15 ways rich people think differently

[DocK]

Many people can "see" opportunities in all sorts of things. It's just that most don't do something with them.

It's like spotting an attractive woman/man by her/him self at the nightclub, pub or wherever. Seeing what's in front of you is the easy bit but it's not going anywhere if you simply ignore her/him. You have to do something, taking a risk in the process, in order to achieve any benefit from the opportunity presented.

Good analogy - it comes down to self-belief, confidence, guts, more or less anticipating that taking the risk will pay off, or being prepared to wear a bit of pain and get out fast if it doesn't. Prior research of great benefit. Those that suffer from fear of rejection/failure, uncertainty/timidity, lack of confidence etc will let the opportunity pass them by...

Then there are those that already are content with what they have and simply want to preserve it - ignoring a new "opportunity" may often be the best course to take in that case

 

[burglar]

Many people can "see" opportunities in all sorts of things. It's just that most don't do something with them.

It's like spotting an attractive woman/man by her/him self at the nightclub, pub or wherever. Seeing what's in front of you is the easy bit but it's not going anywhere if you simply ignore her/him. You have to do something, taking a risk in the process, in order to achieve any benefit from the opportunity presented.

I saw a "great website" as an opportunity as early as 1999.

But just ask Joe if it's as easy as it seems!

 

[McLovin]

So what do you think it is that stands in the way of most people finding opportunity?
(Please don't insult my intellect by telling me it's because they spent too much time in church, I've known several high wealth churchgoers in my time.)

That was a joke. It was a quote from Mr Burns when he was telling kids how to become rich.

Most people have neither the interest, motivation or the intelligence. It's the live to work, work to live thing.

Someone who is determined to become rich will still probably fail, which is where luck comes into it. You need to be born with the right god given talents and in the right country/era etc. The overwhelming majority of people will die in the same social class that they were born into.

If you measure your life's work by how much money you end up with, you've missed the point, IMO. Rene Rivkin used to say "money doesn't buy happiness, but it buys a better form of unhappiness".

Many people can "see" opportunities in all sorts of things. It's just that most don't do something with them.

It's like spotting an attractive woman/man by her/him self at the nightclub, pub or wherever. Seeing what's in front of you is the easy bit but it's not going anywhere if you simply ignore her/him. You have to do something, taking a risk in the process, in order to achieve any benefit from the opportunity presented.

I agree. I think finding the opportunity though involves more than just identifying it.

 

[Gringotts Bank]

Anyone want to try an experiment?

 

[cynic]

That was a joke. It was a quote from Mr Burns when he was telling kids how to become rich...

My sincerest apologies, McLovin. I should have realised from the jovial context of your earlier posts. My bad!

 

[cynic]

Anyone want to try an experiment?

Does it involve psychedelics or incendiaries?

 

[Gringotts Bank]

Does it involve psychedelics or incendiaries?

Neither of those.

Risk taking is great for getting one in the mood to trade well. Risking embarrassment and humiliation is probably the most powerful way to get amped (without drugs). Pick a day where you can do your experiment, because the risk-taking and the trading need to be on the same day. If you risk humiliation and embarrassment and it backfires and you end up humiliated and embarrassed, then forget it!! However, if you take the risk and come away unscathed, your energy will be at really nice levels.... and here's the kicker....you can trade off that confidence. Because this is an experiment, don't go betting the house ok?, just a small trade for starters. Do a few day trades and see how much easier it is to make money.

 

[cynic]

Neither of those.

Risk taking is great for getting one in the mood to trade well. Risking embarrassment and humiliation is probably the most powerful way to get amped (without drugs). Pick a day where you can do your experiment, because the risk-taking and the trading need to be on the same day. If you risk humiliation and embarrassment and it backfires and you end up humiliated and embarrassed, then forget it!! However, if you take the risk and come away unscathed, your energy will be at really nice levels.... and here's the kicker....you can trade off that confidence. Because this is an experiment, don't go betting the house ok?, just a small trade for starters. Do a few day trades and see how much easier it is to make money.

As you and I are both already well aware, results can often be a direct manifestation of one's deeper expectations. (i.e. one's entrenched beliefs usually influence the outcome/s!) How do you propose that we counter the skepticism of the willing participants?

