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The Danger of Thinking Rich

by The Niche Man
26 replies
Many books have been written and continue come on the market that encourage Thinking Rich. I don't disagree with the concept. But most leave gaping holes and the wrong impression on many readers. They encourage thinking rich and ignore "thinking money management".

I don't know of any polls or studies but I've known many people who drunk the think rich philosophy one year and filed for bankruptcy the next.

I'd like to see more of the think rich books include money management also. Agree or disagree? And why.
#danger #rich #thinking
  • Profile picture of the author Daymon
    I agree there has to be more stuff on money management becuase lack of it is forcing lots of people in bankcrupcy and foreclosures....
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  • Profile picture of the author thewpguide
    I definitely agree with this. So many people take the information from these books and fake it until they make it not realizing that if you already have an issue with money it won't just go away and you really can't shove it under the carpet! You will be in a losing battle that way!
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  • Profile picture of the author jjbalagosa
    I think people mistakenly think about the "Think Like A Rich Person" concept, as thinking you have a million dollars to spend without consequence.

    According to Thomas Stanley (author of The Millionaire Next Door and The Millionaire Mind) 90% of self made millionaires actually are very frugal, live in modest neighborhoods, drive modest cars, make wise investment and savings choices, and are entrepreneurs. They are all masters of personal finance and watch their budget very closely.

    If you are correctly trying to "think and act like a rich person" then you would be doing the same.
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    • Profile picture of the author The Niche Man
      Originally Posted by jjbalagosa View Post

      I think people mistakenly think about the "Think Like A Rich Person" concept, as thinking you have a million dollars to spend without consequence.

      According to Thomas Stanley (author of The Millionaire Next Door and The Millionaire Mind) 90% of self made millionaires actually are very frugal, live in modest neighborhoods, drive modest cars, make wise investment and savings choices, and are entrepreneurs. They are all masters of personal finance and watch their budget very closely.

      If you are correctly trying to "think and act like a rich person" then you would be doing the same.
      That's a good point, that's what I liked about those books, he took away the pressure of having to "front" for a lot of people. Those books woke up a lot of people on how the "new school" millionaire thinks, manages and keeps their money.

      And he wrote those books in the boom times when people were spending like it was going out of style. And if they didn't have the money they borrowed it. I'm sure many former millionaires and thousandaires wished they read and followed the advice in those books. I know I keep copies on my bedroom desk and read them regularly.
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    • Profile picture of the author mikehuff
      Originally Posted by jjbalagosa View Post

      I think people mistakenly think about the "Think Like A Rich Person" concept, as thinking you have a million dollars to spend without consequence.

      According to Thomas Stanley (author of The Millionaire Next Door and The Millionaire Mind) 90% of self made millionaires actually are very frugal, live in modest neighborhoods, drive modest cars, make wise investment and savings choices, and are entrepreneurs. They are all masters of personal finance and watch their budget very closely.

      If you are correctly trying to "think and act like a rich person" then you would be doing the same.
      I can attest to that. I served many incredibly well off customers as a waiter in fine dining and continue to do so as a bartender when they decide to slum it in the dive bar I work in. Until you really make yourself stand out to them, they(generally) tip less than most paycheck to paycheck customers.
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      • Profile picture of the author davidlieder
        A lot of the thinking rich concepts are taught by people who have never made money in the real world, and whose income stream consists of selling books and expensive courses on how to make money. Perhaps they could also offer a side product on how to get rich by selling unsubstantiated ideas that appeal to naive and hopeful people, and ride that success on the back of people's dreams.
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  • Profile picture of the author Joe Mobley
    Originally Posted by The Niche Man View Post

    I've known many people who drunk the think rich philosophy...
    Contrary to many a fools opinion, thinking rich is not getting rich.

    Originally Posted by The Niche Man View Post

    I'd like to see more of the think rich books include money management also. Agree or disagree? And why.
    I'd like to see more emphasis on personal responsibility. Money management skills, among other topics are included with being responsible for your own affairs.

    Joe Mobley
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  • Profile picture of the author TopKat22
    Well, the book Think & Grow Rich by Napolean Hill gives a lot of examples of people and all the work they did persisting in their Rich mindset.

    From my experience, most people don't really think and believe they can be rich as is stated in this book. The WISH they were rich and that is a totally different thing.

    When you actually can use the power of your mind to think and believe that you can really be rich, things change. You read different things, you say different things and you seek out knowledge of different things.

    The book, The Richest Man In Babylon goes over not just how to think of yourself as rich but how to make money, but how to manage money as well in great detail.
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  • Profile picture of the author evelynmyers
    i agree u guys...thanks
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  • Profile picture of the author perfectlovehere
    As I stated on another thread, people not only need to invest their money but they should also do so wisely. They shouldn't be tight fisted or too loose fisted either when it comes to handling money. Moderation is best. A lesson/reminder for us all.

