Our family struggled with poverty and, like many who struggle with poverty, I found solace in our poverty by hating the rich.

So, I had my own personal feelings for hating the rich.

But thanks to the enormous amount of research I gathered about the rich and the poor, I had hard data to help me better understand the rich and the poor. My five-year study opened my eyes for the first time.

Based on my research, this is why I believe so many people hate the rich:

#1 Envy

Envy is fed by a feeling of hopelessness.

Since rich haters have a negative mindset, they invite envy into their thinking universe. Rich haters are envious of so many things rich people have: their wealth, their courage to pursue their dreams, their ability to shoulder enormous risk, their persistence, their fearlessness, their optimistic attitude, their positivity, their enormous faith in themselves to overcome all obstacles, etc.

#2 Hopelessness

Rich haters are envious of the rich because they feel hopeless. That hopelessness is the byproduct of not knowing what to do to become rich, not having any success mentors in their lives and being indoctrinated with the limiting belief that the accumulation of wealth is impossible for the non-rich.

#3 Misconceptions About the Rich

Rich haters have many misconceptions about wealth.

Misconception #1 – The System is Rigged

Rich haters believe that the system is rigged against the non-rich. Depending on the study, between 69-80% of the rich are self-made, meaning they came from poverty or the middle-class. So, clearly the system is not rigged.

Misconception #2 -Government Can Eliminate Injustices

Rich haters believe government can level the playing field by taxing the rich more and redistributing what they’ve taken from the rich, to the non-rich.

Misconception #3 –   You Can’t Save your Way to Wealth

21% of the self-made rich in my Rich Habits Study became wealthy by saving and prudently investing their savings.

#4 College Debt

Rich-hating millennials were sold a bill of goods that college was the #1 path to success and wealth. As a result, many went into debt in order to finance a college education, only to learn, upon graduation, that college is not the panacea they thought it would be.

Those graduates still living with their parents, really hate the rich.

#5 2008-2009 Recession

Many of today’s millennials saw their family life upended by the 2009-2009 recession. They lived through one or more of their parents losing their job. Some were forced to leave their homes, their college, their friends and their neighborhoods.

All the while, the rich seemed to go on about their lives as if nothing changed.

#6 Corporate Greed

Depending on the research, CEOs earn anywhere between 24 times to 300 times the compensation of the average worker. Rich haters find this unconscionable. And, quite frankly, everyone should.

The problem, however, is not with the CEOs of the world. It is with the failure of the directors on the boards of large companies who refuse to take a stand and cap CEO compensation.

#7 Political Ideologues

In his You Didn’t Built That 2012 campaign speech, President Obama argued that the rich owed their wealth to the government. He stated that everyone who built a successful business, did so because of the government and not as a result of taking enormous risks, working harder or working smarter.

He went on to explain that the government built the roads, the bridges, the sewers and the infrastructure that made it possible for businesses to engage in commerce.

He was right – the government did all those things.

But he seemed to forget that the government works for the people.

It did all those things because the people made government do all of those things and the people provided the government with the financial resources (tax dollars) to do all of those things.

Nonetheless, that speech was validation to the millions who already hated the rich, and it further fanned the flames of their hatred.

#8 Hypocritical Celebrity Role Models

There are many celebrities who bash the rich, which is ironic, since most celebrities are rich. These hypocritical celebrities are role models to many young people who follow them on social media.

Since negative thinking is a habit and habits spread like a virus throughout your social networks, those following these rich-hating celebrities on social media become infected with their negativity towards the rich and adopt their toxic thinking.

#9 Never Taught How to Become Rich

Since most people come from either poverty or the middle-class, they very rarely have anyone within their inner circle who can teach them what to do to become rich and successful.

No problem. That’s what college is for.

Nope. Colleges don’t teach you how to become rich and successful.  There are a few colleges that offer entrepreneurial studies, but that is just one piece to the how to get rich puzzle.

#10 Lack of Success Mentors

93% of the wealthy in my Rich Habits Study indicated that they were fortunate to have been mentored for success by someone – a parent, teacher, family member, friend, colleague or boss.

When you lack success mentors, you have to figure things out on your own through the school of hard knocks. Not everyone is willing to attend that school, however, as it generally requires taking risks and working absurd hours in pursuit of a dream.

Risk invites the potential for failure and because rich haters are mired in negativity, all they see is failure. Their fear of failure holds them back from taking risks. And hard work is, well, just too hard for rich haters.

#11 Negative Mindset

Many of those who hate the rich, have a negative mindset. The lens through which they see life is toxic, myopic and hostile with respect to the wealthy.

They do not see opportunities, unlimited potential, possibilities or solutions. Instead, all they see are problems, roadblocks, rigged systems, inequities, hopelessness and exploitation.

#12 Limiting Beliefs

Rich haters were raised to believe certain myths about the rich that simply are not true. Here’s an article I wrote that highlights some of those myths: The Pursuit of Wealth is Heroic – http://richhabits.net/pursuit-wealth-heroic/.

