The Get Rich Quick Mindset vs. The Entrepreneur Mindset
Over the last 17 months since I joined Wealthy Affiliate, I've been able to really think and observe the mindset I'm calling "The Get Rich Quick Mindset". We see so many people come here with that mindset. As affiliates, we have to be ready to deal with (and transform) this mentality otherwise our results will be limited.
It won't work for everyone, but we have to get pretty good at dealing with this mindset and changing it, or targeting to avoid it all together. That's my opinion.
Some of the reason why that mindset is attracted here is because of how we target. We write reviews about programs that appeal to people with this mentality, but I think that mentality has to shift before the people are able to have real results, which is why I'm writing this post.
I want to hear your advice about how we can help one another to shift our mindsets and transcend the challenges inherent to entrepreneurship more resiliently rather than:
- Playing the blame game
- Taking it personal
- Digressing
- Or, walking away with damaged confidence
I want to share my observations for you and challenge you to prune every "get rich quick tendency" you might have. I'm pruning myself as well.
Is it Wrong to Desire Wealth?
First, I want to introduce my stance on money and whether or not you should desire it. I don't want you to think that I'm anti-wealthy like many people are.
I don't agree that money is the root of evil. I think it's the LOVE OF MONEY that's the root of evil and I've personally seen many poor people who exemplify this love for money even more times than I've seen it from wealthy people, so I think you can have the LOVE OF money whether you have alot of it or a little of it. Hahaha.
To desire wealth isn't a bad thing. To enjoy wealth isn't a bad thing. A person who is generous and gets lots of money becomes even more able to express their generous character. Similarly, a person who is very greedy and gets money, power, influence (or any other type of currency) becomes more able to express their greed. Money simply amplifies character: good or bad.
I love when people of sound moral character have lots of money. It's great to see! In summary I think it's not wrong to desire wealth. In fact, I desire it myself.
We All Have Constraints!
I've noticed that many people with the "Get rich quick mindset" stay focused on their constraints. We all have constraints. You might do it.
You might think because you have:
- Lots of bills
- Health issues
- Relationship problems
- Retirement coming soon
- Debt
- Or, some other constraint
...That you need to find something that solves the problem immediately, and you rush into things without thoroughly validating. You extend hope in unreasonable or unrealistic measures. Slow and steady can solve your problem too, and it can build your character along the way.
What is the Get Rich Quick Mindset?
The "Get rich quick mindset" rides alot on luck, rather than measurable actions and correlating results. It parallels with the gambler's mentality that says "If I try this, I may hit the jackpot". It's characterized by a monopoly of experimental actions and extending hope without validating returns are possible, and the chances are in their favor.
While optimism isn't bad, I prefer optimistic faith connected with deeds because I've seen faith and deeds create manifestation, but sole optimism can keep you encircled by gullible actions, dreams, and illusions. Let me explain...
What is Optimism?
According to Google, Optimism is "hopefulness and confidence about the future or the successful outcome of something." Optimism is an ingredient in manifestation, but positive thinking is only a component. In addition to thinking positively, there also has to be discipline and a transformation that correlates with manifestation.
For example, let's say I want to lose weight. It helps for me to be optimistic and think it's possible to lose weight. It also helps for me to be confident and believe I'm capable of losing the weight, but is that enough?
I don't think so. No one can get on the treadmill for me! No one else can put healthy food inside of me!
I guess they CAN put the food inside of me (with nose tubes or something medical), but hopefully you get what I'm saying. I would need to take more responsibility in order to sustain success in the journey.
We have to have positive thinking coupled with discipline. To lose weight, I'd have to decide I will begin to tell myself "no" to things I once gave in to. I would have to begin making sacrifices to achieve that goal.
Business works the same way.
