#1: Consuming and creating

The average person that is not rich spends their time working to pay for things other people created. They dedicate very little time to creating something others will consume. The rich, on the other hand, spend the majority of their time creating products that others will consume. For example, entrepreneurs spend their time creating products and services or solutions for others. The poor have a consumer mentality whilst the rich have a creator mentality.

#2: Lose time

People spend a lot of their time doing activities that do not bring them any value, such as browsing on Facebook or watching television. This links back to my previous point, whilst most people spend time consuming content the rich spend their time creating content. Although catching up on the latest news and drama might be entertaining it brings no real value to you, only to the media. Now some people use media like television and youtube to unwind, which is fine, but if you spend all you time consuming content you will be wasting time you could dedicate to others uses.

#3: Spending a lot of time to save a bit of money

Now I am not saying you should not try to save money. However, have you ever seen someone who spends 7-8 hours just to save £37 in groceries. That is a value, per hour, of £4.6. Instead of wasting 7 hours trying to find the best deals, they could cut down their shopping time to 1 hour and use the rest of the time to create something of value. A lot of people would rather spend an hour mowing their lawns than pay someone £20 to do it, when they could spend that time on higher value tasks which could bring them more money.

#4: Trying to look rich

Something that seems to happen often is that people try to look richer than they actually are. Spending time and money to give the impression that we are rich will make it harder to actually be rich as we are spending our resources on luxuries that do not bring us any value. The rich know that luxuries are just a side effect of success and not the ultimate goal. Most people that spend their money on luxuries end up resenting those luxuries as they become a burden on their income.

#5: Keeping your money

A big difference between the average person and the rich is that most people just keep their money and do not use it, or do not save it at all. The rich invest their money instead. Now saving money can be really useful but most people save to buy something in the future, like a car, or do not use it at all. Money that is never used has no value. Let me give you an example, you inherit £1,000,000 from a distant relative, but there is a catch, you have to save it all and not spend a single penny. Does this money have any value to you? As the money will never be used, it has no value.

#6: The average person has one source of income

The average person generates their income through one source, usually their job. Whilst the rich have multiple sources of income. This is a huge difference between rich and the average person. Most people are afraid of losing their job and their income and one of the most stressful things in life is not having enough money. Having multiple sources of income can make it less stressful because you still have ways of generating money even if you lose one of your sources of income.

#7: Aiming to retire

Most people aim to retire whilst the rich aim for financial freedom, then wealth. Most people are looking to work 40-45 years in a decent paying job and then to retire. They get to leave their job and do what they wish at the age of 65 but sadly, sometimes that does not happen. The rich do not focus on retirement and instead aim to be financially independent. The goal is to build enough assets to pay for their lifestyle and in this way they do not have to work a job and can spend their time retired or building even more assets.