    I think it is unwise and unethical to promote such a philosophy to people who are desperate cause they can't help but follow it and it may only end up hurting them more.
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  • Profile picture of the author reverseengineering
    Man RIGHT ON! We need to think money management. Even if we make more money, we should live within our means and save! And don't make purchases unless we have the money up front. We depend on "buy now pay later and maybe I'll have the money". Sometimes people don't get rich, but if you manage right you don't need to be.
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  • Profile picture of the author Jager
    Thinking rich never meant being frivolous as you seem to suggest, which is mainly what people not "thinking rich" do when they get a lot of money(check lottery winners).

    Rich people invest in assets; they invest the most important asset--time--into things that will pay back over the long term, avoiding things like 9-5 and maybe even school that aren't really investments. That's the think rich mentality.

    With all due respect, if ignorant people pervert the philosophy it's nobodys fault but their own.
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    • Profile picture of the author The Niche Man
      Originally Posted by Jager View Post

      Thinking rich never meant being frivolous as you seem to suggest, which is mainly what people not "thinking rich" do when they get a lot of money(check lottery winners).

      Rich people invest in assets; they invest the most important asset--time--into things that will pay back over the long term, avoiding things like 9-5 and maybe even school that aren't really investments. That's the think rich mentality.

      With all due respect, if ignorant people pervert the philosophy it's nobodys fault but their own.
      I understand your points, but it's not just ignorant people who pervert the philosophy, it's society, the media even big business. Most of the top rated television shows, advertisements and even some religions perpetuate this mentality. But you're right, the ignorant have a tendency to pervert the true meaning of thinking rich. But I think it's due more to societal pressures than most people think.

      But that still makes this saying as true today as it was centuries ago ...

      A fool and his money are soon parted.
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  • Profile picture of the author Kenster
    The truth is that most people (rich and non-rich) are pretty bad about managing finances so yes I do agree that people should spend more time learning how to manage money and not just make more money.

    Remember, you can make more money but if your spending overpowers your earning increase or you are risking more money, that can spell trouble.
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  • Profile picture of the author jtunkelo
    'Thinking rich' is important because you cannot really achieve something you can't conceive of consciously. Once you do, you can.

    Of course, it doesn't remove any necessity to manage money wisely. But the two are certainly not mutually exclusive.
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    • Profile picture of the author Nate D
      I've had times in my life where I would read Think and Grow rich, become really pumped up, and almost be "manic" for a few months. Then the pendulum will swing the other way - and I will be tired, worn out, and can't get any thing done. I think some people are better wired for certain techniques...What Tony Robbins can get away with might fry somebody elses nervous system
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  • Profile picture of the author jeresteem99
    Originally Posted by The Niche Man View Post

    Many books have been written and continue come on the market that encourage Thinking Rich. I don't disagree with the concept. But most leave gaping holes and the wrong impression on many readers. They encourage thinking rich and ignore "thinking money management".

    I don't know of any polls or studies but I've known many people who drunk the think rich philosophy one year and filed for bankruptcy the next.

    I'd like to see more of the think rich books include money management also. Agree or disagree? And why.
    There is also a Danger becoming Poor
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  • Profile picture of the author sprice
    I agree. I've been rich and then blew it... it sucks.
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    • Profile picture of the author The Niche Man
      Originally Posted by sprice View Post

      I agree. I've been rich and then blew it... it sucks.
      I agree, I've been there too. In fact, we're in good company with Donald Trump, Walt Disney, Henry Ford, Colonel Sanders, Dave Thomas (Wendy's), Ray Kroc (Mc Donalds) and many others. So we still have a chance.
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    • Profile picture of the author Kenster
      Originally Posted by sprice View Post

      I agree. I've been rich and then blew it... it sucks.

      Many would argue that staying rich is much tougher than getting rich :rolleyes:
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  • Profile picture of the author Kaysa
    I agree with you, no matter how rich you get, you'll lose all if you don't manage it.

    Money Managment it's essencial to be rich.

    But disagree with you at the same time.

    By thinking like rich people you actually are always thinking in prosper with money.
    People that lose all money getting it without the right mentality (Thinking like a rich)
    aren't truly financially rich.
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  • Profile picture of the author bunnyadam
    I think circulating the money and investments are good and it worth to take risks but spending it unwisely or wasting your money- no way its disastrous.
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  • Profile picture of the author Gary Zaydman
    The key is too think big but act small.
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  • Profile picture of the author Duy Nguyen
    Originally Posted by The Niche Man View Post

    Many books have been written and continue come on the market that encourage Thinking Rich. I don't disagree with the concept. But most leave gaping holes and the wrong impression on many readers. They encourage thinking rich and ignore "thinking money management".

    I don't know of any polls or studies but I've known many people who drunk the think rich philosophy one year and filed for bankruptcy the next.

    I'd like to see more of the think rich books include money management also. Agree or disagree? And why.
    I agree. Thinking like a rich man is important. But it can't replace the actions needed to really become one.
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  • Profile picture of the author Jarrod
    I agree. Some good practical Dave Ramsey must be mixed with the Napoleon Hill/Anthony Robbins, etc.
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