I’m a very strong believer that if you have the right mindset, a relentless passion, and a well cultivated thought process, you can accomplish anything. That being said, I think the majority of poker players today are looking for the right way to play, where in all reality they should be looking for the right way to think. I’m going to shine some light on this point by relating poker to this article I stumbled upon recently titled, “21 Ways Rich People Think Differently”. I think this really works because poker is such a money driven game. If you’d like to read the full article here is the link: http://teremity.wordpress.com/2013/10/02/21-ways-rich-people-think-differently/
Average people have a lottery mentality. Rich people have an action mentality.
“While the masses are waiting to pick the right numbers and praying for prosperity, the great ones are solving problems” .
Poker Connection: Most players today are bitching about how they keep losing with whatever hands, in whatever situations… “Why can’t I just get lucky like the rest of these chumps”. The rest are watching training videos, solving EV calculations, and working on finding a way to get better than they were yesterday… oh and most importantly, they aren’t bitching. Bitching costs time, and time is money. How often do you see a top level athlete bitching about bad luck in a post-game conference after a loss?
Average people see money through the eyes of emotion. Rich people think about money logically.
“An ordinarily smart, well-educated and otherwise successful person can be instantly transformed into a fear-based, scarcity driven thinker whose greatest financial aspiration is to retire comfortably,” he writes.
“The world class sees money for what it is and what it’s not, through the eyes of logic. The great ones know money is a critical tool that presents options and opportunities.”
Poker Connection: Scared money don’t make money! If you see money as lost when you are using it in-game, then you really need to adjust your thinking because it’s actually “lost” once you sit down to a game… Once you separate yourself from the money, it becomes much easier to focus on a logical strategy to help yourself win the game/get all the chips. If we sat down to play a game of chess and bet $16 (total # of chess pieces is 16) on who would win you wouldn’t be thinking in-game “damn if I lose my rook here I am down another $1”, but you would probably/should be thinking “I have to sacrifice this piece because it’ll pull his defense out and I’ll be able to attack for the win”.
Average people earn money doing things they don’t love. Rich people follow their passion.
“To the average person, it looks like the rich are working all the time,” Siebold says. “But one of the smartest strategies of the world class is doing what they love and finding a way to get paid for it.”
On the other hand, middle class take jobs they don’t enjoy “because they need the money and they’ve been trained in school and conditioned by society to live in a linear thinking world that equates earning money with physical or mental effort.”
Poker Connection: If you are not passionate about playing poker for a living, then you will not likely be successful long-term. Being great and having longevity in poker isn’t decided by pulling a lever, rolling a dice, or picking the right numbers… it’s about working hard, getting better each day, understanding your business, and managing your life around it (where there is will, there is a way). Learn to love losing as much as you do winning, and you’ll already be a step ahead of your peers.
Average people believe you have to DO something to get rich. Rich people believe you have to BE something to get rich.
“That’s why people like Donald Trump go from millionaire to nine billion dollars in debt and come back richer than ever,” he writes.
“While the masses are fixated on the doing and the immediate results of their actions, the great ones are learning and growing from every experience, whether it’s a success or a failure, knowing their true reward is becoming a human success machine that eventually produces outstanding results.”
Poker Connection: Just because you’ve won a tournament for a lot of money doesn’t mean you have “made it” or are now “rich”. Money comes and goes. Reputation, good work ethic, and character don’t leave you. You will always have these things to build upon and come back from even the worst of downswings. BE. MORE. This one may seem a little more complicated, and it is, but when you can understand for yourself what it means you’ll already be well on your way.
Average people believe the markets are driven by logic and strategy. Rich people know they’re driven by emotion and greed.
“The rich know that the primary emotions that drive financial markets are fear and greed, and they factor this into all trades and trends they observe”.
“This knowledge of human nature and its overlapping impact on trading give them strategic advantage in building greater wealth through leverage.”
Poker Connection: Most poker players are driven by emotion as well, and understanding each different player type can help you understand how their emotion drives their strategy… Once we can understand this we can cultivate many counter-strategies to exploit weaknesses and increase our profit margin. This one goes out to all the players who enjoy playing in a vacuum. Think about it tho… When you 1st meet a girl/guy, lets say at a bar, you are trying different things/jokes/punch lines/drinks, whatever you can to get a response out of them so you know how to proceed to accomplish your goal (for most men it’s getting laid, lol). Let’s say you close the deal on that 1st night, isn’t the 2nd time closing the deal much easier once you know what drives them?
Average people would rather be entertained than educated. Rich people would rather be educated than entertained.
While the rich don’t put much stock in furthering wealth through formal education, they appreciate the power of learning long after college is over, Siebold says.
“Walk into a wealthy person’s home and one of the first things you’ll see is an extensive library of books they’ve used to educate themselves on how to become more successful,” he writes.
“The middle class reads novels, tabloids and entertainment magazines.”
Poker Connection: Knowledge is power. Knowing what type of diet Ryan Reynolds is on doesn’t help further your poker game. Ever heard someone say they are reading their 1st poker book, but they say it as if they know all they know without having read one yet?… If they’ve played poker for awhile what they are really saying is, “Hey I think I’m already great and I haven’t even tried!” Imagine if you did.
There are so many others I can bring up, but I’m going to stop here for fear of boring you all to death. 🙂 I may do more of these at a later time tho because it was fun. I hope you can find value in these words and realize that anything that is “worth it” doesn’t come easy. Change your thinking, and change your life.
If you’d like to read the actual book you can see being quoted in parts above it’s called “How Rich People Think” by Steve Siebold.