How To Develop a Money Mindset

The first man has an ordinary mind. The second, the mind of a natural-born moneymaker.

In The Prime Movers, Edwin A. Locke provides some interesting insights into the way moneymakers think:

He argues that an active, inquisitive mind is a hallmark of the successful entrepreneur. The most successful entrepreneurs in history, he says, had this sort of mind.

• Thomas Edison: He was a “virtual thinking machine. Almost until the day he died, his mind poured forth a torrent of ideas, and he might track as many as 60 experiments at a time in his laboratory.”

• Steve Jobs: He bombarded people with his ideas – his investors, his board of directors, his customers, his subordinates, and his CEO.

• Henry Ford: “He threw himself into every detail, insisting on getting small things absolutely right… But he never lost sight of the ultimate, overall objection. He had a vision of what his new car (the Model T) should look like. From all the improvisation, hard thought, and hard work came a machine that was at once the simplest and the most sophisticated automobile built to date anywhere in the world.”

What if you don’t have the Mind?

• I have another friend, Jeff, who used to be my partner. He was making $400,000 a year when he suddenly sold his business and retired. Today he makes a living teaching Tai Chi. His income is modest, but he lives in a beautiful house, belongs to a private yacht club and takes vacations every two months.
• Like Bernard, Jeff enjoys his life. He works when he wants to, rests when he wants to and enjoys the best that life has to offer.

People who should listen to this show are entrepreneurs