You're Saying It All Wrong: What the Wealthy Tell Themselves

Ditch the broke mindset with these six phrases

We've all heard the adage, "rich people think differently". But what exactly do they think? What sets the wealthy, the successful, and the mentally strong apart from the rest of us? It's usually not intelligence or opportunity; it's often about the language they use to build their mental strength.

Words are powerful tools. They shape our reality, influence our decisions, and determine our outcomes. The words we use to describe ourselves, our goals, and our world directly impact our lives. And when it comes to wealth, the words you choose matter more than you might think.

The most successful investors, entrepreneurs, and financial advisers know this intimately. It's not just about the numbers on a financial statement; it’s more likely the numbers simply reflect the results achieved because of the narrative playing out in your mind. The words of the wealthy are carefully chosen, designed to sculpt a reality of abundance and opportunity.

Let's explore six powerful phrases that can reshape your mindset and pave the way to abundance.

1. "I Am Capable of Anything"

The phrase “I am capable of anything” creates a limitless mindset.

It's the belief that no obstacle is insurmountable and that every challenge is an opportunity for growth. Instead of telling yourself “I can’t do this”, you tell yourself you can and figure out a way to make it happen.

This perspective empowers individuals to push their boundaries, take risks, and potentially achieve extraordinary results.

Examples of People with an "I Am Capable of Anything" Mindset:

• Elon Musk: The entrepreneur behind Tesla, SpaceX, and other groundbreaking ventures exemplifies a limitless mindset. Musk's ambitious goals and unwavering belief in his capabilities have led to extraordinary achievements, despite being an immigrant from the world’s poorest continent.
• Oprah Winfrey: From humble beginnings to becoming a media mogul, Oprah's journey is a testament to the power of believing in oneself. Her ability to overcome adversity and build a global empire is inspiring.
• J.K. Rowling: The author of the Harry Potter series, famously rejected by numerous publishers, turned her rejections into fuel for her determination. Rowling's persistence and belief in her storytelling abilities led to the creation of one of the most successful book series of all time.
  

2. “I Am a Magnet for Opportunities”

Many of us were raised with a scarcity mindset. We were taught to believe that resources are limited and that we must compete for what little there is. This mindset manifests in our language, with phrases like "I can't afford it," "money is tight," or "the rich get richer."

Kiwi property investor Graeme Fowler highlights a stark difference in the way wealthy and poor people perceive money.

“One of the most significant distinctions between the poor, middle class, and wealthy is their respective mindsets. The way in which each group views the world, their goals, and their aspirations can vary greatly, and these differences can have a significant impact on their overall well-being and success,” he says.

The wealthy often adopt a "growth mindset," he told Fairfax, viewing the world as abundant with opportunities.

“They believe that they have the power to shape their own lives and that their success is not limited by external factors. This mindset can lead them to take risks and pursue their goals with confidence. This can contribute to their overall success and prosperity.”

Conversely, those struggling financially may develop “a kind of survival mindset when it comes to money”. Money is seen as a necessity that is hard to come by, and they may have less knowledge or access to financial services to help them manage their money more effectively.

“The poor also often have a scarcity mindset, where they see the world as a place of limited resources and opportunities. This can lead them to believe that their chances of success are slim, and they may feel that they have little control over their lives.”

The wealthy often speak in terms of possibilities, growth, and investment. It's not about denying financial challenges; it's about reframing them. Instead of "I can't afford it," try, "how can I create the resources to make this happen?" This shift in perspective can ignite creativity and problem-solving abilities.

A Person With the "I Am a Magnet for Opportunities" Mindset

Sara Blakely: The founder of Spanx, Sara Blakely identified a gap in the market and created a billion-dollar business from a simple idea. Her ability to see potential where others see limitations is a hallmark of the "magnet for opportunities" mindset.

3. “I Invest in Myself”

Successful individuals prioritise personal growth. They understand that their greatest assets are their mind and body and invest heavily in developing them.

This is done through continuous learning, acquiring new skills, expanding their network, and adopting a healthy lifestyle.

By focusing on self-improvement, they pave the way for new opportunities.

Examples of People Who Invest in Themselves

• Steven Bartlett: Bartlett, the author and host of the popular podcast "The Diary of a CEO," is a prime example of someone who embodies the spirit of continuous personal growth. From humble beginnings to becoming a successful entrepreneur and investor, Bartlett's journey is marked by a relentless pursuit of knowledge and self-improvement. His podcast serves as a platform for exploring the minds of successful individuals, demonstrating his commitment to learning from others and expanding his worldview. Bartlett has become a mentor and inspiration for countless individuals.
• Serena Williams: Serena Williams' journey from Compton's public courts to tennis stardom is a testament to her unwavering determination and her father’s vision. Richard Williams instilled a champion's mindset in his daughters, providing them with intensive training from a young age. From overcoming adversity to breaking barriers, she has consistently pushed the boundaries of her potential. Williams is more than just a tennis champion. Beyond her athletic achievements, she’s invested in her education, business ventures, and philanthropy.

