Steve Siebold is a public speaker who has studied the traits of successful people and is a coach on developing mental toughness. He has also consulted for several companies in the Fortune 500.

In How Rich People Think, Steve compares and contrasts the middle class with the truly wealth and shares with us his findings.

100 Lessons from the Middle Class and the World Class

While the book itself isn’t long at all, it contains a lot material to think about and look up. Siebold contrasts traits of the middle class with traits of world people. The book is arranged in very short chapters or lessons and it has a very tight layout for all of them that makes it very easy to follow.

  • Lesson: Steve summarizes what he believes to be the difference between the wealthy and those who stay in want of money.
  • Reasoning: Siebold takes some time to explain the process behind the lesson. Why do the middle class have a certain mindset? Why do the world class choose a different one?
  • Resource: I appreciate the Siebold includes numerous citations to his findings. it gives an opportunity for readers to see for themselves.
  • Question: Many of these questions are designed to get readers assessing how they personally see finances and how they can change.
  • Action Step: At the end of each lesson, there is an exercise that Siebold recommends. The intention of the book is to get readers familiar with the financial habits of the wealthy and to copy them.

Memorable Lessons

There were plenty of lessons to take away from this book, but 4 in particular stuck in mind after I finished reading it.  I think they highlight the theme of the book well and demonstrate the differences between middle class and world class.

#6 Money is Complicated vs Money is Simple

Money can be as complex as you make it out to be. Some people use it as an excuse for not improving their financial situation. They get bogged down with the minutia they’ve lost the big picture.

  • Keep your expenses lower than your income.
  • Pay yourself first.
  • Automate your tedious financial obligations (ie sign up for online bill pay).

These are complicated principles, but more people ignore them and try to make it harder than it is.

World class people keep money in its place and create a system that works for them. Yes, after you’ve laid the foundation of your financial system, choices can become more nuanced, but that’s down the road. Don’t jump from point A to point G without taking care of the steps in between.

#22 Lottery Mentality vs Action Mentality

There are some people waiting for their big break, whether it’s the lottery or the chance that their boss will notice their hard work and give them the raise that they deserve.

There are others, though, that believe good things will happen if you put yourself out there to take it. Entrepreneurship is one way world class people make opportunities. It’s not easy, but it has a much higher success rate than waiting around for a windfall.

#40 Beyond Their Means vs Below Their Means

Many people habitually in debt harm themselves by continuing to put a front up. The world class know their finances and make sure their expenses are less than their income.They are not trying to impress others, they are seeking to gain long term wealth which means having delayed gratification at times.

#58 Flexible Deadlines vs Goals

Do you have have dreams or do you have goals? There’s no problem with dreaming about improving your finances, but it’s only the first step. You have to formulate a plan on how you want to achieve it.

Be specific with your goals. Don’t just “pay down debt”, instead have a goal of paying off your Visa card by December 15,2010. work hard on 1 or 2 goals at a time -it’ll increase your success rate.

Thoughts on How Rich People Think

Readers who are looking to get motivated and/or looking to change their viewpoint on handling money can grab some useful information. Siebold cuts to the chase and gives you the lessons directly. I think this book is a great fit for those needing a boost to get them started on improving their finances.


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