Be, Do, Have: The Mindset of the Wealthy

by Mr. Refined · Published April 29, 2019 · Updated June 15, 2020

Yesterday, I came home late from a REIA (Real Estate Investment Association) meeting on mobile home investing. The meeting was in the back room of a restaurant where I ate dinner. I made one good decision there. The cheapest option on the menu was a chicken caesar salad. Since I am in a ‘6-pack by month 6’ challenge this summer I thought it would be a FI win and a fitness win to choose the salad over some of the more slavery options.

I got home, relieved the sitter and tucked the kids in for the night. Then my inner monologue kicked in.”Those hours were for them. These next hours are for you. What are you going to accomplish tonight?”

It is not what we do in our 9-5 lives that differentiates our results from the masses but rather what we do form 5-9 that differentiates us and sets up on a trajectory for success.

At this point, I had already logged a 13 hour day in my business professional clothes and I just wanted to change and relax. I was full and feeling lazy from my late dinner. I went through my daily goals checklist in my head. There was no checkmark in front of the exercise line.

Exercise, like finance, is rarely ever at equilibrium. It is usually either gaining or losing. And I asked myself “Do I want to be gaining or losing?” (My goal is the reverse of most, I am trying to gain 15lbs more before summer.) 160lbs of twisted steel and sex appeal or bust. ….well bust or more like I will stay single for another season. As I contemplated the decision my inner weakness offered the excuses that I was tired and maybe too full to run and that I had already put in 13 hours and earned an ice-cold beer before bed.

A Champion Would

My inner champion spoke in a bit softer, in a deep gritty voice and slowly said, “A champion would.” this mindset framing sentence challenged my beliefs and identity. I had rehearsed this moment in my morning routine. I know it sounds dorky, but I told myself “today I would find an opportunity to make the choice of a champion.” I prepared myself to respond, “I am a champion.” In my morning routine, I envisioned it was a business or networking opportunity but there I was standing in the living room rubbing my full belly and the gauntlet was thrown. Needless to say, I strapped on my ‘tennies’.

After laying down a few miles on the pavement of my neighborhood roads, still warm from absorbing the sun of the day. I headed up back up my driveway. Considering throwing my hands in the air like a Rocky to some Eye of the Tiger. I saw a stack of FIREwood from a tree I cut and hauled from my neighbor’s yard after it blew down in one of the first spring storms. Bolstered by the confidence after knocking out an impromptu run. My inner monologue again said “A champion wood.” I smiled and pulled the ax out of the tool shed to split a few logs before nightfall.

Be, Do, Have: Not Have, Do, Be

While I was on my run I finished listening to the book Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth by T. Harv Eker (book review coming soon.) One of the last concepts the book was that millionaires think ‘Be, Do, Have,’ whereas, poor people think ‘Have, Do, Be.’

The concept is that millionaires think ‘Be, Do, Have’:

Be a champion
Do the actions of a champion, then
Have the rewards of a champion

Be

Just as with sequence of returns, the order of operations is crucial. The millionaire gives themselves permission to label themselves a champion long before they have done anything about it. This is a way of visualizing the opportunity before it presents itself. As a way of identifying themselves as the type and caliber of person who will seize any opportunity that presents itself.

“Mindset and attitude are the greatest predictors of success.”
– Mr. Refiend

Do

Then they do the action to earn the reward. They fulfill their destiny by committing to, and following through with the work. People approach them with new opportunities because they labeled themselves as the type of person (Champion of _____) that would carry out the work. If they need to ask 10 questions, they ask 100. If they need to make a dozen calls they make two dozen. They understand that reward is proportional to effort and opportunity.

“Opportunity shows up knocking on the door more often than most people realize. It is dressed up in dirty overalls, looking like a lot of work. That is why most people turn it away, not recognizing who came to pay them a visit.”

Have

Now that they have labeled themself the champ. And attracted or created the opportunity, and done the hard work of the champ. Guess what follows? The soils of the champ. or the having of the wealth/possessions/or position of the champion. Now they can spend or share what they have achieved.

“Better to have assets working for you, rather than you having to work for assets.”

The poor and unsuccessful mindset thinks they earn the label of being by doing an action because they finally have an opportunity. These people are tough differently. They are taught they need to have certain possessions, cars houses, club memberships, and titles to do what they want. Then and only then can they be considered successful or wealthy. They put these activities in a different order.

Whereas, Poor people think ‘Have, Do, Be’:

If they Have an opportunity or the wealth of a champion, then you could
Do the actions of a champion, then you would
Be a champion

What they don’t realize is that they will be possessed by their possessions. They will remain poor because they have to work for their assets rather than make their asset work for them.

Keep the FIRE burning my friends.