Rich haters believe it is impossible for an average person to become rich. They are first in line with anti-rich cliches, such as he’s a member of the lucky sperm club or she was just in the right place at the right time.

My mission is to share my unique research in order to help others realize their dreams and achieve their goals. If you find value in these articles, please share them with your inner circle and encourage them to Subscribe. Thank You!

In 2003 it felt like my entire world was crashing down on me. I had just spent four years with a team of people, fanatically devoted to developing and launching a product that was so revolutionary, if we succeeded it would completely alter the credit card industry.

At the precipice of success, just when all of our hard work was about to pay off, everything unraveled, seemingly overnight.

We had failed.

And, I was out of a job, with a family to support, a new home, a mortgage, my oldest child just starting private high school ($11,000 a year at the time) and most of my savings lost to the failed start up.

I was the most terrified I had ever been in my life. I never felt so all alone. I felt like a complete failure and a loser.

Eventually, I bounced back, but I learned some profound lessons that stick with me to this day. I have been applying these lessons to my three businesses and they have been largely responsible for my success. Here’s what I learned: [Read more…]

There’s a process to building a house:

1. Draw up Blueprints
2. Build the Foundation
3. Construct the House

Seems pretty simple, doesn’t it?

But, you’ll notice, construction does not begin until the blueprints are first completed.

Constructing an ideal, happy and successful life is no different. It’s the same process.

It all starts with creating a blueprint of your future, ideal life.

How?

By defining exactly what that future, ideal life looks like.

• Dream Job – What would you love to do for a living?
• Ideal Home – What will your perfect home look like? Where will that home be?
• Life Partner – What type of person would you like to share the rest of your life with?
• Desired Wealth – How much wealth would you like to accumulate?
• Fun – What fun places would you like to travel to? What fun activities would you’d like to engage in regularly?
• Rich Relationships – What type of people would you like to be in your inner circle?
• Health – How much would you like to weigh? What would you like your body to look like? What will you do to become healthy and fit?
• Charity – Who will you help with the wealth you accumulate?

Most people do not have a blueprint. They do not have a clear vision of what they would like their life to be. They wing it.

And, like leaves on a fall day, they float about on the wind most of their lives, uncertain where they will land.

Those who have a clearly defined destination, create their own wind, which carries them where they want to go.

My mission is to share my unique research in order to help others realize their dreams and achieve their goals. If you find value in these articles, please share them with your inner circle and encourage them to Subscribe. Thank You!

One of my older retired friends is very wealthy. He has a beautiful home on the water in Florida. He has a 57 foot boat that is one of his great passions in life.

Prior to his retirement, I had the great honor of working with him and his company. As we were waiting for the other board members to arrive for a board meeting, he and I had some time alone. For some reason, the conversation turned to his journey and he decided to share with me this story.

Back in the early 1980’s he had orchestrated a management buyout of the New Jersey division of his employer’s home building company.  In this buyout, he invested everything he had and also taken on significant debt.

During the first three years, his company incurred significant losses and he was running out of money, quickly.

Bankers were putting pressure on him almost on a daily basis.

Each week, he worried about making payroll.

Even worse, vendors were on the verge of rebellion.

Some refused to deliver the supplies he needed to build his homes unless he paid upon delivery. This is called COD, or Cash On Delivery. Since he didn’t have the cash, and wouldn’t until he finished and sold some homes, those COD vendors pushed him to the very edge of insolvency.

He told me, during those dark days, he would wake up in the morning and struggle to get dressed, shave and drive to work. He said he felt like a zombie most of the time.

Zombie days turned into zombie months and zombie years. Still, despite the intense pressures, despite the depression, despite the desire to crawl up into a fetal position and stay in bed, he showed up.

Slowly, he began closing on the homes he completed. He would use all of the money he received to complete more homes.

The company began to show a profit. After a number of years of profitability, he decided to take his company public and this produced a windfall that transformed him into a multi deca-millionaire.

To this day, my friend considers his greatest accomplishment to be – just showing up.

When the going gets tough, you either show up or you give up. Those who make showing up a habit, are able to overcome the obstacles that stand in the way of their success.

There are no days off for those who pursue success. Showing up, no matter how bad things are, is a common Rich Habit among self-made millionaires.

My mission is to share my unique research in order to help others realize their dreams and achieve their goals. If you find value in these articles, please share them with your inner circle and encourage them to Subscribe. Thank You!

Back in 2004, when I began my Rich Habits Study in order to find out why the rich were rich and why the poor were poor, I’ll confess, I hated rich people. I had some entrenched negative beliefs about the wealthy that I inherited from my “poor” upbringing.

As I uncovered more and more about the causes of wealth and poverty, however, my hatred of rich people began to fade. When I finally completed my research in 2009, this hatred had transformed into admiration that bordered on idol worship.

