The Money Mindset - It all starts here!
Updated: Jan 20
Before you master all your other skills of wealth creation, it all starts with your “Money mindset.” It doesn't matter how many skills you pick up, it doesn't necessarily mean that you will be able to become wealthy without having the right mindset to match. A lot of what holds people back from being wealthy is not having the right mindset. They think it’s not for them and it’s only other people that can become wealthy.
A Money Mindset or Wealth Mindset not only helps you make more money, but you learn how to better manage and take care of your money. Money is something that needs to be controlled to become wealthy. It doesn’t have a mind of it’s own but it needs a master. So without the right mindset it can control you rather than you controlling it.
Your mind is something you can develop just like a muscle so you can develop this Money Mindset too with practice over time.
People that are rich now can have a poor mindset and set themselves up for future failures. Have you ever heard the stories about lottery winners, sport stars or trust fund kids that found themselves with a lot of money really quickly and then lost it all over time and ended up broke or poor? Well that’s because they didn't have a wealth or money mindset and it was inevitable that the money would be mismanaged and lost one day. Money needs good money management and correct way of thinking, which is where the wealth mindset comes in.
Likewise It’s also possible for a person in poverty to have a wealth mindset which will help pave their path to success. History is littered with rags to riches stories, where people that started with very little often working from their garage or bedroom to build up large fortunes. The biggest companies in the world such as Apple, Microsoft and Amazon all today started from individuals with big dreams working by themselves from a garage. There have been thousands and thousands more people that have built their fortunes like this in all different industries. Now with the digital age, there has never been a better time in history to go out and start on the path to wealth with nothing more than a laptop, internet connection, a good idea and a money mindset!
So now you have seen both sides of the coin and what side do you want to be on?
You have the choice at time in your life whether you want to “ Think Rich “ or “ not think rich” You can decide whether you want to be a “have” or ``have not “ as well. It’s as easy as deciding early and then sticking to that path no matter what.
That’s why the path to being wealthy starts with learning the “Money Mindset”. It’s important to learn the basic practical skills to earn money and build wealth but without learning the mindset portion you’ll find it difficult and nearly impossible to get wealthy and stay wealthy. You can learn and practice the money mindset well before you buy your first investment, start your first business or even earn your first dollar. The best thing to do is to develop your “Money Mindset” along side all the other practical skills you need to be good with money. We think it’s so important that we dedicate a whole chapter to it later in the course!
The Rich and wealthy Think Differently and here are a few examples of how the Rich and non Rich think. Just know when we refer to a “rich” or “poor” person we are not judging or know their exact circumstances but this is a mindset we are referring to which will determine their future.
Poor person - Talking about money is not polite and should not be discussed in public or at home.
Rich person - They talk about money at home, are constantly learning and discussing money, they know it’s the only way they will get better at the game of wealth.
Poor person - Save don’t invest it’s too risky
Rich person - Investing is essential to be wealthy and I need to learn how to do it
Poor person - Don’t risk your money
Rich person - Learn how to identify and manage the risks
You can see from these few examples already how different the way of thinking is between the Wealthy and Non wealthy person and how different their outlook in life is going to be.
You can see from just these few examples, where thinking like one person or the other will take you eventually in life. That’s why it’s so important to get into the right mindset early in life as it gets harder and harder to change over to the other side as you get older.
When you see these statements, do you think more like the wealthy person or the Poor person?
The good news is you can train yourself to think like a wealthy person. You just have to work on your mindset. It might not be easy to change your mindset and it takes time but it can definitely be done.
Here are a few of the main ways the wealthy think about money and wealth building:
They are willing to think long term and plan ahead. They are happy to trade the boring present for a good future.
They understand that wealth building takes discipline and focus just like any other worthwhile achievement in life
The best time to start on it is now, time is so important and the earlier you start the easier it will be later.
They see money as a seed that needs to be planted to grow more dollars for themselves
They see money and abundance as unlimited and enough to be shared around anyone that wants it.
As you can see from these ways that the wealthy or future wealthy think, their “Money Mindset” shapes the way they view everything in life. It will shape the choices they make, the friends they hang out with and what they spend their time doing. All of this is so important in the game of wealth building.
As The Money mindset building blocks start to take shape it will determine everything you do in life. The way you look at the world and money will change and soon you will shake off those limiting beliefs from your old mindset.
Now more than ever, wealth can be attained by nearly anyone that really wants it badly enough, you just have to start with the right “ Money Mindset” and your journey begins!
If you enjoyed this blog and want to learn about money skills and the wealth mindset then check out our series of great courses on this link!
TRY OUR 3 ONLINE COURSES👇🏻
These 3 courses are broken up into:
"The Fundamentals of Wealth" ( 8 week course )
" The Wealth Mindset " ( 4 week course )
"Your money plan in 30 days" (4 week course)
Also you can try out our free mini course here!
THE 6 MONEY SKILLS YOUNG PEOPLE NEED TO LEARN TO TAKE CONTROL OF THEIR LIFE
We look forward to seeing you there! 🙌
Be wealthy! 👊