A Lucrative Guide to Creating a Wealth Mindset
Without a wealth mindset, it’s unlikely that you’ll do the things necessary to build and preserve wealth. A wealth mindset is necessary, but insufficient on its own.
However, a wealth mindset creates the potential to change your financial life in a big way. Your mindset is a starting point.
Most people have a mindset of short-term enjoyment. They spend money to make themselves feel better in the moment with little regard for the long-term ramifications. How many times have you been excited to purchase something that turned out to be less than exciting after you owned it for a week?
Would you like to create a wealth mindset?
Enhance your mindset and your financial situation with these techniques:
1. Take your spending seriously. A wealth mindset requires taking your money and your spending seriously. Each dollar you spend has the potential to decrease your wealth by more than just a dollar. I live in a resort town on the water so this could and probably does happen every day around here. Consider this example of how this works:
If you purchase a $100,000 boat, the impact isn’t just the price of the boat. It’s also gas, insurance, maintenance, and so on. There’s also the opportunity cost. You could have invested that money in something that would actually build your wealth. You also lose the time you spend enjoying and dealing with your boat. That time could’ve been spent on creating more wealth. Is the enjoyment worth more to you than the money? Only you can decide what’s right for you in the long-term.
A wealth mindset takes spending seriously and considers the short and long-term impact of each dollar spent.
2. Focus on creating value. A job can be lucrative, but it can take years to reach the point in your career that you’re making a very large salary. The wealthiest people create the most value and charge others for it.
Consider how you can contribute the greatest amount of value to the world and
get paid for it.
3. Spend your time wisely. One of your greatest powers is your ability to choose how you spend your time. A person with a wealth mindset uses their time effectively. How do you spend your free time? Are you building wealth, learning about wealth, or spending your time on something else?
4. Learn about wealth creation. The more you know, the more you can do and there are opportunities everywhere. Unless you are very fortunate, no one pulled you aside and taught you about wealth. You might not even know anyone who is wealthy. It’s up to you to learn everything there is to know about wealth and how you can create it for yourself.
5. Think big. It’s important to have big goals, ideas, and plans. Conservative goals are for average people. Wealth and average don’t go together. Imagine that you could make steady progress for 25 years. Where would you end up? Now, create a plan to accomplish that in five years. That’s thinking big.
One of my biggest focuses is Combatting Chaos and Creating Calm. Financial Mindset and Financial Fitness are crucial to this plight and play an integral part, wouldn’t you agree? So think Big and look for ways. The vehicles are abundant and all are available to us all if we are open.
With Grace and Grit,
Whitney