4. “I Create Value”

Rather than simply consuming, the wealthy focus on creating value. They look for ways to solve problems, develop innovative products, and provide services that people need.

Examples of People Who Create Value

• Steve Jobs: Apple's visionary leader revolutionised entire industries by creating products that seamlessly integrated into people's lives.
• Gary Vaynerchuk: Known for his energetic approach to business, Gary Vaynerchuk has built a media empire by spotting opportunities in social media and digital marketing.
• Larry Page and Sergey Brin: Co-founders of Google, Brin and Page transformed information access and created a platform that has become essential to modern life.
• Jeff Bezos: Bezos’ journey from a garage startup to the helm of the world's largest online retailer, Amazon, is a testament to his strategic vision and his knack for anticipating customer needs and building businesses around them.

5. “I Am in Control of My Financial Destiny”

Many people view their financial situation as something that happens to them rather than something they create. They blame the economy, their boss, or bad luck for their financial challenges. This victim mentality strips away personal responsibility and hinders growth.

Successful people take ownership of their financial lives. They understand that their circumstances are largely a result of their choices and actions. They identify the areas where they have control and focus on making positive changes there.

They educate themselves about personal finance, seek advice from experts, take calculated risks, and have a ‘money mindset’.

What is a Money Mindset?

A ‘money mindset’ is essentially your beliefs, attitudes, and emotions surrounding money. It is the internal dialogue you have about finances and how it influences your financial decisions.

Interestingly, research suggests that the foundations of our money mindset are laid from a very early age. By age seven, when parents are still packing school lunches, children have formed many of the thought processes that will impact their financial capabilities later in life. A child's financial blueprint is largely formed by observing their parents or primary caregivers. Their parents’ attitudes towards money, from casual conversations to daily spending habits, become the foundation for a child's financial mindset. These early impressions can profoundly influence their financial behaviours, decisions, and overall relationship with money throughout their lives.

A positive money mindset can be a powerful tool for achieving financial success. It involves beliefs like abundance, possibility, and control over your financial future. On the other hand, a negative money mindset, characterised by scarcity, fear, and victimhood, can hinder your progress.

Examples of People Who Control Their Financial Destiny

• Michael Jordan: From basketball superstar to successful entrepreneur, Jordan has demonstrated his ability to create wealth beyond the court.
• Charlie Munger: Buffett's long-time business partner, Munger was known for his rational approach to investing and his belief in the power of independent thinking. Munger's aversion to herd mentality and his focus on long-term value creation helped him control his financial destiny. He was not swayed by market trends or short-term pressures, allowing him to make investment decisions based on fundamental analysis and intrinsic value.

6. “I Learn from Failure”

The wealthy view setbacks as opportunities for growth. They don't fear failure; they embrace it as a learning experience.

This perspective helps to build resilience and increase the chances of long-term success.

Examples of People Who Learnt from Failure

• Colonel Sanders: Rejected countless times before finding success with Kentucky Fried Chicken, Sanders' story is a classic example of turning failure into triumph.
• Kobe Bryant: Despite early career struggles, Bryant's relentless work ethic and dedication to improvement led him to become one of the greatest basketball players.

Related Articles:

• ‍The Proven Way to Become Wealthy in 2024‍
• How to Teach Your Kids About Personal Finance‍
• Why am I Not Wealthy?‍
• Chill Out About the Economy: Here's How to Control Your Finances

How to Cultivate an Abundance Mindset

If you want to ditch the scarcity mindset, here are some ways to help you cultivate an abundance mindset:

• Practice gratitude: Focus on what you have, not what you lack. Gratitude shifts your perspective from scarcity to abundance.
• Give generously: Sharing your wealth, whether time, money, or knowledge, reinforces the belief in abundance.
• Set ambitious goals: Aim high and believe in your ability to achieve them.
• Embrace learning: Continuously expand your financial knowledge to unlock new opportunities.
• Visualise success: Create a mental image of your financial goals to motivate and inspire.
• Surround yourself with positive influences: Connect with people who share your vision of abundance and learn from and get help from the experts.
• Be decisive: Mentally tough individuals are decisive. They don't let the fear of making a mistake stop them from making choices. Instead, they recognise that inaction can often lead to worse consequences than a wrong decision.
• Reframe: Simple changes in your vocabulary like switching “I have to do this” to “I get to do this” can reframe your perspective and influence your motivation.

The Bottom Line: Your Words Are Your Wealth

What we tell ourselves can have a profound impact on how we live our lives. By analysing the language patterns of successful individuals, we've identified key phrases that foster a mindset of abundance, opportunity, and control.

From "I am capable of anything" to "I create value," these phrases are more than just affirmations; they are tools for rewiring our brains to think like the wealthy and mentally strong.

Ultimately, wealth is not solely determined by external factors like where you grew up or how much money your parents earned.

Choose your words wisely and cultivate a mindset that empowers you to create the life you want.