The self-made rich, I learned, were nothing like the evil, greedy, materialistic horde I depicted as a child. In fact, almost everything I had been led to believe about the wealthy was a myth.

I thought I’d share some of those revelations with you and dispel the myths I embraced for much of my adult life. Let’s begin. [Read more…]

A good team works relentlessly every day in moving you toward the realization of your dreams and goals.

If you have a team, however, your dreams and goals remain elusive, there’s a good chance not everyone is pulling the same cart. One or more members may have their own agenda – their dreams and goals, which are not aligned with yours.

If you are an entrepreneur who has been pursuing a dream for some time and that dream still remains elusive, it is a clear sign that you have the wrong players on your team and it’s time to restructure your team.

Ideal Dream Team-Member Traits:

• Positive, upbeat, optimistic mindset.
• Shared focus on identical dreams and goals.
• Effective communicators.
• Relationship builders.
• Have specific complimentary knowledge/skills.
• Take immediate action – do not procrastinate.
• Bubbling with enthusiasm.
• Seek constant feedback.
• Good finishers – they finish tasks.
• Relentless.
• Cheerleaders, to Booleaders.
• Work horses.
• Anticipate problems and potential roadblocks.
• Solution-focused.
• Control over emotions.

When you have a Dream Team, everyone is on the same page and pulling the same cart. With a Dream Team, success is virtually guaranteed.

My mission is to share my unique research in order to help others realize their dreams and achieve their goals. If you find value in these articles, please share them with your inner circle and encourage them to Subscribe. Thank You!

In my Rich Habits Study I learned three things about mentors:

#1 Mentors are hard to come by – only 24% of the wealthy had a mentor in life. But, for those 24%, 93% said they became rich because of their mentors.

#2 Finding a mentor is the fast track to accumulating wealth – Those 24% who found mentors also happened to accumulate their wealth at a younger age than the rest of the millionaires in my study.

#3 Having a mentor produces the greatest accumulation of wealth – Almost all of the millionaires in my study who had a mentor, also happened to have accumulated the most wealth.

So, clearly the goal for everyone who wants to be rich  should be to find a mentor. But what if you can’t find one?

Well, that was the case for 76% of the wealthy in my study, yet they still somehow were able to become rich. So, how did they do it?

The simple answer is ….. they became their own mentors.

In my study, I found that there are a number of ways to mentor yourself:

1. Reading – Reading to gain knowledge. Reading “How-To” books/articles about successful people in your field. Reading biographies about successful people.
2. Seek Feedback From Your Inner Circle – Bounce problems, issues, ideas off of those you know. Also, have your inner circle be your guinea pigs for the products or services you sell and ask them about their experience.
3. Form a Master Mind Group – In order for a Master Mind Group to work, everyone in the group must be pursuing almost identical dreams and goals. In other words, they must be in the same field as you are and they must be seeking the same end result. An ideal Master Mind Group should be no more than five individuals who meet (physically or remotely) at least once a month. One of the objectives of the Master Mind Group needs to be the sharing of Best Practices – things that work and things that don’t work.
4. The School of Hard Knocks – Start a business. When you start a business, you will make mistakes and may even fail. These mistakes and failures teach you what works and what doesn’t work. Because they cost you time and money, they lessons they teach create emotional memories, the most powerful type of memory there is. Emotional memory is like scar tissue on the brain. It never goes away. The memory sticks forever, and, therefore, the lessons stay with you forever.

My mission is to share my unique research in order to help others realize their dreams and achieve their goals. If you find value in these articles, please share them with your inner circle and encourage them to Subscribe. Thank You!

Many problems are self-made.

And most of those self-made problems have one common source – out of control emotions.

Recently, there was a national media piece about a 35 year old man who was asked by a father outside a 7-11 to not smoke around his children. The man flew into a rage, got into his car and proceeded to drive the car into the family, killing the mother.

Uncontrolled anger was to blame.

Then there are the familiar stories in which a husband or wife catches their spouse in the act of cheating on them and assaults one or both of the cheaters.

Uncontrolled jealousy was to blame.

Becoming a master of your emotions is critical to success in life. When you allow your emotions to take control of your mind, you essentially shut down your prefrontal cortex, the executive command and control center of the brain – you stop thinking!

When emotions take control, your thinking becomes impaired and this results in bad decisions. Sometimes those decisions can affect you the rest of your life.

Never act on emotions. The simple formula to diffusing emotions is as follows:

THINK –> EVALUATE –> REACT

During highly emotional events, this formula is a life saver.

The most successful people understand that emotions are your enemy. They need to be reeled in and controlled. Emotions are like a wild dog, they need to be on a short leash.

Rich Habit #10: I Will Control My Thoughts and Emotions Every Day.

My mission is to share my unique research in order to help others realize their dreams and achieve their goals. If you find value in these articles, please share them with your inner circle and encourage them to Subscribe. Thank You!