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However, there is one interesting psychological trait that is shared between the poor and rich alike. This is something called the self-serving bias. The self-serving bias is any perceptual distortion which an individual has, so they can continue to see themselves in a favorable light.

We see this commonly when we look at entitled people who come from wealth and seem to blindly attribute their success to their talent — some like to call this the silver-spoon effect. This self-serving bias goes both ways.


Most people who look at the lives of others underestimate the value of talent, work ethic and mindset in their successes, and overestimate the value of luck. We also tend to judge the failures of others as character flaws as opposed to bad luck. Well while luck is a factor, it is entirely out of our control, and therefore the single most important area on which we should focus our attention is our mindset.

If we can adopt a millionaire mindset, it can make us far more likely to earn this kind of money. The conscious mind is fickle and unreliable. It constantly changes its stance on things, raising objections and doubts that get in the way of clear and concise decision-making. The millionaire mindset necessitates that we rely on something greater than what we feel in the present moment, something that goes beyond our fears and worries.

Some may call this intuition, but others may say that they just have faith in their unconscious mind to lead them in the right direction at the right time. Knowing what you want is one thing, knowing what you want down to the tiniest detail is another. Millionaires will often have very clear goals and plans that they will follow to a tee until they get to where they want to be.

We often see the same mindset in hyper-successful athletes who talk about visualizing their success for years before it manifests. And stick to it. Make sure to set aside money for savings and investments. Commit to giving charity. Feel confident that any money you give away will come back to you multiplied. How's Your Money Health?

1. Forget What TheY May Told You as a Child About Money

Download our quick financial health checklist and see where you stand! Your money mindset is comprised of your unconscious thoughts and beliefs about money and how it works in the world. But it is not fixed. Your money mindset is not set in stone and it does not need to define the person that you are. You have the power and capacity to change it. Every morning when you wake up, you can create new thoughts and enact different behaviors. You can choose to take control of your money — and your money mindset. Shifting your money mindset is a journey.

Ten years ago, Debbie Sassen left institutional finance and began working with individuals to help them find order and empowerment in their personal finances. Her coaching approach is a perfect mix of no shame, blame or judgement with practical skills and money mindset work that helps women and families become leaders of their finances. She strongly believes that stepping into your value and worth as a person is part and parcel of owning your financial future.

Hi, I'm Chelsea! I'm the founder of Smart Money Mamas and I'm almost embarrassingly passionate about reducing money stress for moms. As an ex-hedge fund investor, I'm an investment pro. I'm also a certified National Financial Education Instructor, mom to two hilarious young boys, and wife to my amazing husband who's a stay-at-home dad!

How to Develop A Wealthy Mindset

Let's do great things together! Your email address will not be published. Menu Skip to left header navigation Skip to right header navigation Skip to primary navigation Skip to secondary navigation Skip to content Skip to primary sidebar. Pin Table of Contents. True or False? I always make the wrong money decisions. People in my field never make enough money. My income is play money.

I always make dumb money decisions. Having money costs too much.

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Rich people are snobby and shallow. Poor people are hardworking and noble. Money makes the world go around. Money burns a hole in my pocket. Money Mindset Prompts: What money messages did you learn from your mother? What money messages did you learn from your father?

How did your parents save and spend money?

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Was money talked about calmly, or was there only tension and fighting? Did you work as a young adult? Why or why not? Were you allowed to keep the money you earned or did you hand it over to your parents? How were you taught to save, budget and donate money? How might the money messages you inherited from your caregivers be affecting you today?

I am a successful money manager who has transformed the age-old family pattern of money mismanagement. When you love what you do, it doesn't feel like work. And, when you love what you do, money will inevitably flow to and through you. In addition, being solution-focused means that you see solutions where others see problems, despite your circumstance. Even failure reaps benefits that will serve you in the future. The bigger you grow as an entrepreneur, the greater the pressure, the responsibility and the problems.

10 Ways to Develop a Rich Mindset! — #10 is Seriously Mind-Blowing! - Finsavvy Panda

Millionaires are excited by their challenges because they know that abundance lies on the other side. Focusing on your leadership skills is going to dramatically shift and change everything in your life and business. Grab the book The 21 Irrefutable Laws of Leadership and internalize it. The more you grow your leadership skills, the more you're going to attract other like-minded leaders into your business. One of my favorite irrefutable laws of leadership, the law of the lid, teaches that you are the lid on your container.

In other words, you are the one who limits the growth of your business. By enhancing your leadership skills, you will blow the lid off your business. First and foremost, get a coach. My life was impacted more by having a coach than by anything else I've ever done in business or in life, in general. Secondly, be coachable. Know that a coach sees your business and life from an outside perspective that you cannot. The more primed you are to hear and assimilate feedback, the faster and farther your business will grow.

People, especially entrepreneurs, are constantly doing in order to have stuff -- a new car, house, clients or whatever it is that will make them feel significant and good about themselves. They believe that, once they become millionaires, they will truly be significant and have done something worthwhile. If you truly want to have a million dollars, you must first be and think like a millionaire.

By doing so, you will attract the necessary resources to you. To become a millionaire, you must be a millionaire who thinks like a millionaire, who has what a millionaire has, in order to take the inspired action that a millionaire takes. Entrepreneur Media, Inc. In order to understand how people use our site generally, and to create more valuable experiences for you, we may collect data about your use of this site both directly and through our partners.

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