13. Do not wait for business opportunities, create them. Entrepreneurs look at an empty lot and see possibility and a method for them to get rich. Those with a poor mindset simply see an empty lot. The rich look at garbage and see a garbage hauling business, a rust-‐cleaning service, a recycling center. Those with a poor mindset see only the discarded tires, the dirt and the weeds.
14. Another great secret is to never care where you money comes from. Many people balk at investing in businesses that are not “sexy” perhaps because they do not want to tell people at parties that they got rich off sewage. Truly wealthy people spread their money around and reap them in regardless if they were earned because of sewage or flowers. Who cares if it comes up in cocktail conversation?
15. Always think in terms of specific assets versus their overall value in the market. The truly wealthy do not rely on the ups and downs of the market, but the possible opportunities that stem from them. For example, the real estate market may be down during the recession but right now savvy investors are buying up foreclosed property in great locations for half prices for later investment.
16. Know when to hold off, reassess and quit. Investors will say no. But not all of them will. Those with a poor mindset go to the bank for a loan, get rejected and never think about their idea or opportunity again. The wealthy mindset goes to the bank for a loan, gets rejected, redrafts the proposal and returns to get the approval. The poor mindset goes into business not knowing the risks of the deal and is baffled when the fallout occurs. The wealthy mindset goes into a deal, knows the risk and gets out if things are going bad. Always follow your gut and do your research. Know when to back off from risky or unethical deals will not only take your money but have effects of your freedom.
17. Accept that there will be instances where you will experience some loss, such as when stock goes down or remains stagnant, therefore not providing you with the expected dividends. Accept that this will change as well.
18. Do not join the bandwagon: just because everyone is putting their money in it, does not mean you should. Get rich quick schemes are simply schemes.
19. Forget compartmentalizing your money. Every penny is important so do not think of it as a bonus or extra pay. The wealthy put every single cent to good use and are able to account for all of them. The lesson here is to value every single dollar you earn. One millionaire started by investing $25, that is right, $25 in a mutual fund. He could not afford any more at the time, since he worked a menial job. As his share grew, so did the amount of his investments. He is now worth multi-‐millions.
20. Learn about taxes and how to use them to your advantage, not the other way around.
21. The truly wealthy know how to make taxes work for them. Never be afraid to learn and ask. Instead of having someone do it for you, learn how to do it yourself.
22. Finally, never invest if you are not willing to wait. Otherwise, you are throwing your money away like a gambling addict at a poker table.
The truly wealth think of investing as a game that pays out and is a fun to play. Never for once think that they got there by simple luck. It takes a lot of research, studying and waiting to get there. The poor make excuses and say, they never have enough time between their jobs, their family and whatever other obligations they have. The wealthy create the time to invest and invest in their time as well. However, the main difference is this: they enjoy it. They enjoy the time they spend reading investment books. They enjoy reading the reports, watching the stock market and simply love the game of money. This is an attitude you need in order to become successful when you move to invest. This is the attitude that makes winners and makes the wealthy.