Episode 287: Rich Mind, Poor Mind – Getting The Success Mindset
The difference between those who get rich and those who remain stuck often boils down to the type of mindset they have. The mindset of the wealthy is characterized by proactive thought processes and a willingness to take action, while the poor tend to stay stuck in feelings of despair. By changing your mindset from one of poverty to one of wealth, you can significantly increase your chances of achieving success.
Adam Stott shares his insight on how to make this transition from a poor mindset to a rich one during this episode. He offers useful tips on how to rid yourself of limiting beliefs and replace them with empowering ones that will propel your success. Adam also explains why it is important for the wealthy to focus on progression over perfection and why being open-minded and coachable are important for true success.
By learning from those who have achieved great success we can better navigate our own paths toward financial freedom. It is an effort worth making as having immense wealth has been linked to higher levels of overall happiness and life satisfaction. Taking steps towards changing your current mindset is the first step in creating lasting wealth and wellbeing in all areas of life!
Show Highlights:
- Why comparing one’s journey to other people is bad
- Investing in yourself to grow and become better
- Keeping your ideas to yourself will not do anything good
- The fear of taking risks
- Why success involves a series of taking actions
- Excuses will not make a person successful
- Why successful people have Mentors
Links Mentioned:
Join the Ultimate Three Day Business Event and learn more Business Growth Secrets
Be part of our Facebook Group Big Business Events Members Network
Connect with me on Instagram @adamstottcoach
Transcript:
Please note this is a verbatim transcription from the original audio and therefore may include some minor grammatical errors.
Adam Stott:
Welcome back to Business Growth Secrets. I’m your host, Adam Stott. Really happy to be delivering something today, which I think is incredibly valuable and that can add a massive amount of value to you to really get you growing and help your business. And that is us discussing the concept. Rich mindset versus poor mindset.
If you are in a place currently where things are not quite working out for you and your business is not quite getting to where you want to be, then often it is what we are thinking is what we are creating, and we often need to take a look towards ourself and our mindset. If you want to make more money, we need to cultivate some different decisions.
So we’re going to look at rich mindset versus poor mindset. Wherever you sit, when you listen to this, I do want to say to you, it doesn’t matter currently of the way you think is not getting you the results. We just need to change it. You can change your mindset to produce better results, and I’m sure you’ll find a massive amount of value in today’s episode.
I have recorded this visually on YouTube as well, so if you would like to, The YouTube V visual version, which usually has more effects. Um, you can go over to my YouTube channel. Make sure to subscribe. If you prefer listening to podcast format, then listen away. And I’m sure this will add huge value to you.
And I want to say a big thank you again for being one of our valued listeners. And of course, if you can get the time, just take a minute at the end of this episode to leave us a review. I would be eternally grateful and it helps the podcast grow. Let’s dive into today’s. Of business growth secrets.
Why do some people go on to attain riches and become wealthy beyond their wildest dreams? Why others still say in obscurity and struggle to meet ends meet? That is what we are exploring in this video today. If you don’t know me, my name’s Adam Scott. I’ve been helping train and running my own businesses for over 15 years now, showing people how to grow, make more money, get better results, and I understand that when you start on this journey, perhaps you are nearer the beginning or somewhere in the middle where.
You’ve been putting a lot of effort in trying to grow, trying to make more money, trying to change your decision-making. We go through all these different challenges along the way, and it can often be very, very difficult because when you start off in business, some of the people that you know, their mindset is set in a certain way.
And as you start to change, you get all those challenges there as well. And what I want to share with you in this video, and the reason I make these videos is to help that transition become. If you are on a committed journey to becoming more, to achieving more, to making more money and increasing your wealth, then that’s a really good thing.
And I want to share with you what I’ve seen through 15 years worth of experience building businesses into eight-figure companies, multi-multimillion pounds, and helping thousands of business owners to grow and go on this transition. So I’m sure you’re going to find a lot of value in this video where we actually discuss and explain the difference between.
What we’ll call poor mindset versus rich mindset. First thing I want to say, no matter where you sit, whether you already like Adam, that’s exactly how I think. That’s exactly what I do. I’m in a rich mindset. That’s fabulous. But if you’re in a poor mindset and some of these things really resonate with you, I just want to say to you, look, I’ve been there myself when I started out my first ever business, this is the poor mindset, is.
