Why It’s Expensive To Have A Poor Mindset
Having a poor mindset is one of the biggest factors preventing people from becoming rich. In fact, most of the people you encounter on a daily basis possess a poor mindset. They think poorly, act poorly and as a result, live poorly. But the most shocking thing isn’t that so many people have a poor mindset, it’s that none of them are willing to do anything about it.
If you asked random strangers on the street what they wish they could be, 99.9% of them would say they wish they were rich. They would say they wish they could have millions of dollars so that they would never have to work again. Yet these are the same people that spend their time playing video games, going to parties, and buying the newest iPhone whenever it gets released. They want to become rich, but their actions are the complete opposite of what they want.
This is why the number one reason people stay poor isn’t their low income, it’s their poor mindset. People that possess a poor mindset believe that if you are not born rich, you will never become successful. But if you look at history, that is simply not true.
Some of the greatest and most prominent figures in history were raised in poverty, such as Abraham Lincoln and Oprah Winfrey. Yet these people did not let their circumstances define their future. They understood that if they wanted to become successful, they would have to change their mindset to match what kind of person they wanted to become.
Here’s why having a poor mindset can be the most expensive mistake you can make.
Why A Poor Mindset Prevents You From Becoming Rich
One of the worst beliefs a person with a poor mindset has is that they can save their way to riches. You hear things like this very often:
“You can save money by not stopping by Starbucks every morning.”
“Stop spending so much and being wasteful.”
“If it’s not on sale I’m not going to buy it.”
This is what most people with a poor mindset have – a scarcity mindset. They think that saving is the first step towards becoming rich. But in reality, saving a few bucks here and there won’t make a significant difference to your income level or lifestyle.
Let’s say that you stop by Starbucks every morning for your daily coffee. Because you want to save money, you decide to give up that small thing you look forward to every morning. And let’s say that you normally spend $5 on coffee, and you do this for one whole month. How much money do you save?
You would save exactly $150. Now ask yourself, does $150 get you anywhere closer to buying that dream house? Or purchasing that fancy car? The answer is NO. People with a poor mindset will stay poor because they believe that saving money will make a difference in their lifestyle. In reality, giving up that morning coffee only robs you of the small joy you experience on your way to work.
So saving a few dollars doesn’t bring you closer to your wealth goals, it only negatively impacts your lifestyle. If you want to save your way to success, you may as well cut toilet paper into strips and turn your heating and A/C off. Ask yourself – would you really want to live that way?
Saving Won’t Make You Rich – Do This Instead
Instead of saving like most people with a poor mindset do, focus on generating more income. In the above Starbucks example, you are willing to give up your morning coffee in order to save money. The reason you are willing to do this, is because it allows you to save $150 every single month. But where does this get you?
But what if you simply found a way to generate an extra $150 a month?
Instead of skipping a daily routine that brings you joy, why not just find a way to make more money? By focusing on creating more wealth instead of saving what little money you have, you don’t have to negatively impact your lifestyle. You can continue getting a triple whipped mocha every single morning without feeling guilty about doing so because you’ve found a way to earn an extra $150 a month which pays for it.
In fact, this is the secret that separates people with a poor mindset from people with a rich mindset. Rich people understand that they can only save so much money. Even if they were to cut it down to only the basic expenses every month, they would still only be able to save maybe $2,000 or $3,000 maximum.
Instead of trying to save money, find ways to create more money. You’ll be able to enjoy your current lifestyle, while also improving on it in the future.
Don't focus on saving money, focus on generating more income.
The Biggest Pitfall With Having A Poor Mindset
The shocking thing is that even if people with a poor mindset realized this profound realization, they would still prefer to save. This is because they are lazy.
Instead of trying to find ways to generate an extra $150, people with a poor mindset would much rather simply skip out on their morning coffee. This is because finding ways to create wealth requires you to use your brain. And using your brain to think requires doing work. However, making the decision not to visit Starbucks every morning is very simple to do. You literally do not have to do anything, and you’ll save money.
This is why having a poor mindset is so detrimental to a person’s success. It’s more than simply being cheap – people that allow their minds to dictate their lives also have a poor mindset. Instead of taking action to make their lives better, they prefer to play things safe and not take risks. They allow their poor mindset to control how they live their lives and what choices they make.
As a result, many of them are unhappy because they are not the ones in control of their lives. Their brain is the one making all the decisions, telling them what they should or should not do, and running their life. And allowing your brain to dictate how you should live your life is one of the worst things you can do.
The Human Brain Is Wired To Be As Lazy As Possible
Studies show that the human brain is wired for laziness. This means that if you want to overcome a poor mindset, you have to put in the work to do so. And how many people are willing to do that? Not that many.
The reality is that the majority of people allow themselves to be controlled by their poor mindset. They seek the easiest way out whenever they are faced with a difficult task, balking at the idea of having to give or do anything more than the bare minimum. They allow their brain to control their lives and make decisions on their behalf, resulting in unfavorable outcomes.
This is why having a poor mindset is not only expensive, it’s dangerous. The people that possess a poor mindset are often the ones who are most unsatisfied with life. They make excuses when things do not go their way. Or allow their jealousy to get the better of them whenever they see that others are doing better than they are. They may see their coworkers earning a higher income, or witness family members getting a brand new house. Instead of feeling happy for their success, they feel resentment inside their hearts.
This is because deep down, they wish they possessed the same kind of lifestyle and discipline their peers have. They know that if they wanted the same thing, all they would have to do is control their thoughts. But instead, they hang onto their excuses about why they can’t or why they won’t, because it’s much more convenient.
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CEO of Profitalize.com - Digital Marketing Consultant - Speaker - I hyper scale businesses by drastically increasing their profits
4 年The costs that people stack up while they have a poor mindset and fail to take action, they will never comprehend until they've had a breakthrough and realized what they've been missing. However, it is now time to explode, and bring the economy and our businesses to the moon and back! :)
The Most Successful and Highly Sought After Product Developer and Inventor in Modern History!
4 年Great article. People are still unaware that they have a scarcity mindset because they have money in the bank. Having money doesn't negate the mindset, subconscious thoughts, limited beliefs, etc. We still have work to do to break these cycles. The success of our children and generations to follow us, depend on it.
Blacksmith at Preston Magma Forge
4 年I have to say, when I read this post I been reflected on it somehow. Now working hard, no matters whats happen I am on my job everyday...learn and work. I doing mind change in steps. Time fly but my missing knowledge is like a wall and i am going to go thru. Missing now is having one more book... please I would like an other book to read, are really helpful in my journey. Mr. Dan Lok, do you have an other book I should read? So far, fu money and unlock it are read it. Thank you.
? Navigating Transgender Challenges & Shifting Perspectives ? Consultant ? TEDx Speaker ? Best Selling Author
4 年IT is true because they don't have a WHY and they keep running in different directions
Appreciating savvy real estate investors. Off-Market multifamily deals available. $500k to $30m+
4 年Thanks for the post Dan Lok ????