Sole Optimism and the Get Rich Quick Mindset
When I've met people who have an extreme "get rich quick mindset", they have an optimism that inspires gullible actions, and often times, they don't get positive results from that. They continue believing "maybe this will be it" and they go on:
- Buying the next course
- Trying the next marketing strategy
- Implementing the next marketing tactic
- Following the next trend and fad
- Trying whatever they "heard" was working for someone or something
- Comparing themselves to others
- Trying to acquire what they don't have
- Staying in a discontent state
- and, never really achieving a sense of contentment, progress, or focus
The Difference with Real Entrepreneurs and "Get Rich Quick Minds"
I know you might think it's harsh to say "real" versus "fake", but that's how I see it. It's the real deal versus the look-alike. Real entrepreneurs are much more calculated than people who have the "get rich quick mindset".
I've fallen into the "get rich quick" tendencies before, and it's a trap. It has disappointed me every time. Get rich quick tendencies include:
- Experimental spending (which I wrote about here)
- Belief in words without verification of proof
- Extending hope and trust without validating sufficiently that the solution is capable (or has proven) to achieve your goals
Those who have succeeded and become "real entrepreneurs" who grow businesses have been much more calculated. They aren't try-ers. They are doers.
Terms like:
- "Let's try this and see if it will work" aren't the monopoly of decisions. Instead, it's "let's do this and make it work".
- Spending time or money without having clear intentions isn't the monopoly. Instead, they're very intentional about conversations, actions, and things they spend time or money on.
- They invest. Whether it's time, money, connections, or any other resource they give out, they do it as a seed that is supposed to return a harvest.
- They plan and have actuals. They quantify the results of the things they do. They set goals and track their progress rather than set goals and dupe themselves either too optimistically or negatively.
- They're able to tell themselves "no" when they feel like saying "yes".
- They're disciplined and grounded in their performance. They base their goals on their performance and exceeding that, rather than other people's performance as a monopoly.
Applying Optimism Coupled with Deeds in Business
To pull this all together, I think it's important for us to pair deeds and optimism in our businesses. Instead of looking externally for "the missing piece" out there somewhere. We need to begin inside identifying the treasure in there.
Set goals based on what you've done before. If you haven't earned 1 million dollars before, why make that your first goal? Be a little more calculated. Have you made a sale before? If not, have you felt comfortable enough to ask for a sale before? If not, start there.
Start where you are and stretch outwards with your goals rather than starting where everyone else is, looking for your "missing piece", and staying in the cycle of discontentment and insecurity.
My Questions for You...
- Have you seen the get rich quick mindset?
- What characteristics does the get rich quick mindset have that I forgot to mention?
- Have you had "get rich quick tendencies" before? If so, have you identified it?
- Have you overcome the "get rich quick mindset"? If so, what did you do?
- What's your best advice to help more people to overcome the "get rich quick mindset" and become more disciplined, calculated, and able to manifest optimal results
For me, I try my best to stay accountable, so if "get rich quick" or gullible tendencies pop up, someone can tell me when I'm being unrealistic. You can see my latest show of accountability in my 17 month case study I published in video yesterday.
Leave your comments below. I'm really looking forward to hearing your advice, tips, questions and feedback!
Recent Comments
27
Tiffany, This is an incredibly thought provoking post with words and suggestions to back it up.
I am an entrepreneur but I will continuously purge the bits of “get rich quick mindset” from my life and business. For me it will be a forever process to stay on the right path.
Thank you.
Laura
I agree that the temptation is ongoing and needs a continuous purge. There's lots of temptation out there. It may go from business offer shiny objects to business upgrade shiny objects, and it takes alot of discipline to stay focused and tell yourself "no" when something you want isn't something you need (or wouldn't serve you well).
Hey Tiffany
Yes, I must admit when I first started my online journey I thought that it would be a breeze. I invested in some programs that I thought would help me make "the big bucks" quick! Only to left with disappointment.
I appreciate you mentioning that we must not look for "missing piece' outside but rather inside ourselves. I recently got into this habit of comparing myself and the progress of my business to others.
