There are many ideas and requirements around what true wealth is to an individual. It could be wealth in their health, happiness, love, joy, etc. But in this post I am talking specifically about wealth from a money standpoint and the mindset shifts I had to make to start building some form of it for me.
First of all, what is the amount of wealth you need to live your life? Some people may need $50,000 a year to live the life they want to live while someone else may need a million dollars a year to live the life they want.
Regardless of what the amount of money and wealth you need is. Most of us have been conditioned and taught that building wealth is something for rich people. It isn’t something we are taught by our families because our families never built wealth.
If you were never taught about something the chances of you pursuing it and trying to accomplish it is greatly reduced.
Here are four of the mindset shifts I had to make for me to get on the path of building wealth and changing my circumstances in the present and in the future.
Yes I can. This has to be first. You have to believe that you can. So if you have a victim mindset and the world is set up against you. Then you will never build wealth. You have lost before you have even started.
What do you need to change in your life, so you can believe that you can? For me, I had to change the group that I was learning from and that I was around. In some cases this was my actual friends and who I spent time with. However, I was able to change a lot of what I was consuming and reading and this helped changed my belief that I could build wealth.
Anybody can pick up a book and start reading it, it is almost free really. And then with YouTube and other social media apps and websites you can get mentored by some of the most successful people on the planet and you may never even meet them. My favorite mentor of all time was dead before I had ever heard of him. But once I heard of him, I purchased everything I could that he had released and I soaked it up. And it changed my life.
Security is an illusion. If you think your current job is secure then you are naive. Look, I hope your employer treats you with respect and pays you well. I hope you love your leadership and the leadership in your company loves you. That’s great. But at the end of the day all businesses have to make money. If they don’t then they are no longer in business.
The check you have been receiving for 30 years, 5 years, or 1 year from your company is great. My hope is that you continue to receive those checks for as long as you and the company want you to.
But just remember at any time, things can change. And the only security you really have is in your skill set that you have developed and my goal with this post is helping you understand that the only other fianicnal security you have and can have is in your willingness to make the right financial decisions with your money.
Courage: I have thought about the word courage a lot lately, because our world seems to lack a lot of it. At the sake of sounding redundant. Let’s define courage again.
My definition is this: The willingness to do something and invest something knowing that there is a risk of losing what it is you invested or offending because of something you believe in.
I created the one above because I think it accurately describes to me what real courage is nowadays. The actual definition through a dictionary might have something else such as: ability to do something that frightens one.
I don’t want to go down the rabbit hole in this post about the lack of courage in our world to tell the truth on basic things. That’s another point for a different day.
To build wealth though I had to change my mindset that I have to be willing to write a check betting on myself, on my due diligence, on my strengths as an operator that the money I will be giving up today will be replaced by more money in the future on this investment.
We know there is a risk in any investment. Some are bigger than others. But knowing the risks and still being able to make the investment takes faith in yourself. And without faith, there is no courage. I wasn’t born with this courage, I had to develop it through my education and willingness to grow into making bigger and bigger investments.
Abundance minded. If you grew up like I did, you are conditioned to have a scarcity mindset. Meaning protect what you have, don’t overspend, save for a rainy day, don’t get the best stuff, get the most affordable, etc.
All of these things on the surface aren’t bad ways to live your life. However, you can’t lie to yourself and say that your scarcity mindset doesn’t creep into all areas of your life that eventually prevent you from getting the things you really want.
If you believe that every one only gets a piece of the pie, their fair share, then you will accommodate your entire life accordingly. But once you start believing that there is not one pie, that there is an entire bakery of pies and everyone can have their own pie. You will then start creating more abundance and wealth in your life.
Once I started making better money in my life, I still had the same mentality that my parents had taught me. Hoard, save, don’t spend. Once I shifted this mindset to abundance I was able to start creating a life that has afforded me more and more opportunities.
Out of the four mindset shifts I had to make. Which one of these are necessary for you to change? Please post it in comments. I would love to know. Also, if there are other mindset shifts you have made, I would love to hear those as well.
To your success and your future.
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