances or even th