 

[Gringotts Bank]

As you and I are both already well aware, results can often be a direct manifestation of one's deeper expectations. (i.e. one's entrenched beliefs usually influence the outcome/s!) How do you propose that we counter the skepticism of the willing participants?

Just by having a go and seeing what happens. The reason for choosing a potentially humiliating/embarrassing risk experience is that, aside from death, this is what people fear the most. You challenge it, you come out the other side, then fear isn't quite as big an issue. But there is a significant time decay factor, so you need to get trading asap after the risk. Rinse and repeat. Easy to say, hard to do. It's the single best and fastest way to improve your profits with trading.

You don't have to walk down Collins St in a mankini necessarily, but something that really pushes your boundaries.

 

[cynic]

Just by having a go and seeing what happens. The reason for choosing a potentially humiliating/embarrassing risk experience is that, aside from death, this is what people fear the most. You challenge it, you come out the other side, then fear isn't quite as big an issue. But there is a significant time decay factor, so you need to get trading asap after the risk. Rinse and repeat. Easy to say, hard to do. It's the single best and fastest way to improve your profits with trading.

You don't have to walk down Collins St in a mankini necessarily, but something that really pushes your boundaries.

As you are probably aware, my boundaries are pretty broad, if I were to push them much further I'd more than likely be institutionalised!

It's a worthwhile suggestion nonetheless, as it offers a practical method for testing a theory. I remember a friend of mine deciding to pay her first visit to a nudist beach as an exercise in boundary expansion and self empowerment. It was a confronting experience for her, but one that she experienced as extremely liberating.

 

[young-gun]

results can often be a direct manifestation of one's deeper expectations.

I would replace 'can often be' with ARE. This is the key to it all...imo

 

[Julia]

Just by having a go and seeing what happens. The reason for choosing a potentially humiliating/embarrassing risk experience is that, aside from death, this is what people fear the most. You challenge it, you come out the other side, then fear isn't quite as big an issue. But there is a significant time decay factor, so you need to get trading asap after the risk. Rinse and repeat. Easy to say, hard to do. It's the single best and fastest way to improve your profits with trading.

You don't have to walk down Collins St in a mankini necessarily, but something that really pushes your boundaries.

Are you actually asking ASF members to participate in some experiment of your devising?
Not sure you'll get too many takers unless you provide some outline of what you have in mind.

 

[cynic]

I would replace 'can often be' with ARE. This is the key to it all...imo

I am inclined to agree, but generally prefer to temper some of my more absolute statements by saying "often" instead of "always" and "many" instead of "all".
My reason for this is twofold. Some posters will have a strong counter view and be more inclined to dispute absolute statements, and secondly I sometimes happen to get things wrong! (I know it's shocking but it just so happens that it's true!). So by using a softer (rather than absolute) statement I've allowed myself a margin for error.

 

[young-gun]

I am inclined to agree, but generally prefer to temper some of my more absolute statements by saying "often" instead of "always" and "many" instead of "all".
My reason for this is twofold. Some posters will have a strong counter view and be more inclined to dispute absolute statements, and secondly I sometimes happen to get things wrong! (I know it's shocking but it just so happens that it's true!). So by using a softer (rather than absolute) statement I've allowed myself a margin for error.

Fair enough. I can't say that I can relate to that, as I have only ever been wrong once in my life, and it was the time that I thought that I was wrong haha.

But in all seriousness I do believe it is the key to it all.

One book really opened my eyes and it was 'think and grow rich' by napoleon hill, written in the 1930's I believe.

 

[Tyler Durden]

I am inclined to agree, but generally prefer to temper some of my more absolute statements by saying "often" instead of "always" and "many" instead of "all".
My reason for this is twofold. Some posters will have a strong counter view and be more inclined to dispute absolute statements, and secondly I sometimes happen to get things wrong! (I know it's shocking but it just so happens that it's true!). So by using a softer (rather than absolute) statement I've allowed myself a margin for error.

I happen to do the same. Sometimes I say "I think" instead of "it is", only because the former sounds more humble.

