Click Here to Get All Podcast Show Notes!
Everyone wants to be rich, but most people don’t know that the habits of the wealthy are often very different from what society expects. In this episode, Sharran breaks down the five core actions and mindsets that set the rich apart. For example, rich people understand that every decision comes with a cost, and they make those decisions with full awareness of what’s at stake.
They aren’t concerned with impressing others. It’s not about flaunting wealth; it’s about building wealth through sound decisions and actions. Plus, they fix problems through behavior changes, not just apologies, and they consistently try again even after failure. Finally, rich people give the greatest gift: their full attention.
Learn these simple yet powerful habits anyone can start implementing today.
“Rich people understand trade-offs. The one thing rich people understand is that every choice costs something.”
– Sharran Srivatsaa
Timestamps:
01:38 – Understanding trade-offs: Every decision comes with a cost
03:12 – Stop trying to impress others: Focus on building wealth
04:53 – Fix problems through behavioral changes, not apologies
06:21 – Keep going: The power of trying one more time
07:55 – Giving attention: How attention builds influence and wealth
09:40 – Recap: What rich people do naturally
Resources:
– The Next Billion by Sharran Srivatsaa
– Board Member: ARC Multifamily Real Estate Investing
– Board Member: The Real Brokerage
Connect with Sharran:
– X
– YouTube
– Threads
Transcript:
[00:00:00] Hey, this is Sharran Srivatsaa. Welcome back to the Business School Podcast. And in this episode, I share what I’ve learned watching the richest people in my life, including one of my mentors who’s a billionaire. I found that there are five simple behaviors that separate the rich from the rest, and I break each one down step by step.
[00:00:15] Starting right now.
[00:00:23] One thing is for certain, just because it’s tried and true doesn’t mean it’s working right now. So the big question is this. Where can you learn what is working right now? The strategies, the tactics, the psychology, and the exact how-to. How to grow your business, how to blow up your personal brand and supercharge your personal growth.
[00:00:45] That is the question, and this podcast will give you the answer. My name is Sharran Srivatsaa, and Welcome to Business School.
[00:00:58] A lot of people spend time trying to look rich. They buy things because they hope that someone will notice, but the people who actually end up rich do things way differently. Now I wanna tell you that nothing here is actually complicated. These are like. The simple things that I learned from people worth hundreds of millions of dollars, and even one of my mentors who’s worth over a billion dollars, kinda watching how they live their life made me made sense, made me like rethink a lot of things.
[00:01:29] So today I wanna walk you through five things that these ultra rich people actually do that any one of us can do. So here is kind of truth number one, rich people understand trade-offs. The one thing rich people understand is that every choice costs something. Literally, that’s it. If you want your business to grow, you might work nights or weekends for a while, right?
[00:01:53] If you hire someone who’s great, you might then take home less money in the short term, which makes total sense. If you start something new, you might have to do things you’ve never actually done before. Rich people look at the cost. Pick the choice that makes the most sense and they move forward. It is all about the trade.
[00:02:14] They’re not waiting for the perfect moment. They’re waiting for the perfect trade. So I want you to listen to this. Anytime even I have made any kind of progress, it came with some sort of real work, right? Duh. Of course, uh, I, I either had to work longer hours, I had to do things that I didn’t enjoy. I had to learn things that I did not know.
[00:02:34] You probably felt the same way too. Heck, we underestimate how much a little bit of work can get us in the long run. Now, I will tell you this, once I understood that that thing that a little bit of work can get us a lot in the long run, everything started to make sense. It was kind of like pretty simple.
[00:02:50] It was just that the work that needed to get done, meaning if I had learned this. One thing earlier, everything would’ve would’ve moved so [00:03:00] much faster. You don’t grow by waiting for the cost of something to disappear. You grow by choosing that cost and moving forward. Okay, so check out this kinda like truth number two of rich people.
[00:03:12] Rich people don’t need to impress anyone. Okay. That is the crazy part. The one thing that keeps people broke is trying to look rich. Rich people aren’t trying to show off. You know that they’re not trying, um, they’re not buying things to prove anything. Uh, by the way, one of my mentors is worth over a billion dollars.
[00:03:34] That’s a billion with a B, he drives a Prius and he wears an Apple watch. Meanwhile, I know people, many people who don’t have much money, but leaves fancy luxury cars and buy expensive watches. Why? They’re trying to look successful instead of actually building a successful life in a business. Trying to impress people costs way too much money, by the way.
[00:03:58] It also takes an insane amount of time. It also adds. Pressure that you actually don’t need, and most of the people that they’re trying to impress aren’t even paying attention anyway. Here’s the crazy part. The people that are ahead of you don’t really think anything that you’re doing to impress them is actually cool because they hire ahead of you People that are.
[00:04:15] Not quite there yet. Anything that you do to impress them, they think that you are showing off. That’s the crazy part. But by the way, you know what else gets noticed? Life gets way easier when you stop trying to prove something, you start making decisions that actually help you. And I think that’s, I know that’s easier said than done, but that’s super important.
[00:04:33] The only question that matters is when you. Spend money on this thing, would you still want it if nobody knew that you bought it? If that answer is no, that tells you everything because that makes sure that it’s not about that you bought it for some other reason. Now, I’ll give you truth number three, which is something kind of related to that rich people.
