Money has a powerful impact on our lives. It is what we use to measure our worth. We all have different financial lifestyles, but no matter how much money we have, our financial mindset can determine how well we live, hence why there are always topics on secrets of the mindset of the rich.
It doesn’t matter if you’re a millionaire or just starting your first job, you can always change your financial mindset and improve how you view money. There are certain attitudes that everyone shares that will help shape their future and inspire them to make better decisions with their finances.
But, before we get into it, let’s address something that most of us have experienced when we start this journey. The no. 1 problem that stops us from becoming rich, is usually self sabotage.
Self Sabotaging Your Own Success
Everyone likes being wealthy but not everyone can do it. It’s like, no matter how they try to attract wealth, it seems to fail every time. One major key is due to the way they think. They just don’t have the mindset of the rich.
some people are always too afraid of the idea of failing that they end up giving up before even starting. Simply put, their mind is not focused on what they want in life or they are just not ready to reach their goals.
They just do not feel worthy of the possibility of having great things in life, so they end up always having self-doubts which put them down every step they take – even when the opportunity is presented right before their eyes!
Here is the thing, it isn’t their fault. It is through years of doubts and disbelief that creates these barriers that stop them in their tracks.
When they can break through those barriers, they will be ready to take it to the next level.
So what can you do now?
Prep yourself for big things, find out what is the cause of your lack mentality. The key here is to understand yourself better by visiting your past, why certain habits of unworthiness or negative self-talk happened. Only then, you could heal and move on and relearn new ways, allowing yourself to believe in a promising future.
That is what separates the wealthy from the average people.
Think Like A Rich Person
This ‘mindset’ helps people make more money. Having such a mindset can be life-changing because it changes your beliefs, helps you focus, and alters your perception of the world.
There is something unique in the way that millionaires think. While millionaires didn’t instantly adopt the right thinking and attitude, they built it over a period of time.
But how do you adopt these mindsets? Before we go there, here’s what you should know about the human mind. Do you know it takes 21 days for a human mind to develop a habit? That goes the same in changing your perspective.
As you take action and actively change the way you think every single day whether, through self-talk, affirmation, or visualization, you will soon realize that you have formed a new belief or habit.
In addition, you would have to eliminate self-doubts to make sure your new habit sticks. If you want to make more money, start with these six secrets of the millionaire mindset.
6 Mindset Secrets of Millionaires
1. Start Doing
Stop hoping, stop thinking, stop just planning, and just do something. Millionaires are doers. They work on their ideas and their plans. This is a very important trait to have if you want to be a millionaire.
Sure, you need to learn as much as you can before executing, but it is known that many people fall into the trap of analysis paralysis when they are so consumed with information. The thing is you have to stat doing even if it’s taking a small step.
A wealth empire is not just gonna fall on your lap fully functioning. It will take work and YOU will have to do that work. So, stop pining over the fact that you are not yet a millionaire and start doing something.
2. Set Long Term Goals
Don’t only think about the present, think of the future as well. Set goals that can span years or decades. Look ahead and have clear goals of where you want to be in the future.
Why does this work for millionaires? It does so because long term goals force you to deal with questions like, ‘how can I double my income for the next few years’, instead of ‘how can I pay the bills next month’.
Millionaires are often willing to give up short term conveniences for long term financial ease. Stop falling for the trap of instant gratification.
3. Keep Learning
One thing millionaires do is never stop learning. Every new lesson or skill learned is turned into an opportunity to make money. Many live by the adage, ‘The more you learn, the more you will earn.’
Constantly improve yourself in every way. Take classes and always be open to learning new skills. Try to read as much as you can even if you don’t enjoy reading.
Some of the most famous billionaires in the world – Elon Musk, Oprah Winfrey, Mark Zuckerberg, etc., have professed their love of reading.
Not just any book, of course, read books that will help widen your understanding of the world.
Read biographies by millionaires and try applying the lessons they teach to your own life. One book I highly suggest is to check out Think and Grow Rich by Napolean Hill, which I am sure many of you have heard of.
4. Don’t ‘Save’ Money
I will start this section with – Yes, you need an emergency fund. Ideally, it should be enough to allow you to pay your bills for at least 6 months if ever you find yourself in financial trouble.
But, don’t save your money for the sake of ‘saving’. You should invest your money if possible. Don’t let it sit in your bank, earning very little interest.
If investing scares you, you can start by investing in some low-risk options. Such as Mutual Funds or buy stocks in blue-chip companies that have a good track record. Keep in mind though that low risk often leads to low returns. At the very least you are not letting your money just sit in the bank.
5. Focus on Actually Being Wealthy Rather Than Looking Wealthy
This does not mean that you don’t have to look presentable, but don’t go broke doing so. Instead of getting caught in the trappings of wealth, the sports car, the expensive phones, the big mansions, etc., focus instead on growing your wealth.
Avoid spending your money on things that will not give you any returns.
Be practical in your spending and do not spend to impress other people. Look at some of your favorite millionaire-billionaire, I am sure that many of them live fairly frugal lifestyles and follow a budget. Ehem, Mark Zuckerberg, Bill Gates.
6. You Are Not Your Circumstances
It is easy to fall into the trap of thinking that you have the life you have because of the circumstances you are dealt with. This is a myth and if you believe this, then you should change the way you think.
Don’t play the blame game. If you don’t like how something is, then work to change it. Create your opportunities. Surround yourself with people who believe in you, people who cheer you on and support your ideas and visions. You can also find yourself a mentor, someone that you can look up to and who inspires you on your way to becoming a millionaire. Listen to wholesome motivational videos whenever you feel demotivated.
Just remember, this is a journey. It is all about adopting the right mindset, until then, I wish you all the best in this journey of yours.