Poverty: A State of Mind or An Economic Status?
I hear someone saying, “Oh yes, it is for REAL, I know I am Broke!!”
But, if we examine the question closer, I believe we will see that “poverty” consist of more than my current economic status.
In other words, are there some additional factors other than money that separate the rich from the poor?
I believe there are some major differences in how poor people and rich people think and live their lives. Below I have listed just a few of these differences.
They think different. Poor people live their lives out of a mindset of scarcity. In other words, they say, “I don’t have but a little, so I need to hold on to the little bit I have.” Rich people live their lives out of a mindset of abundance. In other words, they say, “How can I invest what I have to earn more?”
Financial decision making is different. Poor people make financial decisions based on how much something will cost them, if they invest. Rich people make financial decisions based on how much something will cost them, if they don’t invest. For example: Poor people decide not to go to college, because they say they can’t afford it. Rich people decide to go to college, because they know that statistics indicates that those with a college degree will earn more income during their lifetime than those without a college education.
Career decision making is different. Poor people look for ways to work for their money. Rich people look for ways for their money to work for them. Let me give you an example to explain what I mean.
When poor people face tough economic times, their solution to financial survival is to “cut back” on their spending and/or get a part-time job to increase their income.
When rich people face tough economic times, their solution to financial survival is to look for ways to improve their financial status by taking advantage of the down economy by investing in opportunities that will allow them to be stronger financially when the economy improves.
What they teach their children is different. Poor people teach their children to go to school to get an education (some don’t even teach this step), get a job and stay on that job so they can have an income when they retire.
Rich people teach their children to go to school to get an education, to start a business or continue the family business, so they can have income when they retire and to leave a financial legacy for the next generation.
How they spend their money is different. Poor people spend their current income on a lifestyle that makes them “appear” to be rich (i.e. luxury cars, houses, jewelry, etc.). Rich people spend their current income on a lifestyle that is below their means and invest the rest, so they can buy whatever they want later.
I know there are other differences between the poor and the rich, but I think you get the point.
If poor people want to break the “cycle” of poverty in their family, they have to start thinking and living their lives differently; otherwise; they will continue to struggle in life for generations to come.
In the future I will share some practical suggestions on how to develop an abundance mindset, which can help to eradicate poverty in your family for generations to come.
I would like to recommend a couple books to assist you in this transformation of your mind: “Rich Dad Poor Dad” by Robert Kiyosaki and “Why We Want You To Be Rich” by Donald Trump and Robert Kiyosaki. (For your convenience I have provided links to purchase these books now in the Recommended Resources Section on this site).
If you desire to change your mindset and would like more specific assistance, personalize coaching is available. Please send me an email.
Please provide me your comments on this topic. If you have additional topics you would like to see us discuss, please send me an email or post a comment.
Also, refer this site to other men you know, so we all can journey together!!
For the woman in your life, my wife (Sylvia) has a personal development site focused specifically on the needs and concerns of women. The site is called, www.thedashlady.com.
Also, we have a joint site focused on the needs and concerns of couples (i.e. married, engaged, and seriously dating). This site is focused on helping couples to grow together through personal development. The site is called, www.marriagerhythm.com.
Please visit these sites and leave us a comment about the current posts.
Again, thanks for visiting this site.
Randy
The “DASH” Guy