[00:04:54] Fix problems with action. Now, you may say ultra on, that’s duh. But I wanna give you the flip of this. The best apology is changed behavior. I say this because everyone messes up. I mess up. You mess up. That’s fairly normal. Rich people mess up too. But I’ve noticed rich people have this uncanny ability to fix problems by changing their behavior really fast and not repeating the same mistake, therefore not repeating the same apology if you say, uh, something.
[00:05:22] You should not have said The apology is not saying that thing again, right? If you mess something up at work, the apology is changing how you do it so that it doesn’t keep happening the next time. That’s what it is. The best apology is change behavior. Let me tell you the next thing that I picked up. The most successful people that I know do these three things in this process.
[00:05:44] Number one, they notice their mistakes sooner than anyone else. Number two, they, uh, fix things before someone else points them out. Number three, they change how they work so that the problem doesn’t repeat itself. Honestly, most people never do this, but the people who do it win way more often. And that’s the important part here.
[00:06:05] Most people think that trust is actually fixed by saying sorry, and having a good apology. Trust is actually fixed by changing what you do until people see the change that you made. That’s what’s important. Alright, so onto truth number four. This is a crazy one, rich people. Try one more time this, one more time.
[00:06:24] That I think is a great book by Ed Millet and I really like it. The one more time and the value on this is immense. Uh, the only difference between winning and losing. Is trying one more time. People who end up insanely successful stick with things longer than most people, ex uh, most people expect, right?
[00:06:42] So, um, Michael Jordan started with no trophies. Mr. B started with zero followers, or Warren Buffett started without knowing anything about investing. Heck, you started without knowing anything. Everybody starts at zero. Your best moments show up, uh, right after you want to quit. Most people kind of stop right there.
[00:07:02] Also, I will tell you this, something that really, really good and stood out to me is that almost every founder that I know, every business owner that I know, every great entrepreneur that I know had a moment where things were not working. You probably went through that too. You were probably tried, you were probably frustrated, but what did they do?
[00:07:18] They tried again. Anyway, I think. There is this, uh, amazing trait of never giving up. That’s when things start to really change. It, it, I actually will tell you it’s not luck, it’s not talent, it’s just staying with the work just a little longer than most people, more than most people would. Um, if you’ve been around me anytime, I, there’s this great Aquaman quote which says, not giving up is the most heroic thing you can do.
[00:07:41] Not giving up is the most heroic thing you can do. The only real advantage that the great ones had was staying in the game longer than everyone else, and that’s what’s super important. Alright. Here is, uh, truth number five. I really believe that rich people give. Attention. The best thing that you can do is to give someone the gift of your attention.
[00:08:03] I’ve noticed that rich people pay close attention to the person that is right in front of them. They, they, I call it being where your feet are. They look at you while you talk. They listen. They remember what you said. They slow down long enough to understand you. They don’t break eye contact with you and.
[00:08:19] These are behaviors that you and I can use right now that cost $0, for example, you would, you know, here are a few things that you could do to make someone feel important because you want something tactical, and these are gonna look really simple. Number one, say their name. Number two, look at them while they’re talking to you and not over their shoulder.
[00:08:36] Number three, ask a follow up question if you don’t quite understand what they’re saying. Number four, if you remember the details, you remember the one thing that they told you, then bring it up later. It makes them feel like you actually listened. Most people don’t get this at home or at work, but when you do, it’s insane.
[00:08:51] They notice, they feel special, but here’s something insanely related to attention. Attention builds trust, and then trust bills. Influence and then the influence helps you in almost every part of your life. I will tell you this, I’ve watched very successful people talk with like junior employees with their full attention.
[00:09:09] People notice it, people notice it. When you do things like that, people notice when you do things that you, uh, are not really required to do. Most people think that wealth creates influence. It’s the other way around. Attention creates the influence and influence creates the wealth, right? So the the, the, the best thing that you can do for somebody, the best gift you can give somebody is the gift of your attention.
[00:09:33] People who do this win just win way more often. So let me kind of wrap this up for you. So here are the, you’re like, what is the tactical stuff here? Sharon? Here are the five things that you can start doing right now for my study of these ultra-rich people. Number one, understand that every decision costs something.
[00:09:50] It’s a trade. Number two, stop trying to impress people. Number three, you gotta fix problems by changing what you. Number four, you gotta try again. When you feel like quitting, just try one more time. And number five, give people attention. Because the greatest gift you can give somebody is a gift of your attention.
[00:10:08] Uh, we chase what the rich have and think that what they do now is how they got there. But real wealth comes from these really simple things. They’re really thing the things about our humanity that are done over and over. So people who do these things win more often. I made these notes after looking at what my.
[00:10:27] Richest friends and mentors do, and I, I wanted to share this with you. By the way, if you like this, and if this was simple enough and tactical enough, I would love for you to screenshot this episode and post it and tag me. That way I can make more like this for you. So do me a favor, just screenshot this episode and tag me, and I can make more like this for you.
[00:10:50] Hey, this is Sharran. I have an awesome free gift for you just for listening to the podcast. As you may know, I’ve got a chance to build $2 billion companies the hard way. So if you like this episode, you’ll love getting the exact playbooks from those wins. It’s on my Substack, called My Next Billion. It has the exact frameworks I wish someone had given me when I was figuring it all out. Now you get the real lessons from the trenches as I go for a three-peat and build the next billion. So everything’s free at mynextbillion.com. Please check it out at mynextbillion.com.