Why Wealth Is A Mindset

If you think that wealth is cash in the bank, think again. It actually has nothing to do with the balance in your stock broking account and everything to do with the two pounds of gray matter between your ears. 

When you read about the wealthiest people in the country, you find the same two stories over and over again. Either they tried something and never expected to get rich, or they already thought of themselves as wealthy and then, by dint of their unconscious persuasions, eventually got there. 

The latter example demonstrates the power of mindset when it comes to having material success. When you decide to live in a mental space that feels like being wealthy in the present, everything else follows quite naturally. 

What Is A Wealth Mindset?

Wealthy people rarely point to a single instance or lucky episode that allowed them to get rich. It’s not about “winning big.”

Instead, they will usually point to a set of attitudes, behaviors or principles that allowed them to progress from the financial situation of an average person to something extraordinary. What’s more, they often become expert in minimizing risk, allowing them to build their empire slowly over time. 

A wealth mindset is the opposite of a poor mindset. People in a poor mindset believe that they “have their station in life” and that “they are happy with what they earn.” They may harbor unconscious beliefs that prevent them from ever taking the steps to improve their financial standing in the world.

How To Achieve A Wealth Mindset

The vast majority of people build their wealth over a long period of time. We’re talking decades, not just a few years. The Zuckerbergs of the world are an exception, and even he didn’t get rich overnight. 

Set Goals

First, clearly define your goals. Do this with the help of a wealth management company, or by yourself. 

Don’t say, “I want more money.” Be specific. For instance, say to yourself, “I want to earn $100,000 in passive income per year by the time I reach 55 years old.”

Invest Right Now

Don’t wait until conditions are perfect to invest. Avoid getting into the belief that the market is “peaking” or “about to crash.” As any seasoned investor will tell you, it’s not about timing the market, but time in the market. 

Don’t Stop Hustling

While hustle culture is exhausting, it is also necessary for gaining wealth, particularly during the early years of your campaign. Work as much overtime as your body and relationships will allow you. Work weekends if you have to. Keep driving yourself to create a surplus to invest in income-generating assets. 

Moreover, choose an occupation that provides you with a modicum of enjoyment. Look for opportunities to earn more per hour in your selected field. 

Stay Positive

Lastly, know that eventually it’ll all be worth it. You’ll finally have the freedom not to work and spend your time how you like. Even if bad things happen at work, don’t let them get you down. See them as a means to an end.

This is a contributed post.