Jan
23

How Rich People Think

By

My new book, in bookstores this June, is called How Rich People Think. In 26- years of interviewing the super-rich, I’ve uncovered their greatest secret: Leverage. While the middle class is worried about everything from who’s going to win the SuperBowl to Jennifer Anniston’s love life, the rich are studying the new thought leaders who are emerging in this global economic meltdown. It’s an easy prediction that the rich will get richer as they figure out the most effective way to leverage the new dynamics of this new economy. Listen to this post as I share some of the secrets the wealthy have shared with me. I’ll look forward to your comments.   Steve Siebold

Comments

  1. Frix says:

    Are rich people happy?
    I want to be rich in order to help my family in Africa. That will be the provided happiness of being rich.

  2. Soni says:

    Hi

    this is my first post. I have only recently looked at this site and find it quite interesting and thought provoking.

    my thoughts are:

    why do you want to be rich?

    when do you decide you are “rich” enough? e.g. when you get a 100k salary or 200k etc

    Do the very rich or successful e.g. Simon Cowell/Richard Branson only carry on working because they love what they do? They love it so much they would do it for free? Or is it ego? Maybe with some sports stars it is different e.g. Michael Schumacher I am sure who would do what he still does even if he was only paid a very small fraction of his salary as he loves racing/competition/the fight/winning

    do you think by being rich you will be happy? I am very sure there are lots of rich people out there who are unhappy.

    what are the key components of happiness in your opinion?

    Thanks very much

    Soni

  3. Ravin says:

    If people were to spend ten years learning how leveraged time, leveraged money, and leveraged efforts work, and considered that education to be the most priceless education of their lives THEN began putting to use what they had learned they would for the most part become some of the most successful people in the world.-

    True meaning of education, most people don’t know.

    Ravin…

  4. Ravin says:

    This is very interesting and inspiring post. 🙂

    I want to read this book. I think, i will get some more interesting and effective insights.

    Thank you.

  5. If people were to spend ten years learning how leveraged time, leveraged money, and leveraged efforts work, and considered that education to be the most priceless education of their lives THEN began putting to use what they had learned they would for the most part become some of the most successful people in the world.

    They could do it as they learn and some just seem to understand it and go. Everyone and every situation is different.

    In our business we call it exponential growth and we are living proof that when you put ten years+ – actually 14 for us – into actions that produce leverage and into leadership training and world class thinking you will change your life.

    Mike

  6. Steve,

    Besides “the borrowing of money to purchase a company, in the hope that it will make enough profit to cover the interest payable on the loan;” some other ways to think about leverage would be:

    Influence… Mechanical Advantage… or An advantage that is not referred to openly.

    I don’t know how far it will go but with all the recent government controls or attempts to control, people seem to be withdrawing their support for the bumbling inefficiency of government intervention.

    For example, the govt has wasted billions of dollars in subsidies to develop more fuel efficient cars. But with only 10 million dollars Peter Diamandis promises to debut more than one car that will reach the 100 mile per gallon mark by August of this year.

    “We’re not talking about concept cars,” said X Prize Chairman Peter Diamandis. “We’re talking about real cars that can be brought to market in the near term, that consumers will want to buy.” (Popular Mechanics March 2008)

    Leveraging individual self reliance and common sense seems to be a theme which is gaining widespread public support. If this trend continues people will be more receptive to the “crazy ideas” of independent thinkers who can solve problems without taxpayer subsidies and seven sub-committees.

    Be Well,

    Jaroslav

  7. Theewoon Goh says:

    Hi Steve,

    Well said. Just wondering…. is it “leverage” as you put it or “the courage to seize opportunity promptly”?

  8. Wow Steve!

    You go!!!!!!!!! You are very inspiring. I agree with you totally. There seems to be an underlying issue of who do we listen/follow, what do we focus on, how do we get educated in these things, how do we make the right decisions, who are the trend setters, how much should we really believe, how much risk taking behaviors should we engage in…..the list goes on and on.

    Most Americans want change for the better, but as soon as a “Knight in Shinning Armor” appears the masses follow that person, elect them into office and then watch from their easy chairs decisions being made behind closed doors many times that end up like a dog chasing it’s own tail as far as movement forward.

    I’ve been studying Ron Paul lately, reading about the Federal Reserve and trying to follow the “Behind closed doors” Health Reform initiative. There is so much out there. Most Americans don’t really know the truth and are consumed with the daily routine and struggle of “making it through the day”, taking care of the kids, trying to pay bills, etc.

    Back in the day political views and what was going on was preached in the pulpit. Here in my own home town, Philadelphia, the Constitution and the Declaration on Independence were hot topics. The issues were all preached from the pulpit. Most people don’t even know that or know who was instrumental in that campaign.

    We become delusional. We put our faith too much in people and vote for them without really knowing about their background. How many young people who voted in this past presidential election really did their homework and knew what the issues were and what they were voting for?

    Where are they now? They wanted change they could count on! Why are they not campaigning for the issues that Congress is making legislature on RIGHT NOW without our input that will be affecting THEM on health care, medicare, social security, etc.

    The list goes on and on.

    Getting back to the basics is what we need. We need people to guide all of us “Joe the Plumbers” in what we should be looking for. I’d like to give all the mentors a call to action to step forward and talk to us about these issues. Arrange speaking engagements into our high schools. There are people willing to listen.

    In fact Steve, I’d like to invite you to come to my high school. Make it a panel even. Have a town meeting. Record it, Youtube it. Tweet it.

    Get the word out.

    Leveraging knowledge is the key to surviving. We are raised that way.

    Let’s maximize our efforts. Pay it forward and watch what happens!

    Thanks for the soap box.

    Donna Marie Laino, RN
    Philadelphia Tiger

  9. Josh Davis says:

    Steve,

    I love this! You are right on the money as usual. One of the things I see emerging and that many, whom I believe to be thought leaders, talk about in the context of successful business is building trust, creating massive value, building and then leveraging your personal brand, collaborate collaborate collaborate, and find your niche and then find how to offer it to the world, of that niche.

    It is going to be a wild ride the next decade or so and only those that have the mental toughness and passion to keep learning will end up getting everything they want out of life and more.

    I’m excited for your new book, I refer to 177 often.

    Thank You,

    Josh

  10. Steve,
    I agree. We must be students of those that are more successful than ourselves! I am looking forward to your new book.
    Lisa

  11. Lindit' Hopson says:

    Thanks for the great advice, Steve! We appreciate all you’re doing.

    All the best,
    Lindit’ Hopson