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No one is born knowing how to manage their money. Sure, some people are born into families where financial management is modeled well for them. But for the majority of us, that’s not the case.  Do you know what is controlling your money?

First you must become aware of how you are managing your money.  There are so many different ways to manage your money, but have you ever been taught how to manage your money? There are very few people who have been taught good money management habits growing up. When you become aware of what you have been doing with your money then you can start making some changes.

If you have been a spender your whole life, spending all your money is not going to get you wealthy. You have to learn to keep some and get it to start to grow for you.

If you are a saver, but you don’t use any of it, it’s just a bad because you want to take some of your savings and invest it to get it to grow for you.

You need to look at your money beliefs and decide if they are hindering you in becoming wealthy.  Look at you negative programming, only once you identify it, can you start to change it.  You want to know that is controlling your money.  The things that are keeping you broke.  Peoples money beliefs keep them stuck.  So if you are constantly saying and believing that money is had to attain, you will continue to experience that.

The difference between the wealthy and the poor starts with the right mindset. If you’re serious about success, then you need to change how you think.

As you study the lives of wealthy people, you’ll notice one consistent theme: a growth mindset.

Dale Carnegie –  “Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all.”

Having a wealthy mindset is ultimately about growth and persevering until you reach your desired outcome. The best place to begin? Understanding the poor vs the wealthy.

The difference between rich and poor people

If you’ve spent any time on social media you’ve no doubt seen people posting content about their incredibly lavish lifestyles.

For some, the images are real. But for others, behind the scenes is a lot of debt, poor credit, and zero savings.

In the book, The Millionaire Next Door, Thomas Stanley studied millionaires overall several decades. Do you know what he found?

Most millionaires aren’t living out in Hollywood. Most millionaires are right in front of you – living in your neighborhood, driving that second hand Toyota and sporting the iPhone from 5 years ago.

They’re business owners who’ve built their empires from the ground up, women and men who’ve maintained their old lifestyles while building real assets.

So as you scroll in awe, realize that truly wealthy people often won’t flaunt it. And it’s partly why they continue to increase in wealth. They’re not buying the latest gadgets, instead, they’re building assets. And there’s many more of them out there than you can imagine. This is a key differentiator between wealthy vs poor people. 

What is a poor person mentality?

On the other end of the spectrum, you have a significant number of people stuck in a poverty mindset. This generally convinces people that their circumstances are fixed and that living paycheck to paycheck is the best they can do.

Poverty is complex. Our environment, exposure, and life experiences can keep us trapped in its cycle. However, by deciding to adjust your mindset, you can carve your way out.

Someone with a poor person’s mindset believes that life has thrown them never been seen before challenges that are impossible to overcome.

What this person fails to realize is that everyone goes through rough patches. Oprah didn’t rise to where she was without facing major personal and professional challenges.

You want to become aware of the negative thoughts that may be holding you back.  “Every month by the middle of the month I’m broke.”

To get rid of these beliefs you first need to know what they are.  So spend some time identifying your negative money beliefs.  Money is controlled by your thoughts and beliefs.  You want to develop the thoughts and beliefs of the wealthy.

HOW CAN YOU ADOPT THE MINDSET OF THE WEALTHY?

Now that you know the difference between poor vs wealthy mindsets, let’s get into specific wealthy mindset habits that you can start working on today.

It all starts with a decision.  You adopt the belief that you can be wealthy.  Look around you, there are wealthy people everywhere. You have to think like a millionaire in order to become one.  You also need to stop hanging out with negative people.  Learn from the wealthy.

So what are the wealthy mindset habits that you can start working on today.

  1. Wealthy people always have a vision

Before you hit the ground running, ask yourself this: what is my vision?

Do you have hopes and dreams you’re constantly thinking of achieving? Is your vision big beyond what you think you are capable of today? Will what you see for yourself change your life, the life of your family or your community in the future?

If all you see is where you are today, challenge yourself to build a vision. Once you do, realize it’s not a one and done affair. Instead, it’s an everyday process where your mind dreams further of what’s possible.

 

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2.    Wealthy people are results-driven

Wealthy people focus on outcomes. They don’t build routines for bragging rights. No one is waking up at 5am so they can post about it on Instagram.

No. Wealthy people are focused on the results and will commit to doing what it takes to achieve them. Routines alone will improve your quality of life. But they won’t do anything for your bank account. Routines coupled with focused action will yield results.

So what’s the best way to achieve results? Start with the end in mind. When you have a clear idea of what the end goal is, it will be so much easier to work back and figure out what it takes to get there!

3.    Wealthy people don’t work for money

You heard that right. Wealthy people work to learn. Poor people work for their next paycheck.

You see it all around you. Poor people end up working from paycheck to paycheck barely making ends meet. Wealthy people grow their skills and abilities and continually rise up the ranks.

Once you make money the end goal, you’ll be stuck working for it, without growing in your talents and abilities to earn more income. If you work to learn, you’ll be well on your way to success.

4.    Wealthy people have mentors

Life is all about relationships. You’ve heard the saying before “your network is your net worth.”

It’s true. Now that doesn’t mean you should go out there and dump your friends. Instead, it means you should broaden your circle. You see, wealthy people connect with other people. They identify stars in their field, study them, and through a leap of faith, make that connection.

It all goes back to your vision. Who inspires you? What do you admire about them? What do you hope to learn from them?

5.    Wealthy people are not afraid to fail

If there’s anything you take away from today, let it be this – wealthy people are not afraid to fail. They’re not afraid of trying something new. They see a problem and they are quick to think of solutions to it.

They are not afraid of failure because as long as there are lessons to learn, they have not failed.

You’ve certainly achieved wins in the past but before those wins you’ve probably also had things not go according to plan. Look back at each of them and you’ll notice the lessons you learned in order for you to get to the point of success.

You must work on your mindset every day.  Spend at least 30 minutes a day learning.  Read books, take a course, and listen to podcasts.  When you so this and you start to apply the things you learn, you will start to see shifts in your mindset and wealth.

Model successful people.  Do what they do.  Think like they do.

To become wealthy you need to act as if you are already wealthy.  Now I don’t mean rack up debt to give the perception of being wealthy. Start by creating a vision of what it would mean for you to be wealthy.  So if you want the Audi R8 Spyder, you start by doing some research.  How much do they cost? Which dealership can you go test drive one at.  Remember you are acting like you wealthy.  Take a picture of yourself in the car, then put that up where you will see it every day.  You will be amazed at what will happen, when you start acting like you wealthy.

Now you want to take massive persistent action every day.  No action means you won’t get what you want.  Take steps consistently towards achieving your wealth.  Just listening to training or taking course won’t help.  We all know that knowledge is only power when it is put into action.  For example I decide that I am hungry, so I grab a recipe book and read how to make a delicious curry, close the book and go back to work.  Will I have satisfied my hunger? Of cos not right.  I would now have to actually cook the curry and then eat it.

Becoming wealthy is not hard. You just need to start cultivating habits that will get you there.

Like many before you, you too can become a millionaire. It won’t happen overnight, but with consistent and diligent effort, you’ll be well on your way to achieving wealth.

CONCLUSION

To become wealthy you start by looking at what is controlling your money.  What habits or beliefs do you have around money?  Change the habits and beliefs that are not working for you and start to adopt the habits and beliefs of the wealthy.  Take control of your future by putting goals in place and taking daily action towards achieving them.

 

 

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