And that’s why I wasn’t getting the results. But I want to make it perfectly clear that you can change the way you think and if you change the way you think, you can change your results and you can create more. And I’m making this video for you so you can go on this journey and make this journey easier.
So let’s get started. Let’s get into. Poor mindset versus rich mindset. So poor mindset looks a little bit like this, and even if you don’t feel you fall in this category, you might have seen some other people yourselves in the past that do, and this is some of the way the poor mindset holds people back and keeps them stuck.
The first thing is comparisons. Someone in a poor mindset will always be looking at other people and they’ll be looking at how other people are doing what they’re up to, how their business is growing, what car they’re driving, and often when they’re doing those comparisons, it doesn’t actually make them feel good.
They don’t get invested and happy for other people when they’re creating success. This actually moves internally and it can tear people up a little bit and it can create a mindset where it’s. Well, why are they doing so well? And I’m not. Now the first thing, if you think like this or you’ve had thoughts like this in the past, the first thing you want to do is you want to really start to love success.
And that’s what the rich mindset tends to have. They really root for people that are succeeding. They want them to succeed more. And what this does is when you get into that mindset, it tracks more success to you. But if you are in that comparison mindset, Where you’re constantly like, oh, I dunno why they’re getting on and I’m not, I dunno why things are working out for me and I’m not quite getting to where I want to be.
All that’s going to do is he’s going to attract negativity to you. So we want to get out of that comparing mode and stop comparing us against anybody else. This is the reality. The only comparison you should make is, am I a better version of myself than I was yesterday? Understanding that this is a journey as we go on the journey, we keep improving, we keep getting better, so stop that comparison if that applies.
The next one is investing. Some with a poor mindset invests in things that don’t help them grow. In fact, somebody with a poor mindset perhaps, has never actually invested in themselves and they don’t understand that investing in themselves can help them grow. Now, this also evolves, right? So as the investments get bigger, that poor mindset keeps coming back.
I’ll give an example. The first investment I ever made in myself was a training back in 2008. I’d never done it before and I invested in things like books and I was reading books, but I invested in a training back in 2008. It was 5,000 pounds, which was a ridiculous amount of money for me at the time because like I didn’t have hardly any money.
I hadn’t started a business. I was just starting out and at that time, I’d invested such a high percentage of my net worth in that training. It had to work, right? But because I made that leap and it actually really helped me, it helped me to grow that training, and I saw a return, I learned a really important lesson back then that actually when I invest in my skillsets, I get a return investment and I grow.
Now, if you’ve never done that and you’ve never invested in your training, in your development, in getting yourself better, you might not have learned that lesson. . But when you learn that lesson, it can be very, very empowering. And what I’ve noticed from people with a rich mindset is they continually invest in themselves because they know that they are the best asset they’ll ever have.
Look, at the end of the day, as far as we know, we’re only here once. We don’t know how much time we’ve got. So I really believe, and what people with a rich mindset believe is that you got to make sure you are the best version of you that you can possibly be. So don’t be in a position where you don’t invest in yourself.
Now, the next one. People with a poorer mindset tend to go it a lung. They tend to keep their ideas, and their plans to themselves. They fear what other people will say. They’re worried about what other people might think. So they kind of do everything on their own. They don’t reach out for advice, they don’t get help.
They don’t necessarily hang around with people that are already succeeding. And what tends to happen is at some point they get stuck, they get overwhelmed. The plan doesn’t go. What happens then two years later, they come up for a new plan and they keep that to themselves and they don’t get any mentoring.
They don’t get any help. They’ve got no one around them that’s done it before. They get a bit stuck and that plan goes right. So what we see with poor mindset is often. They’ve had great ideas. They’ve really come up with good ideas. That could have been something, but because they didn’t get the support, the help, they go it alone, those ideas often end up stuck.
And you know what, I even see this in business owners quite a lot. Where they try to do everything themselves, and they might even build a decent size company, but if they want to take it to the next level, they’ve got to get help off of people that have been to the next level. And I see it all the time.
