The rich are getting richer. The Wealth-X and UBS World Ultra Wealth Report 2014 says there were 12,040 new people who have more than $30 million in net assets in 2014. That's a 6 percent increase from last year, pushing the worldwide total to a record 211,275 people.
This isn't really surprising as we've known for a while now that the gap between the wealthy and middle class continues to grow. The wealthy continue to see impressive gains to their portfolios, while everyone else is stuck spinning their wheels.
One interesting takeaway from this report is that 64 percent of these people are self-made rich, and only 17 percent have fully inherited their wealth. This is more proof that anyone can strike it big and claim their fortune. In my 30 years of interviewing more than 1,200 of the world's wealthiest people, I've found some major differences in how the wealthy approach money compared to the middle class.
What are their secrets?
1. Use non-linear thinking to earn more money--
Most of us are taught to trade hours for dollars, which is the reason the average person makes little money. The rich earn their fortunes tapping their creativity and coming up with new ideas that serve people and solve problems. It's not how many hours you can work or the amount of midnight oil you can burn; it's about training your mind to think about old problems in new ways.
2. Use logical and emotional thinking--
The middle class blends emotional thinking in their decision making process, which clouds their judgment. The rich use left brain, logic-based, emotionless thinking to make decisions in regards to earning, investing and saving money. They use emotion to motivate themselves to take action. Both forms of thinking have value. The secret is to know when to use which, and avoid blending the two.
3. See money as abundant and infinite--
Money is created through ideas that solve problems, and since ideas are infinite, the amount of money you can earn is infinite. The masses see a world in recession filled with seemingly unsolvable problems. The rich see these new, complex problems as the opportunity of a lifetime to become even wealthier by solving them. The more numerous and complex problems society faces, the more opportunity all of us have to become rich.
4. See money as freedom--
The middle class scorns the rich for flaunting their money and falsely assumes they acquire it for status. Status makes people feel important, and while everyone enjoys it, the rich build fortunes primarily so they can live life on their own terms. Money provides the freedom to do what you want, when you want, with whom you want, for as long as you want, while never having to answer to anyone unless you choose to.
5. Expect to be rich--
The masses have a lottery mentality and have been brainwashed to believe the only chance they have to get rich is by picking the right numbers or playing slot machines. The rich expect to earn more money every year and aren't surprised as millions of dollars flood their bank accounts. The rich have trained themselves to expect big things to happen, and as a result they are bold, aggressive and fearless in their pursuit of wealth.
6. Vaccinate yourself from Either/Or Syndrome
Most us of have been told we can't have it all, and we must choose between having a balanced life and being rich. The rich know you can have whatever you want, and through leverage you can earn more while working less. Creative problem solving is the root of all great fortunes, and one idea that solves a small problem for a lot of people or a large problem for a small group of people can yield millions. Ideas can be incubated any time day or night, anywhere in the world. They don't always require an excessive amount of time, but rather a persistent and unrelenting focus.
7. Self-Education is the secret--
Formal education will make you a living, but self-education will make you a fortune. The rich are obsessed with learning and personal development. They know their mind is the hub of their financial empire, and while the masses seek entertainment, the wealthy are reading, listening to audio programs, attending seminars, and networking with powerful people who can help raise their level of awareness.
If you want to be rich, start thinking like a rich person. The best way to learn how is to get around rich people and copy their thoughts, beliefs, behaviors and actions. Consciousness is contagious, and who knows, you might just get rich!