How to Create a Wealth Mindset
By: Mo Elhammady @the_business_lounge_ @moelhammady
Photo Credit: www.pantheon.io
One of the biggest misconceptions when it comes to wealth is that only people with millions of dollars in their bank accounts are “wealthy”.
In fact, that couldn’t be further from the truth. I bet if you were to ask three different people to define wealth you’ll get three different numbers and definitions. The bottom line is, if you want to be wealthy, you’ll need to think like the wealthy.
The first thing you’ll need to do is actually write down your financial goals. How much money do you want to have in one year’s time? Five years’ time?
Do you have that number? Great!
Now, if you want to see any of that money, you need to learn to develop a wealth mindset, which unfortunately today seems like a lost art. You may not know this, but 60% of Americans live paycheck to paycheck, and if you consider the rising levels of credit card debt, it really only gets worse. Most credit card holders have impulsive spending behaviors, and waste money they don’t have on items they don’t really need. By the way, this isn’t a problem just in America; the number of people living this way and racking up their credit card debt is increasing everywhere around the world. All this does is create a vicious cycle of debt that’s very hard to get out of. That’s why having that wealth mindset is so important.
So, what exactly is a wealth mindset?
First of all, I want you to think of any of the wealthy people you know or read about. If you were to dig deeper into the stories of these wealthy people, I’m sure you would begin to notice a pattern. Most, if not all of them never boil down their success to one, single moment. Instead, they’ll talk about mindset being their main reason for their prosperity.
A wealth mindset is a set of beliefs, habits, and behaviors that separate the wealthy from the rest. A wealth mindset will guide you to make the most of the money you have. However, this doesn’t come easy. It means you’re going to have to spend less, make wise investments, and look for ways to improve your financial standing with the least risk possible. Fortunately for all of us, with a little dedication, anyone can develop this kind of mindset.
The first thing you need to do is understand and follow the W-E-A-L-T-H acronym, where each letter represents an action you should take towards your journey to wealth; as in:
W – WRITE DOWN WHAT YOU WANT
E – ENVISION YOUR FUTURE
A – AFFIRM YOUR DESIRE
L – LISTEN TO YOUR INNER VOICE
T – TAKE ACTION AND TRANSFORM
H – HOLD THE VISION
Let’s dive into each one of these to get a better understanding of what I’m referring to.
WRITE DOWN WHAT YOU WANT
The reason it’s so import