In fact, this one resonates with me. And let me tell you why it resonates with me. When I started my first business, I had the mentality that I want to do it all myself. I don’t want anyone’s help. I want to actually prove I can do this. I had a bit of a chip on my shoulder and let me. That was the wrong way.
It kept me stuck for a long time. Once you get out of that mindset and you stop going it alone and you start welcoming people into your life, you’ll start getting better results and you’ll start increasing that mindset. So don’t get fixated on going it alone. Business can be a lonely place. It doesn’t have to be.
You can instead go and get growth. Um, another thing with poor mindset, they don’t like risk. If you’re in a position where you hate to risk and you’re in a mentality of, I would rather hold on to what I. The risk, some of what I have to go and get a new result, that can keep you stuck too. So we’ve got to get out of that mindset and we need to realize that everything in life is a risk.
We cross the road is a risk. We drive our car home, it’s a risk. We live in a world where there is risk. And if we want to make the most of it, we’ve got to start to take educated risks in order to become more successful. So if you’re afraid of risk, the best thing to do is take a couple of small risk. And of course you measure the risk that you’re going to take, but you can’t be completely risk averse and succeed.
And what risk really is it’s fear. It’s like, Hey, I’m just afraid that what if this doesn’t work? The reality is the best way I come over is that what if it doesn’t? What’s the very worst thing that can happen? . And if you get into that mentality, then you realize that actually, well, you know what? I could lose a bit of money.
Maybe the idea doesn’t work. It’s not the end of the world. You can go again, right? So don’t get in the mentality of not liking risk. Another thing, lack of action, massively not taking action, holds you back. Understand that success and actually attaining riches. If you want to become more wealthy, you are going to have to take a series of actions.
You’re going to be have to be so action orientated to get yourself to the result. You got to take multiple massive action to become more successful. So if you’re somebody that procrastinates you don’t take action. You got to start to build this muscle where you take more action, because if not, you’re going to get stuck.
If you are in the mentality, if you start things and then you quit things. And you keep going to the place where I start, start, start, start, start quick. Start, start, start, start, start quick. Start, start, start, start, start quick. What happens then is you always going back to the begin. and you start from scratch again, you’ve got to focus on one thing and you’ve got to see it through to completion.
People to create success have the mentality of, I’m in, I’m all in, I’m going to make this work, and they go to distance. Don’t be that. Start, start, start. Quit, because that will put you in a place where you don’t succeed. Right. Quitting too early is often a big problem for people. If you are in the mentality, you’re like, I know this.
I know that. I’ve done this, I’ve done that. We’ve all met someone like that, right? We’ve met, someone says like, I know it all, and they’re not coachable. They’re not open to other people. What I’ve seen with Uber successful people and look. I’ve spent a lot of time with immensely successful people. I’ve interviewed people like Anthony, Joshua, Floyd Mayweather.
I’ve spent time with people in America like Al Pacino, John Travolta, uh, business tycoons like John Caldwell, Caldwell billionaire, Taj Lani, Sarah Willingham. Lots of successful people and have attained quite a bit of success in myself in terms of building multi multimillion pound companies. Every single one of them has the mindset where they’re open and they’re willing to learn, myself included.
Hey, I know that you might be watching this video, but I don’t believe for one second that there’s something you can teach me. I’m sure there’s tons of stuff, you know, a subject or something in business or something that you do in your life that I could learn from you at. You know, there’s tons of things.
I’m not. But one of the things I have been good at is breaking down business, and I’m always open to learn, and anybody that’s watching this video should be too, because that is a rich mindset. Being open to learn, being coachable, and not being the person where he says, I know this. Another one is, I tried it.
I tried it. I gave it a go and like, oh, that doesn’t work cause I tried it. If you get into that mentality where it didn’t work for you because you might have tried it and quit too early, where other people remind a mindset, a rich mindset, don’t say I tried it. They say, I’m going to make this work, and they see it through to completion.
That tried it is a big, big no-no. Right? Another one, people want imper. Perfect. This is a big one actually, and I see this all the time. Bear in mind, I’m trained thousands of thousands of business owners, the business owners that want everything to be perfect, they want the stars to align. They want the website to be perfect.
They want this script. They’ve got to be perfect before they do anything. And if you are aiming for perfection all the time, you never get anything done. So you got to make sure that instead of wanting perfection, you instead want progression. And that’s that you keep moving forward, keep moving forward, keep moving forward.