Thanks for putting that into perspective, Much Appreciated,
Comparison is such an easy trap to get sucked into. I get sucked in from time to time. Social media and the information age we're in makes it so easy.
People post their best versions of themselves, but not the middle ground. They post the results, but the journey misses lots of pieces, so we start wondering "Why don't I have...?".
It's normal to get sucked into comparison, but I want to encourage you to be abnormal with how you respond to it. Instead of drowning in it, draw inspiration, and come back to a sense of gratitude as you continue on your unique journey.
Your journey is what's going to make you the best version of yourself. Someone else's journey won't work as effective so appreciate your journey.
You have so much treasure, so don't be discouraged. Best wishes Roops.
Thanks for such awesome words, Tiffany. They filled me up with such hope and inspiration.
I know what it is that I now need to do to my business. Your words is exactly what I needed to hear.
God Bless
I think we've all seen the quick rich mindset here. I think part of what drives them to affiliate marketing is that they think blogging is easy. You just write about something and magically people will buy it!
I also think that the people who are seeking more financial stability because they're drowning and often in debt, out of work, and need money now and they're unhappy with their current means is why they seek to change their circumstances by searching for easy ways out online. Someone who is making an okay income and is content in their jobs aren't as likely to be searching.
And yes, lots of those people are likely to love money, not just want it.
I think that's probably a vast majority of the people searching to make money online, actually.
If someone already has the entrepreneur mindset they set out and planned and driven to make it by hitting college, working their butts off, and then life happens maybe.
I believe people with the right entrepreneur mindset probably already have an idea of what they want to do BEFORE they start looking for ways to monetize with affiliate marketing. Those people aren't the ones here just because they're trying to earn money, and stumbled onto affiliate marketing courses.
Now I'm not saying I have all the right mindsets, but I was blogging around ages ago. I have been a writer since I was 19 when I found outI was good at it. I came here finally because I decided I wanted to take my writing seriously and I wanted to start helping feral cats, too. But I wanted to do it right, monetize it so I can be more financially free to do what I love.
I knew vaguely what I wanted before I got here. I had an idea and wanted to implement it.
Now, I have problems with staying motivated and PLANNING. And goals and trying to achieve them, because I'm having to fight my perfectionism and anxiety sometimes. I'm not driven enough sometimes, I think.
I have no idea how to change someone's mindset though, other than my own. I'm in a niche, not promoting WA. I thought I'd tell you my mindset and what I've observed about others for your research.
You always create great blogs!
I've seen a variety of buying motives for programs like WA. Some people are:
Desperate
Willing to try anything
and easily dissolved into get rich quick opportunities
Others are:
Looking for another investment
Looking to make impact (like you) and see the internet as a great tool
Looking to build assets
Looking for residual income
Noticing the changes in technology and that the internet is a major driver of commerce
or other future-proof-type reasons
Those are two different camps. You can have traits of both, but one has to be canceled in order to succeed in business.
I've had quite a few referrals who are genuine entrepreneurs that come here. They are lawyers, marketing agencies, engineers, and people who want to amplify businesses with added monetization or traffic. I've been attracting a different audience because of my targeting.
The entrepreneurs want to hear facts like:
- how is this going to get more customers?
- how is this going to get more sales?
- how long does this take to work?
In contrast, certain content will attract a whole different audience. Some "get rich quick" minds will be ready for change and willing to do what it takes. Others will have work ethic issues and be more focused on finding a shortcut.
I agree that most people (entrepreneurs and others) fall into the "get rich quick" trap at some point, but in order to really make a business work, we have to transcend that.
You made some great points! Thanks for contributing.
Some of my motivation is residual income and to build assets, as well. I'm not looking to even get rich, although it'd be totally awesome!
I don't hate money but I don't really care about it much, except as a way to live. (And to do what I need to do.) If I won the lottery, awesome. Except I don't play it because I understand the odds and being rich has never been a goal. I'm a little weird I guess. I'd even give my last $100 to take a cat I don't own to the vet to save his life. Money isn't important to me.
