Like most broke university students, Steve Siebold wanted to get rich. But unlike most college kids, he did something about it.
“In 1984 I was a sophomore in college,” he recalls. “And I was sitting
in class listening to business professors telling me the odds of
succeeding in business were so slim that it would take years to get
there.”
But Siebold wasn’t interested in waiting years.
So he tracked down a millionaire—and requested an interview. That
millionaire, in turn, introduced him to another millionaire and so on.
Since then, Siebold has interviewed more than 1,200 millionaires and
even billionaires. “It’s really a 30-year study at this point,” he says.
Given all of the, ahem, rich knowledge that Siebold has collected over
those three decades, he decided to share his insider findings in a book,
“How Rich People Think.” His biggest takeaway? “[Becoming a
millionaire] isn’t about money,” he says. “It’s about psychology.”
Intrigued to learn more about how the mind can possibly pave the way to
millionaire-hood, we sat down with Siebold to pick his brain.
LearnVest: Do you truly believe that anyone can get rich?
Steve Siebold: Well, there are obviously exceptions—say, if you’re
psychologically handicapped or have other serious setbacks—but, for the
most part, the average person in America can get rich. After being
around wealthy people for so many years, I’ve learned that they’re no
smarter than the rest of us. They’re just ordinary people with
extraordinary focus and drive who are looking for gaps or what’s missing
in the marketplace—for what can be filled.
But aren’t some people just naturally born with that entrepreneurial spirit? Can it really be taught?
Sure, some people seem to be predisposed to being entrepreneurs. One guy
I interviewed built a $90 million company from scratch, and he seemed
to just have that inner drive, which can be an advantage. But all you
really need is the desire.
Take a single mother who can’t pay her bills or get a job—she has a
strong need. And if you have a strong enough desire, you can develop the
skills necessary to become an entrepreneur. That’s the way most
Americans become rich.
In your book, you say that middle-class people focus on saving, while
rich people focus on earning. But it’s ingrained in us from birth to
save. Isn’t that something everyone should do?
Absolutely. Saving is so important. My point is that the average person
last year made $38,000 in income. If I’m making $38,000, and I’m saving
10%, that’s only $3,800 a year. I’m going to be 300 years old before I
can retire. What the wealthy do is focus on earning more. If you can
make $200,000 a year, then you’re saving $20,000—a big improvement.
True, but that’s a big jump. How can the average person earn significantly more?
That’s where the entrepreneurial mindset comes in. You look for small
business opportunities. Niche markets. You don’t have to open a
McDonalds, but maybe you start with a small lawn-mowing or pool-cleaning
business or selling things on eBay—technology has opened up so many
opportunities. Remember that it’s not about the money, but your way of
thinking. Rich people look for problems to solve, and then cultivate the
skills, passion and talent to solve them.
You wouldn’t take fitness and health advice from someone who’s not fit,
so why would you take money advice from someone who’s not rich?
Your book has 90-plus tips. What are the top-three things you’d tell someone to do today to start getting rich?
For starters, be around the rich. Some people may think it’s extreme,
but before I was wealthy, I moved into a neighborhood I couldn’t afford.
I wanted to be around rich people—not to make deals with them, but to
learn their mindset. I don’t recommend doing the same thing, but you can
go to places where rich people congregate, such as charity auctions,
seminars, country clubs. Listen to how they talk about money and
opportunity. Compare their mindset to yours—and then consider
adjustments.
Number two: Get away from people who tell you that your [business idea]
can’t be done because you don’t have enough education, money, talent.
Listening to those people—and believing them—can quickly derail your
plans.
Lastly, discover what your talents are and how you can use them. I was a
professional tennis player, and when I started teaching, I wasn’t
making very much money. The millionaires I was around at the time told
me to start thinking about the talents that I had, which is part of
thinking like an entrepreneur. The one thing I really focused on with
athletes was the mental toughness side of sports and cultivating that
focus. The millionaires said that’s a skill that most people don’t
have—and find a place where they’re missing that.
So long story short, over a period of six or seven years, I started
training the skill of mental toughness to salespeople in large
corporations … and that’s how I made my own millions. The heart of it is
that everybody has certain talents—they just don’t recognize what
they’re worth.
What’s the number-one mistake people who want to be rich—but aren’t—make?
They listen to the average person, with no money, tell them about money.
You wouldn’t take fitness and health advice from someone who’s not fit,
so why would you take money advice from someone who’s not rich? It
doesn’t make sense.
No comments:
Post a Comment