And there’s so many different reasons. Another one’s excuses. You know, poor mindset has excuses. I don’t have the time. Well, you have the same 24 hours a day as everybody else, right? And essentially we want to get rid of the excuses, make sure that we take more action, make sure that we don’t let this hold us back.
Another one, which I kind of alluded to, is the lack of focus. Jumping around doing different things. Another thing, poor mindset, not sticking the plants. Maybe you make a plan but you don’t see it. And if you’re in that place, you got to start making a plan, seeing it through, which is the most important. And another one, looking for reasons why not to do things rather than looking for reasons why to do things.
So we’ve just been through quite a few different ones and we are going to take a look at. Rich mindset in a minute. Why is it that people are successful? People that build multimillion pound companies, people that make massive wealth, people that go out there and win, they don’t think like this. They do things very, very, very differently.
And what we’re going to look at now is how does somebody that makes more money, that builds multimillion pound companies, that gets more success, how do they think the reason that this is important is what’s up? Really changes what you end up holding in your hand and what you end up creating. We are the sum of our thought.
If we want more success, we need to cultivate more successful thoughts and take action on them. And, and even if that’s the only lesson you take from this video, it’s very, very important because the things running through our head are what we create in our reality. So if we start to change the way we think, we will change the results that we produce.
So how do a rich mindset really look at things and how does that make things different? And how can we start to. The first thing that we want to look at, we got to love success. Now, I know it might be frustrating when somebody you knew that you went to school with is pulling up in a new Lamborghini, or they’ve just gone and bought a two, 3 million pound house and we are not quite getting the result.
But we’ve got to learn to celebrate success because that person, rather than going, oh, well, what they done to get that house? What they done to get that? Watch what they done to get that. You want to make that person your friend? Because let me tell you one thing I’ve noticed about successful people. They want to help people that are not in as much of a successful position.
They want to help people on the journey. The reason they don’t end up helping people on the journey is people end up hating on them and they end up becoming protective. If you want to make really good contacts and you want to start hanging out with people that are wealthy so they can show you the tools of the trade, they can show you how to succeed.
You’ve got to change your mindset first to be able to hang out with those people and start being positive, start loving their success, start celebrating that success, and that will be notice. So first thing we’ll do is love. In all forms. The next thing we’ve got to do is ban excuses. We’ve got to understand is you have got the time.
You’re not too old, you’re not too young. Whatever the story you are telling yourself in your head about why you can’t succeed, that’s the excuse. And look, you have to share it with me, but we all know what, it’s when you want to do so and you want to go out there and make it happen, something comes. in your mind, maybe it’s fear, maybe it’s doubt.
Maybe it didn’t work for you before. That’s the excuse. And you’ve got to train your mind to tell that excuse. Get out, right? Because if you do that, you’ll be in a position where you can open up new doors, you can create more success. So ban excuses, start thinking bigger. You can achieve more than you think you can.
You can have more success than you think you can have. You can go further than you think. You can go. You can actually create and do more with your life than you ever thought was possible. Most people underestimate what they can do in a year, right? They’re like, oh, sorry. They overestimate what they can do in a year.
They’re like, oh yeah, I’ll get this done. I’ll get this done. But I underestimate what they can do. Over the course of five years and looking at a longer journey, you can accomplish so much. You can change your life. You can be in a very different position, but we’ve got to make sure that we start thinking bigger.
You know, what is it you want to do? Anything you want to do. Once you start to cultivate the right mindset, you can start to do it right and you can start to make these things happen. How do we do it? We’ve got to invest in our. And we’ve got to understand that whatever our weaknesses are, let’s say we’re weaker marketing in business, we’ve got to go, well, I’m not a good marketer.
You’ve got to say. I wasn’t a good marketer, and that is why I’m now learning to become one, right? Or I don’t like sales. I didn’t used to like sales, but now I’m going to make sure I love sales so I can get better at it. Oh, I’m really rubbish at the numbers. I’m not very good at accounting. I noticed that I wasn’t very good at numbers and accounting, therefore, I invested in myself and I built on that skill.