That might be where my lack of drive is at that most entrepreneurs and successful business people have. They're often very driven individuals, for whatever reason they're driven. I have to stay motivated in a different way and switch that mindset.
But for now, I'm trying to learn and keep plugging along. I'm also a bad goal setter. I'm probably a dreamer, more than a planner, and I need to switch that mindset too.
Thanks for making me think with this post!
My drive for money comes from my realization that I can't impact without it. It gives you superpowers in terms of making an impact: your family, friends, and causes.
Since you love cats, I'll use them as an example...With money, you can impact billions of cats. Without it, you can't impact any, right?
I think money has to be treated as if it's important or you'll find yourself behaving frivolously. I have a sense of scarcity knowing money is finite, and it inspires me to prioritize my spending decisions effectively.
The reality is regardless of how much money you ever get, it's finite. There will be a limit of how much you'll get in your life. There's also a limit of how much time you'll get.
I don't want to reach my death bed knowing I was given XXX amount and I didn't fulfill what I could with it. Whatever we're given (alot or a little), I think we're supposed to use it effectively. There's always a way, but we have to be creative, and outthink our constraints.
My goal is to steward my resources with priority being given most to the things that spike the fulfillment of my life purpose and drive legacy.
You're absolutely right! That is part of my goal to earn more money is definitely more impact, definitely. I don't spend frivolously, except I've been known to be a little too generous of course.
Money makes the world go round. But I'm single and my life or income only affects me right now. No family or kids to support, just my babies.
Money is important, definitely, because without it in today's world you can't function at all. I just mean, for some reason, I can't focus on just money. It doesn't hurt me to spend it on animals, except that it'll impact my bills if I go really nuts, you know?
As I grow older, it has become more important to me for all the reasons you listed. I just meant money itself never has been, like people that are workaholics trying to earn as much money as physically possible or buying 10 lottery tickets a day with a dream they'll never have to work again, etc. Being rich won't even matter to me, and other people's earnings don't matter to me.
But I want to support ME. I want to do it myself. I want to have financial freedom, not be rich. But you still have to live within your means, poor or rich. There are those rich people who are THRILLED so much with being rich they end up in debt and broke despite their money. It's crazy.
I just want the freedom to do what I love and make a good living out of it. There's nothing wrong with seeking money, even seeking to be rich. It's only if you're seeking to be rich for the sake of being rich. If you love money more than your family? If you love money just to have money and status and power? Yeah. But if your goal is to say, create a legacy for your family, and the end result of that goal is to be rich? Or however it is, yeah, it's definitely worth it to seek money.
I understand what you're saying. You don't want to compromise your values for money. I don't either, but I do have to sacrifice in ways I would prefer not to in order to get money, and sometimes, I feel okay with making that decision.
I think my mindset shifted quite a bit with having kids and getting married because then it became more about them, and money became more important too because it gave me more reason for needing it I guess.
Great discussion!
Your priorities definitely change when you have a family to support, definitely. And there's nothing wrong with that. And whatever your reasons or means, it's usually a means to an end.
Plus you likely have more drive than I do and its helping you to succeed! You're got a leg up because of it. So hey, nothing wrong with your motivations!
Thanks for making me think again!
The get rich quick mindset leads many down the wrong path because they buy into the scams that tell them they will get rich immediately. I don't know why people fall for such things...wishful thinking I guess. They certainly didn't research first.
Personally, I'd love to earn some money and could really use it, but my primary desire is to write things that people enjoy reading. If they make me money, that is a bonus.
That being said, I'm a little more inclined to think "make money" with my Wealthy Affiliate website. The other one I do out of love, and if the money comes, so be it.
Awesome, thank you for sharing.
I would have one point to add :
People around us really affect our mindset. Being around people with only bad mindset and no optimism, it's hard to keep going and keep our focus. We have to keep the people around us with a good mindset or people who encourage us to do what we want to. Not people discouraging us of doing things we do because they think it's impossible.
