How to think like the Rich

Until you can look at money like it has little value, you can never sell items of high value.

Photo by Sharon McCutcheon on Unsplash

It’s hard to accept that someone else is making more money for a job you do better. And you do do the job better. You put passion into it, you dedicate extra time and you work your butt off. But the problem is not with the job, its with you.

It’s not because you’re worse at communication, worse with presentation or people, it has to do with your perception of money. You can be stuck with a ‘poor mentality’ and need to move onto a ‘rich’ mentality.

This isn’t some law of attraction rubbish. This is reality. I bet you have a mindset that always gets the ‘most bang for buck’. This is a great mentality passed on from our parents, from a hardworking generation of babyboomers. But you’ll never be rich if you hang on too tightly to it.

You see, the very definition of rich is:

1: having abundant possessions and especially material wealth.

2: having high value or quality

In accordance with that, the economic law of price is determined by demand and supply. Naturally a lower supply will increase the price, or a higher demand.

The key is Exclusivity. The key is value. The key is perception.

But this isn’t some snake oil salesman trick. This is real world psychology that’s holding you back. Gary Vaynerchuk said ‘Skills are cheap, passion is priceless’. You can never sell something you don’t believe in. And you need to believe in this.

The rich are not concerned with getting the most bang for buck, because money is not a qualifying factor. The rich want the best possible product period.

I can say this with absolute certainty because I was a dentist weighing up the pros and cons of restorations for my patients.

Will you prefer the filling for $200 that lasts 7 years?

or a crown for $1500 that lasts for 15 years?

The value for money is in the filling by a factor of 3 times! But the crown is the better product. When it comes to selling to the rich, its never about worth, its about best.

And you will never be rich, until you sell to the rich.

Think about it.

0.6% of the world population own 39.3% of world wealth. 
1% of the world’s richest own more than 50% of the world assets (2017).

Furthermore, all of the increased wealth from production goes to the top 50% richest of the world.

The rich get richer and the poor stay the same.

Don’t miss this point. If you want to be rich, you have to sell to the rich. Otherwise it would be like Robin Hood, trying to get a money flow going from the homeless. It doesn’t work that way. If you want to generate wealth, you have to look at wealth.

You might not be able to change your life to make money worthless. But you must change the perception of the value of your work. It is excellent and deserves more. You can psychologically cap your own potential by devaluing yourself. Those who are more aggressive in negotiating their salary receive the better pay package. The evidence is a result of the belief.

So consider, how wealthy do you want to be? How scale-able do you want to make your business or even direct line of work? If you want to stay within middle and lower middle class, then continue working as if nothing has changed. But if you want to change your clientele, get more value for the work you do, then market up, and don’t look back down.