So now I am. That’s the mindset, a rich mindset where we feel that anything is possible. We can build the skills, we can create what we want to create. What else do rich mindset and rich mindset do? They monitor results and they measure results. . They don’t ignore the numbers. They don’t ignore the activities.
They monitor and measure, and by monitoring and measuring, they can improve. This is something I’ve noticed from anybody that has a rich mindset, and even not just talking about money, you want to lose weight. We need to monitor and measure, right? You want to become more successful in your relationship? You’ve got monitor and measure.
We’ve got to check in. How’s that going? Every era of life, the rich mindset comes from monitoring, measuring and taking massive action. Nothing can be achieved unless we take the actions to achieve it. So we’ve got to get in that mindset of, look, hey, I’m going to do this and I’m not going to do it next week. I’m not going to do it next month.
I’m not going to do it next year. I’m going to do it right. Right now, I’m going to take action immediately. And if you get into that mindset where you take action immediately, you’ll start to see your progress start to go so much further. You don’t even want to give yourself time to come up with excuses. You want to say, I see it, I like it, let’s do it.
And get into that mindset. Because if you do that and you start to trust yourself to make great decisions, you will start to become richer and more successful, rich and successful people. Rich and successful people say, if you can do it, I can do it. And then they’re in that mindset where they look at somebody else and instead of going, oh, what’s that person doing?
I dunno if I can do it. They look and go, well that’s an ordinary guy. That’s an ordinary girl. If they can do it, I can do it. And they realize that there might be a journey between where they are and they are, but they look to close that. and they put that mindset in place. They always look to themselves first when things go wrong.
They say, what could I have done better? Not whose fault was it? Is there something that I could have done better? Is there something that I could have improved? And if you get into that mindset, you will find, rather than blaming others, you start to take personal responsibility. Rich mindset also value progress over perfection.
They’re not looking at perfection. They’re looking at how do we do it faster? How do we do it better? How do we make steps towards becoming more successful on a continue basis? And a final one, which you should not ignore, is every successful. Look, I’ve been running my business Growth Secrets podcast now.
I think we’re something in like 300 episodes. I have interviewed people. They’ve been on dragons. Then super successful investors. People like Taj Lavanne, people like Sarah Willingham. I have interviewed billionaires like John Caldwell. I’ve interviewed people that have started companies, took them to hundreds of millions of pounds.
I’ve interviewed people that had, have had thousands of employees. You know, I’ve built multimillion pound companies myself, multiple times. I’ve invested in companies multiple times and seen great success, right? I’ve had my ups and downs, of course, but overall, Created massive, massive results over the course of 15 years and what I can say that I’ve seen as a consistent, one consistent thing in everybody I know that’s created wealth from riches.
Every single person I know is they’ve got mentors. Every single one, they have mentors. And that’s super important because if you can say to somebody, Hey, I want to achieve this goal, you’ve done it. How can I do it? They very quickly can give you the plan and the map to get to where you want to be. And often if you’re lucky enough to find mentors that want to help you for free.
Awesome. Maybe you’ve got some people around you that have been done very well, but most people haven’t, and I certainly didn’t. I had to pay my mentors and let me tell you, it’s been the best investment I ever had. So if you listen to this advice and start to look at your mindset and say, how can I change from a poorer mindset to a richer mindset?
You will start to create more abundance in your life. You’ll start to enjoy your life more. You’ll start to get more freedom. You’ll start to make more money. And I hope that you’ve found that this has made a big impact on you. And if it has, I’d love it. If you could let me know in the comments, maybe share the video with somebody else that could get some value from it, because it’s really important I make these videos because I have been in a place where I have walked the path of having that poor mindset, and it’s held.
it’s kept me down. And over a period of time, I’ve now transitioned to being in a place where I think differently. I act differently. And because of that, I get better results. And I wanted to come and share that with you so you can grow too. So of course, if you’re enjoying the videos, we’ve got tons more like this coming.
We make these videos to help business owners to grow, to help business owners to succeed, to help business owners to make more money. And if you’re enjoying them, make sure you subscribe so you can see more videos alike. And of course, check out the descriptions. We often have free trainings in there that you can come and spend some more time with me live and get to know how you can grow and scale your business faster.
Thanks everybody.