Loved your post! Back when I entered at WA I was more with the get rich quick mindset but the more I take time to learn and read stuff I find here, I understand that whatever you do, you need to work and focus to have results and it's totally logic.
Thank you :)
I completely agree with your point about the environment. Great add! I'd go even further to say you have to be careful about the music, movies, games you play, and anything that goes into your senses. All of those things impact your mood and motivation.
Great post. I've had the get rich mindset and in the past it didn't show as much because I was afraid to take risks. After I did a 30 day mindfulness challenge for self awareness. I discovered I was afraid of success because I didn't want to fail. When I began to get out there and start investing in different programs for myself. I realize I was looking for things that was promising the quick cash, less effort. I was losing money and focusing on the wrong things. I had to visually plan out my goals and the steps I needed to take to get there. I wrote out a 5 year plan. And then made yearly goals to achieve; which were broken down to monthly, weekly and daily goals. Changing my mindset through, mindfulness meditation , self help books and listening to motivation speakers were very helpful.
It's so funny to have the get rich quick mind, but to be paralyzed by caution. Hahaha. I hadn't thought much about that dynamic, so thanks for that.
Wow! The other advice you gave is amazing! The 5-year plan, goal-setting, visualization, meditation, reading self-help, and listening to motivational speakers helped you to become more grounded and break out of that, huh? That's great advice! I do those things too.
Hopefully more people will give it a shot. Thanks for sharing.
Great post, below are my answers to your questions.
Have you seen the get rich quick mindset?
Yes often
What characteristics does the get rich quick mindset to have that I forgot to mention?
You covered this well, nothing to add.
Have you had "get rich quick tendencies" before? If so, have you identified it?
Sure, the lure of online businesses promotes a get rich tendency, be your own boss, make a 6 figure income...
Have you overcome the "get rich quick mindset"? If so, what did you do?
I ended up taking a step back and took time to learn about the business. Also, following the stories of those experiencing success.
What's your best advice to help more people to overcome the "get rich quick mindset" and become more disciplined, calculated, and able to manifest optimal results?
I would advise:
1. Learning all aspects of the business
2. Don't be afraid to fail but do not repeat your failure, learn from it
3. Follow and learn from leaders who are succeeding.
4. Don't invest without first developing a strategy and plan you have tested on a small level. Going "all in" will result in disaster.
Wow! I love your 4 tips. That's great advice. I agree that the headlines and marketers make this industry a fantasy. They don't explain the "how" but they demonstrate pieces of the outcome. We have to be the change we want to see in this industry for sure.
Ha :) nicely done, getting into my *mindset turf*, are ye?
Good job! Well it just goes to show there are few secrets out there once you put them out on the net! Plus, I don't own the topic by any stretch of the imagination.
And I'm glad I stimulated some thought and action, if I dare take such credit. It's probably a stretch, too ;)
And I'm glad you've done this, because this mindset stuff is too important by far in comparison to anything else.
To your query, I'll be sharing my advice, tips and feedback in my blogs here, my trainings here, and my websites/videos out there, as I try to develop a following. Of course, I know you stop by to see what's up from time to time, and I appreciate it!
Yes. I've been in the mindset circle for awhile, but just not here. You'll see more of my views over time. We have a lot of similarities from what I've seen so far. You've definitely inspired lots of mindset thought for me, so thanks for that. Watch, you'll see more.
I look forward to it. Yes, of course you've been *mindsetting it* for some time, clearly, as you demonstrate the successes you do :)
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Just read your post and it was wonderful! Thank you for taking the time to share your thoughts and ideas on how to change our way of thinking when it comes to business and becoming successful entrepreneurs. It really helped me thank you! And blessings to you and your family. May God continue to give you much success in your journey as well.
I'm so glad to hear the post was helpful for you and I'm grateful for your blessings. Many blessings to you as well and best wishes in growing your business!