10 Mindset Differences that Separate the Rich from the Rest: Part 2


Jeff Cuellar



Still want to know what separates you from the guy with the Ferrari? Then you’ve come to the right article. In Part 1, you learned about the first five mindset changes that separate the rich from the rest.

Now, you’re ready to read the remaining five mindset changes that can help separate you from everyone else who whines about wanting to be rich without putting any effort to get there.

As I mentioned in Part 1, if your mindset toward achieving wealth involves taking monthly trips to Marina Bay Sands (MBS), plenty of visits to Singapore Pools, and plenty of duty-free shopping at Changi Airport because you want to be the next “Changi Millionaire,” good luck with that.

For everyone else, here’s Part 2 of our article 10 Mindset Differences Rich People have when it comes to Money:


Mindset Difference #6 – Diversifying Income Streams to Increase Your Income

A big reason why 80% of Singaporeans aren’t very satisfied with their jobs is because of salary. Face it, your salary is the biggest limiting factor when it comes to saving money because it’s static. And if you’re lucky, your annual “pay raise” is enough to beat inflation.

That means you need to find ways to diversity your income streams so that you’re earning enough income each month to pay down debt, saving, and investing towards your financial goals faster.

If you read our article 3 Simple Ways to Generate More Retirement Savings If You’re a Late Saver, you’d find several quick and simple ways to build additional revenue streams including:

  • Doing Freelance Work
  • Becoming a Tutor
  • Renting Out a Spare Room


Mindset Difference #7 – Knowing How to Make Your Money Work for You

The rich work hard to accumulate wealth, and diversifying their income streams is anything but easy. In fact, many people fear the prospect of having to work extra to boost their incomes because it’s “too hard.”

However, everyone wants to get to the point where they can just sit back and let their money accumulate. Yes, I’m talking about the mythical ideal of earning “passive” income.

Of course, what many people don’t realize is that they need to work hard before they can relax.

Once you’ve done the “hard work” by diversifying your income streams, you can then take the next step of investing in stocks, bonds, REITS, real estate.

Hopefully, if you’ve managed to invest enough over time, you’ll get to that point where you don’t have to work as hard – because your money is finally working for you.


Mindset Difference #8 – Creating Goals for Your Money to Fulfill

It’s admirable to have a financial goal of “getting rich.” However, everyone has that goal and not everyone got rich.

You think the rich have that goal? Of course! But they also set goals for their money too.

Ok, now think of your financial goal as being the top of a mountain you have to climb. Chances are you’re just focused on the top, which represents your main financial goal to get rich.

But if you’ve ever gone trekking up the mountain, you’d know two important things:

  1. If you just focus on the top, you’re going to trip and fall back down.
  2. To successfully trek the mountain, you need to set up waypoints (mini-goals) for you to catch your breath and plan your route to the top.

In a financial sense, the goals you would set for your money would be actions like tackling your debt and setting “min-goals” such as paying down a certain credit card so you can free up more money to go into investments (or you can pay down another debt if you have outstanding loans, credit card debt, etc.).


Mindset Difference #9 – Thinking Long-Term When it Comes to Money

When you talk about your goals of being rich, do you usually say “I’m going to be rich someday,” or do you say, “In 10 years I’m going to have a home and $50K in investments and in 20 years I’m going to have $200K in investments and $3K in passive income every month.”

Now, which question do you think the rich guy asks?

If you want a clue, you can check out the header above – Yes, the rich guy thinks long-term when it comes to building wealth.

The rich stick to their long-term financial goals that they established in their financial gameplans (remember rule #1?).

So if you really want to be rich down the road, think long-term, and resist the urge to splurge on purchases that only keep you from reaching your goals (yes, I’m talking about the luxury handbags and watches!).


Mindset Difference #10 – Eliminating Debt as Quickly as Possible

If you’re saddled with debt, even small debt, you should get rid of it as quickly as possible! That’s because every dollar you pay towards debt is a dollar that isn’t going towards savings or money-growing investments.

If your debt situation is quite serious, the best thing to do is to prioritize what needs to get paid off first, and then pay off the rest of your debt (loans, credit cards, etc.) based on priority.

Here’s a useful little credit card debt strategy that you can apply towards destroying all of your outstanding debt.


Do you think this list is total BS, or do you think there’s something to these mindset differences? Share your thoughts with us on Facebook! For even more useful information on everything personal finance, visit MoneySmart today!

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Jeff Cuellar

I'm known by many titles: copywriter, published author, literary connoisseur, ex- U.S. Army intelligence analyst, and Champion of Capua.