STREET DOGS

Aspecial class of self-help gurus — none of whom was rich until they developed this particular scam — have dedicated themselves to convincing people that if you only believe it it can happen; that the main thing that separates the rich from the poor is their mindset.

Since Napolean Hill’s Depression-era book Think and Grow Rich was published in 1937, an endless stream of garbage has followed. At least Hill reminded Americans of their can-do attitudes and boosted their selfconfidence. Consider, instead, the Cartesian pitch being sold today.

Just think it and it will happen. This stuff, along with crystals and horoscopes, joins a long list of things that have never been proved to have much value beyond a placebo effect.

Here is something the self-help folks never tell you: millionaires don’t waste their mental bandwidth on how much a caramel macchiato costs. They focus on becoming smarter and more skilled and responding to market forces in creative, intelligent ways.

Jamie Dimon isn’t performing visualisations; Ray Dalio doesn’t have a dream board; Warren Buffett isn’t reciting mantras.

To be fair, there are some “millionaire mindset” suggestions that do have value: becoming goal-orientated; living within your means; using extra money to invest in yourself or the stock market, and so on. Never stop learning is also solid advice.

Self-evaluation is a positive step. Unfortunately, these seem to be exceptions to the rule of adopting a millionaire mindset.

No, just thinking or believing it does not mean that you will achieve it, and that includes becoming a millionaire. Doing, on the other hand, at least gives you a shot at it. Yes, you can become rich, but only if you meet or create a great demand for a real service or product. — Adapted from an article by Barry Ritholtz at Bloomberg