Business brilliant

The seven mental habits of the ultra-wealthy are as follows:

First, they consistently read and learn, prioritizing self-improvement and education over entertainment.

Second, they surround themselves with other successful, goal-oriented, and positive individuals to maintain a supportive network.

Third, they practice patience and long-term thinking, focusing on investments and goals that have the potential to grow over time.

Fourth, they build great teams by focusing on their strengths and delegating tasks to skilled individuals, allowing them to concentrate on the bigger picture.

Fifth, they practice dream-setting by defining their own goals and relentlessly pursuing them with passion, even in the face of failure or rejection.

Sixth, they prioritize their health, as good health translates to longevity and more time to create wealth.

Lastly, they cultivate a mindset that rules don't apply to them, which often leads to innovative thinking and finding ways around obstacles.

These habits, practiced by self-made millionaires and billionaires, contribute to their success and wealth accumulation. By adopting these habits, individuals can work towards achieving their own financial and personal goals.

Enthusiasm

Guy Laliberte, the founder of Cirque du Soleil, is a prime example of the principle of following the money while pursuing passion. In 1983, Laliberte, then 23, was appointed to head the planning of a traveling circus funded by the Quebec government. Despite initial failures and financial setbacks, Laliberte managed to keep the circus going and eventually found success when the group was booked to open the Los Angeles Arts Festival.

Recognizing a niche in the market for circus-as-theater, Laliberte invested in enhancing the theatrical experience of the performances, which led to higher ticket prices and increased revenue. He also controversially turned Cirque into a private for-profit company, with himself and two other administrators as owners, a move that led to the departure of many original team members but ultimately contributed to the company's financial success.

Laliberte's story illustrates the importance of maintaining a focus on financial gain while pursuing one's passion. He understood that real success comes from having a substantial ownership stake in one's work and took every opportunity to increase his stake in Cirque du Soleil. This approach allowed him to overcome the potential paralysis that can come with receiving a paycheck, as he was motivated by the results of his own efforts rather than simply working for a salary. Laliberte's strategy of following the money while passionately pursuing his vision of circus-as-theater has made him a billionaire, with a net worth of around $2.5 billion

Prospects

The common misconception that wealth can be achieved through saving is debunked by self-made millionaires who understand that the key to wealth lies in earning more, not saving more. While reducing expenses can preserve existing wealth, it does not contribute to wealth accumulation. As Lewis Schiff puts it, "The rich don’t count pennies. Their time is much better spent making money than saving it." This principle is also understood by famous frugality gurus who enrich themselves by earning more. Wealth accumulation occurs in incremental stages, and those who achieve wealth do so by making opportunities count. A clear example of this principle is seen in salary negotiations. Most people do not ask for more money when starting a new job, despite a survey revealing that 9 out of 10 hiring managers would be willing to pay more if asked.

A 1995 survey by Carnegie Mellon University showed that male graduates achieved average starting salaries 7.6 percent higher than their female counterparts, despite the women being generally better qualified. The reason was that 57 percent of the male graduates had asked for more money when offered a starting salary, compared to only 7 percent of the female graduates. This revealed a negotiation skills gap rather than a gender gap, with men being eight times more likely to ask for more money. Lewis Schiff notes that in the coming year, 50 million U.S. workers will start new jobs, and most will accept the first salary offer they receive, leaving billions of dollars unclaimed. He further explains that hiring managers often start with low initial salary offers to allow room for negotiation. The difference in negotiation styles between the middle class and self-made millionaires is also significant. While the former tend to avoid conflict and aim to be liked, the latter exploit any weaknesses displayed by the other party. Schiff concludes, "Those unafraid to ask for more, like self-made millionaires, will always earn more than those who fear rejection"