 

[Gringotts Bank]

Are you actually asking ASF members to participate in some experiment of your devising?
Not sure you'll get too many takers unless you provide some outline of what you have in mind.

Julia, you know when you have a near accident, someone will invariably say "you should buy a lottery ticket"? I subscribe to that general idea. Personal experience tells me there are times when things are much more likely to go your way. These times are when your mood and general vibe is pinging nicely. Surely you've noticed this?

One doesn't necessarily need to risk humiliation - I only mention this because if you want to create an immediate alteration in vibe, that's one 'quick and dirty' way to do it. Just do it once to give you a taste of how mood affects performance. Then you will start to open up to new possibilities.

Look at your historical performance. Get an idea of how much you'd make per month. If you're all over the shop with performance, this is harder to do, but if there's a big change you still should be able to see it in your journal. Now do the experiment. Remember to trade on the same day. Make a note of the degree of change in your vibe - write it down. Then next to that, write down the trades. The trades don't need to be discretionary - just trade the way you normally trade, whether that be system or discretionary. Don't change the method - that's really important.

 

[tech/a]

GB
Are you seriously suggesting your/my trading will perform better if
My vibe is up beat? Particularly if my vibe is up beat about the
Market/my method/ or my holdings?

Seriously doesnt this just prove that any fool can make money
In a bull market ----- positive Vibe just overflows in these times

Irrational exuberance --------

 

[Gringotts Bank]

GB
Are you seriously suggesting your/my trading will perform better if
My vibe is up beat? Particularly if my vibe is up beat about the
Market/my method/ or my holdings?

Seriously doesnt this just prove that any fool can make money
In a bull market ----- positive Vibe just overflows in these times

Irrational exuberance --------

Yes I am, and you don't need to risk anything to try it yourself. You just trade the same way as usual and make a comparison in returns. I think the hard part is finding some way to powerfully and reliably affect vibe.

The Anthony Robbins of the world make a living psyching people up, and for the rest of the day the audience at such events feel like supermen (or idiots or both!). Next day they get up and wonder why they spent $1000 on something that doesn't last. It does work, but for a very short time, that's all... and you might be able to get that feeling happening yourself, through risk taking or whatever other method you choose. Just think of it as having your coach rev you up before a grand final. Coaches wouldn't dream of letting the players go out without prepping their vibe. Game structure is not discussed at such times. Game structure = method and is done during the week. Game day, you get your head right.

 

[tech/a]

Yes I am, and you don't need to risk anything to try it yourself. You just trade the same way as usual and make a comparison in returns. I think the hard part is finding some way to powerfully and reliably affect vibe.

The Anthony Robbins of the world make a living psyching people up, and for the rest of the day the audience at such events feel like supermen (or idiots or both!). Next day they get up and wonder why they spent $1000 on something that doesn't last. It does work, but for a very short time, that's all... and you might be able to get that feeling happening yourself, through risk taking or whatever other method you choose. Just think of it as having your coach rev you up before a grand final. Coaches wouldn't dream of letting the players go out without prepping their vibe. Game structure is not discussed at such times. Game structure = method and is done during the week. Game day, you get your head right.

While psyching up for a personal challenge my be beneficial psyching up for something you have no control over
Could be seen as self delusional.

 

[burglar]

So do cobras!

But, definitely agree, just the same.

Horse of Opportunity

Centuries ago, opportunity was sometimes envisioned as a horse with wings. Not one of those trained horses that kneel down so you can easily get on it; this winged horse was always flying, zipping past. Sometimes it would appear out of nowhere when you most needed it ”” in the middle of a battle, perhaps. But you had to be alert and bold and quick; if you let it slip by, the opportunity to save yourself was gone.

I read this years ago in a magazine in some waiting room. As I sat in the lobby, I thought about that winged horse. Picture it: The horse approaches; you trot alongside, grab the horse's wing, get a firm grip, and jump on. No sweat. Cowboys do it all the time (except for the wing). But if you don't see it coming, or if you wait too long to decide, the Horse of Opportunity slides swiftly by, and all you can do is grab for its slippery tail.

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http://findsuccess.net/marketing.html