financial literacy

Do you have a rich mind or a poor mind?


What would you do if you won the lotto? Would you keep working or quit your job? Would you buy a big house? A fancy car? Buy expensive jewelry?

If you happen to get your hands on a lot of money, you'd better hope to get rich fast; and, no, I'm not talking about getting more money. I'm talking about getting a rich mind. Why? Because you'll never get rich and stay rich with a poor mind. 

For instance, in 2009, Sports Illustrated did a study on NBA and NFL football players and found shocking statistics: 78% of NFL players and 60% of NBA players GO BROKE! They have millions of dollars and they go broke! How the heck do you make millions of dollars and go broke! 

It's simple, they got rich without developing a rich mind.

Ever heard of the boxer Mike Tyson? He made over $500 million and he went broke. How about Antoine Walker, a former NBA all-star player who made over $100 million, only to wind up selling his championship ring because of bankruptcy? Ouch!

More money does not guarantee success. It only allows your poor mind to make very expensive mistakes.

Did you know that rich minds invest their money in things that make them more money, while poor minds spend it on things that take their money? Rich minds invest in properties, and poor minds buy expensive cars. Rich minds own businesses, poor minds buy expensive jewelry. 

I once heard that if you were to take all of the money in the world and divided it evenly among everybody, the money would end up back in the hands of the rich people. 

Why is that? Poor minds spend their money on things that make the rich minds more money. For example, lets say a rich mind invested money into owning a business that sells TVs. Meanwhile, the poor mind is at this store, ready to buy the newest, biggest, thinnest, and most expensive TV available. The poor mind buys the TV, placing the money back into the hands of the rich mind. The rich mind takes this money and reinvests it into buying more TVs for more poor minded people to buy.

Ever heard of the saying, the rich get richer while the poor get poorer? It's because rich minds invest while poor minds spend.

If you want to learn how to get a rich mind, sign up for School Your Brain's newsletter.

Also, leave a comment below and share what you spend your money on. What do you do with your money when you get a big tax return or a huge paycheck? Are you investing like a rich mind or spending like a poor mind?

The Educator

School Your Brain