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Wealth Mindset vs Middle Class Mindset In Business Owners

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steve schweitzer

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Hello Everyone,

I had an observation this morning when talking to another local business owner.

This is my Snap On tool dealer and as some may know this was a franchise he bought for over 6 figures.

I was discussing the move we are making to a much larger shop and how I am growing this business from a small 1 - 2 man operation to a multi-million dollar per year high end nationally known hot rod and restoration shop.

He was asking why I was doing that as I could make "good money" continuing here. I told him my best case upside is maybe 200K per year (keep in mind I can get a job making 100K - 125K a year doing what I do) and the upside from a larger business was much greater, including purchasing the commercial property that is part of this deal. He again said "200K a year is REAL good money why leave". At this point I just stopped talking as it was painfully clear we were on two totally different mindsets.

My point is that you have to be around other business people that think BIG and not just middle class.

I do have several friends that are local business owners and all but a few think just like my Snap On guy.

The idea of growing a business to the point it can generate LIFE CHANGING results is never even considered.

When I talk to my wealthy friends the total vibe is completely different and they are all talking about their multi-million dollar deals and never about lack.

Thanks and I will keep updated on our big move
 
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MJ DeMarco

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I think there's a mental barrier that comes compliments of a wage mentality, or a local business mindset. Implicitly one doesn't assume that they can sell 10,000 items per week due to numerical limitations, such as local city/territory size, # of hours traded, etc.

I remember feeling this myself many years ago.

Once you realize you can bust out of those limitations (application of CENTS), the sky's the limit.
 

Private Witt

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Very excited to see how your big move develops. Have you ever considered documenting the growth or once you become a "high end nationally known hot rod and restoration shop" in a YT channel or something, that would be interesting and may find yourself on a streaming service one day and becoming the king.
 

biophase

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this deal. He again said "200K a year is REAL good money why leave". At this point I just stopped talking as it was painfully clear we were on two totally different mindsets.

$200k is real good money compared to people making $50k a year.
$200k is really low compared to people making $1M a year.

It all depends on who you are hanging out with.

I would have replied with, "But, I can only buy 1 Ferrari making $200k a year."
 

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