As you know, one of the most important keys to creating wealth is the right attitude. That is why I decided to share with you in a series of articles the Attitudes of the Wealthy. This is the seventh article of that series.

Attitudes of the Wealthy #19: Avoid either/or thinking

First in this series today we will talk about how the wealthy avoid either/or thinking.

How does it show up?

As an example, let’s say you only have one dollar and you want to buy either a candy bar for that dollar or a magazine for that dollar. Well, you can either buy the candy bar or the magazine, but with only one dollar you can’t buy both.

That is the either/or thinking.

The wealthy mindset asks, “What do I need to do to have both the candy bar and the magazine?” In asking a question like that, or “How can I buy both?” allows the mind to search for an answer.

That answer might look like, “If I buy four bottles of water for 25 cents each, make them cold, and sell them for $1.00 each, then I will have $3.00 more than I started with. Then I can buy the candy, the magazine and have $1.00 left over.” And when my wife and I were in Nashville, Tennessee I found a fellow doing a brisk business selling cold water out of an ice chest for two dollars a bottle. I even purchased one before I took this photo.

Here the thinking went from either/or to have it all.
Listen to your self-talk. Does it sound like either/or thinking?

If so, begin to ask questions about how you can have it all:
What do you need to do to have both?
Who can you talk to who can provide suggestions on how to have it all?
Where can you see examples of people who have done what you want to do?

Attitudes of the Wealthy #20: Planning For Generations

Next, we will talk about how the wealthy make long-range planning decisions versus striving for short term gratification.

The best quote on the topic comes from Gloria Steinem who said, “Rich people plan for three generations. Poor people plan for Saturday night.”

It would probably sound too arrogant for a wealthy person, like Andrew Carnegie, John D. Rockefeller, JP Morgan or Cornelius Vanderbilt to provide a quote like that. This is what Gloria Steinem observed about rich people and these were titans in American industry. There is so little that I can add to her line of thinking and that attitude, and I will try regardless.

If you focus on what designer purse you want to have now while you are working an hourly job, you will be forever a slave to working for a living. As you are working, if all you can do is plan for what you will do on the weekend, you probably hate your job. And if you hate your job, you cannot grow and succeed in that field.

The people above had a passion for what they were doing. They did not do it alone and they became widely successful. As I continually say, “Wealth is a team sport, not a solo sport.” As an example of thinking for generations; while Andrew Carnegie was alive, he created a university to educate generations.

Between 1883 and 1929 Carnegie’s vast fortune was used to build about 2500 public libraries around the world. Almost 1700 of them were in the United States, again, to educate future generations. You can find out more by typing into Google, Carnegie Libraries.

What are your plans for the generations that follow you?

Attitudes of the Wealthy #21: Giving back to the community

To wrap up this article in the series we will talk about how the wealthy do charity work and give back to the community.

Earlier we spoke about how Andrew Carnegie used his vast fortune to build libraries around the world. You can find out more by typing into Google, Carnegie Libraries. Well, that was 100 years ago. What does it look like today?

Bill Gates became one of the wealthiest men in the world through Microsoft and now his vast fortune funds the Bill and Melinda Gates Foundation. The goal is to provide family planning, nutrition, and education for children and ending poverty worldwide.

Another example of how the super wealthy give back would be Warren Buffet. His original intention was to leave all but 1% of his billions of dollars of wealth to his own foundation. And in 2006 he announced that 85% of his wealth would go to the Bill and Melinda Gates Foundation instead. He admires the work they are doing and says they could use his money more effectively because they had already become effective in the same areas where he wants to leave his legacy.

Finally, in 2013 Forbes Magazine had a short list of 1620 philanthropists, and then created a list of the top 50 philanthropists. You will probably recognize many of the names that are on the top of that list: Bill and Melinda Gates, Warren Buffett, George Soros, Mark Zuckerberg, the Walton Family, Eli and Edythe Broad, Michael Bloomberg, Paul Allen, Carl Ichan, David Koch, Sheldon and Dr. Miriam Adelson, Michael and Susan Dell, William B. Hilton, Sumner Redstone, Sergey Brin and Anne Wojcicki, Larry Ellison, and David Geffin.

The point is the super wealthy give back to make the world a better place from medical advances to nutrition, family planning, technology, and the arts. There is an old saying, “You can’t pour from an empty cup.” If you want to contribute to causes that are important to you, focus on creating your own wealth either while, or before you contribute to other causes.

Where would you like to focus your contributions to the world?

To your prosperity,

Rennie

Author's Bio: 

Often in the media, Rennie Gabriel supports individuals and business owners to create work as a choice, instead of a requirement, just as he did for himself. Rennie had gone broke twice (two divorces), but using the same concepts published in his book, Rennie created more wealth in each recovery than what he had prior.

As a highly rated instructor at the University of California in Los Angeles (UCLA), Rennie uses his award-winning, best-selling book, Wealth On Any Income, to teach effective money skills from both the emotional/psychological aspects as well as the practical components. His book has been translated into five languages. Rennie is a retired Chartered Life Underwriter (CLU) and Certified Financial Planner® (CFP®) and often adds BFD to his credentials.

His extensive knowledge on real estate and finance is useful not only to those who own or invest in real estate, but to anyone striving for a better life by trying to achieve financial freedom.

His clients range from financial professionals, like CPAs, stock brokers and financial planning firms, to entrepreneurs in the transformational space (coaches, authors and speakers). He also works with large organizations like the FBI, American National Insurance and Toyota Motors.

After 40 successful years in financial services, Rennie now works to donate 100% of the profits from his speaking fees, wealth programs, books and business coaching to charities, the primary one is www.ShelterToSoldier.org where dogs are rescued, trained and donated as service animals for soldiers with PTSD and TBI (Post Traumatic Stress Disorder and Traumatic Brain Injuries)