Having a Wealth Mindset is more than just your attitude; it is also about your behavior
“What you think about, you bring about.” – Bob Proctor.
Energy indeed flows to what you think about, but thinking about things won’t make them happen. Having a wealth mindset will not result in money falling from the sky into your lap. The first step is to have a positive attitude toward wealth, and the steps that follow lead to the appearance of wealth.
A wealth mindset isn’t just an attitude; it’s also a way of life.
One of the main factors that create wealth is shifting from hoping for change to acting on change. The behaviors that shift the mindset into a more positive one are formed by how you live your daily life. Let’s take a look at a few behaviors that can help you transition from a poor to a wealthy lifestyle:
Saving– Saving is a behavior associated with a wealth mindset. Saving shows that you understand that living for tomorrow is just as important as living for today. A question asked a lot is, “How do I save money if I live paycheck to paycheck?” This can start small, try putting aside at least 20-30$’s each paycheck and if you cant leave it in an account, grab an envelope and leave it in your room. This will help you become more disciplined and will make it harder for you to spend it. Set some goals! When you don’t have anything to look forward to, it is harder for you to save. Do you want to go on a fun trip? Do you want to move out? Do you want to buy a house? Having this motivation will help make you feel excited about saving instead of dreading it.
Giving– It is a wealth mindset behavior to give. Helping those in need benefits both the community and the individual to whom you are donating. Providing your resources, whether to a family member, a friend, or a random person on the street promotes a wealth mindset. Creating this culture of giving humbles you, and it can frequently be forgotten when wealth comes knocking on your door. Giving doesn’t necessarily mean giving away money. You can give to others through your time and kindness; even a simple compliment can make someone’s day. As Winston Churchill once said, “We make a living by what we get. We make a life by what we give.”.
Spending responsibly– is a wealth mindset, and a wealth mindset is formed by living within your means and using debt as a tool, not a crutch. Tools that are meant to bring you more wealth can often be used negatively. An example of this is credit cards; many students and younger people often are intimidated by credit cards because they were either taught to fear them through their parents or have had a bad experience with them. This ties back to spending responsibly because this is money you do not have, which is how banks get you. You get excited about having this new high credit limit and buying unnecessary things, and this is where you can get in trouble.
Financial education– entails developing a wealth mindset. A wealth mindset is learning how to make your money work for you rather than working for your money. Seeking advice or gaining knowledge to make the best financial decisions for yourself and your family puts an end to poverty. Bringing back the example of the credit card, many people are not financially educated in how to use a credit card properly. If you take the time to learn about the benefits it offers, the APR (annual percentage rate), and the features, it can help your finances if used correctly. This is where you have the power to turn that debt crutch into a wealth managing tool.
Teaching others- It is a wealthy mindset to teach others; taking the time to teach what you know and share your expertise is a behavior that reinforces the concept of limitless resources. A willingness to be gracious and generous with your time, talents, and resources is an indication of a wealth mindset. An example of this is me writing this article to you as you read it. Many people want to learn more about their finances and often don’t know where to start, and I want to provide meaningful information that hopefully you can takeaway.
Deciding to change your mindset about wealth is admirable and a great first step toward success, but true wealth comes from actions, and it is far better to do the things that lead to wealth than to think about them. Remember not to fall victim to your finances and to take control today to be a fighter. It is never too late to wake up and say you don’t want to be in debt anymore or you don’t want to be poor anymore, and you have the power to start this very instant and create a plan to make a change.
