This article is all about the wealth building mindset.
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While you may not have more than 3 figures in your bank account right now, there are no barriers keeping you from acquiring the wealth building mindset. It is great to work towards achieving a wealth building mindset before you ever have wealth.
It is much easier to be prepared for the possibility of you earning a lot of money, rather than having it and leaving it to your emotions or lack of knowledge to figure out what to do with it.
While you have the time to contemplate and lack the money to make the big moves, you can take advantage of the opportunity to learn as much as you can.
When I refer to wealth, I am not limiting this discussion to just financial wealth. Merriam-Webster defines wealth as the “abundance of valuable material possessions or resources“.
Having plentiful resources will give you options and opportunities to expand your impact and ways to gain fulfillment.
This article is all about the wealth building mindset.
Wealth Building Mindset
Know Your Why
Knowing your why for building wealth is essential to making the right decisions and preventing mistakes and being able to recover from them when they occur.
According to The Balance Money, in the United States, there have been about four recessions since 1990. This is typically a time of economic hardship for people who are unprepared.
Recessions are a great opportunity for those who have the capital to take advantage of discounted assets. Even still, even rich people lose a lot of money during these times.
These events can be stressful enough to cause anyone to quit. Knowing your why is essential to having a wealth building mindset.
Some specific questions that you can ask yourself are:
- What amount would be enough for you?
- Why do you want to be wealthy rather than comfortable?
- Why is wealth worth the effort?
Knowing why you do things will make the vision clearer to you, thus making the journey more meaningful.
Patience
In financial circles, you will hear the concept of compounding. Albert Einstein even called compounding interest the 8th wonder of the world. Why, because when given enough time, your money will grow upon itself exponentially.
The key factor is time. You will hear that building wealth is not a get-rich-quick scheme. It is likely that the faster you acquire your wealth, the faster you will lose it. If it takes you a long time to build wealth, you are likely to appreciate it more and make decisions that will make t last.
Patience is a key part of having a wealth building mindset. If you go through the effort to build wealth, sustaining it is just as important as acquiring it.
Get Creative
If you have not been readily exposed to people who have great wealth, then you are going to have to learn where to look.
There is a different mindset required to be a renter versus being an owner. There are many different strategies to accomplish the goal of becoming wealthy. The problem lies in a lack of exposure.
Getting creative with ways to build wealth will help you think differently and get a view of what can be possible.
People make money in all kinds of ways and being creative with your talent and how you choose to monetize it may expose you to a unexplored niche.
Study
Every day, I see people underestimate the value of studying. Especially when they have reached a level where they have a reliable job and can mostly live the way that they choose.
Why bother with the extra effort at all?
Being comfortable with where you are is not a sufficient reason to stop studying. As you study more, you will become aware of the lack of knowledge that you had initially.
Studying is a simple way to build communities and become more knowledgeable. This knowledge does not need to stay in your head, you can freely share what you have learned with others.
You never know the power that you have to change others’ lives. Pouring knowledge into others can lead to a more informed community and help people avoid unnecessary mistakes.
Those with a wealth building mindset are happy to evolve their understanding of the world that they live in and their finances.
Invest in Education
If you do not have the education to use your money wisely, it would be much more valuable to you to delay your start and get educated rather than starting right now.
You can save money by avoiding mistakes if you take the time to learn what to look for.
Investing in education is also wonderful because it is something that you will carry with you for life. If you ever were to go broke again, you would be able to get back to the position of wealth much faster.
Education can also expand farther than your dollars ever will. People may forget that you gave them money or that your money gave them an opportunity, but if you shared some life-changing information, then they will remember that forever.
If you are focused on legacy and would like for your offspring’s offspring to carry on the wealth, you also need to pass down the education. If they receive the money but are left to their own devices on utilizing the money how they see fit, the money may not last.
Prioritization of education is a part of the wealth building mindset.
Wealth in not Sexy
I may encourage you to read this part again. Working on the wealth building mindset means that we can see past the flashiness, it is more beneficial to have deeper penetrating reasons as to why we want to acquire wealth.
Games are much less fun when you’re the only one playing.
We often see the byproducts of being wealthy but do not see the much less glamorous work that goes into painting it. Some examples would be deciphering the tax code, studying cash flow, crunching numbers, and problem-solving when the numbers don’t add up.
The reality is that building wealth requires work and dedication. You have to have your vision for your life and your environment in your mind to keep you strong.
You will gain an appreciation for all the work involved once you experience it for yourself, but it is one of those things that people can’t fully comprehend until they experience it for themselves.
Another key part of building wealth is learning to not spend more than you have. Learning to save your money and use it to invest in things that bring you wealth will only strengthen your financial portfolio.
Make a habit of giving back
This is something that you can do now, even if you don’t have much. Another part of the wealth building mindset is that the wealth does not start and end with you.
Whether you choose to donate your time, money, knowledge, etc., they all go back into pouring into the community. At Thriving Independently, we focus on the impact that our wholeness can have on the community.
Giving back is essentially a form of gratitude for your community or at least the environment that shaped you into who you are today. If your environment was extra rough, maybe you are the solution. The problems that are so easy to identify can be fixed with someone who is dedicated enough to make a change.
Wealth building does not need to be difficult
I heard that building wealth is simple but not necessarily easy. I think that we have this vision in our heads of what wealth looks like. You may turn to the Elon Musks’ or Bill Gates’ of the world when thinking about wealth.
That level of living can seem so distant when you are working a 9-5 job. To be wealthy, you do not need to have their level of wealth. You might find that you don’t want it either. More money more problems, you know?
You determine your own standard of what it means to be wealthy by working on a wealth building mindset.
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