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Mindset is a buzz word these days, but for good reason. Your mindset matters. This is true in all aspects of life, and money is no exception.
YOUR THOUGHTS AND FEELINGS ABOUT MONEY WILL FUNDAMENTALLY CHANGE YOUR FINANCIAL FUTURE.
What things can you do to "check in" on your money mindset?
1. EVALUATE HOW YOU VIEW "RICH PEOPLE"
- The narrow viewpoint that "rich people" are in some way "other" or fundamentally different than you is a lie. Most of us take it a step further though, and develop a social box that we put wealthy people in and then make unfounded assumptions based upon our social construct. If you find yourself assuming that wealthy people inherited their wealth, are greedy, or are lazy... you need to do some fact checking. Multiple studies have found that less than 20% of millionaires inherited their wealth (see US News, Chris Hogan's Everyday Millionaire, & Thomas Stanley's The Millionaire Next Door). All of the previously mentioned resources are great wealth myth-busters in general. If you find yourself falling into this mindset trap, consider reading one or all of them.
2. DEVELOP AN ABUNDANCE MINDSET
- Do you have a fundamental belief that there are enough resources, opportunities for success, and monetary wealth for everyone? This is the foundation of an abundance mindset. If you think that because someone else has built wealth or has achieved success that somehow you are excluded from doing the same, you have what is called a "scarcity mindset". An abundance vs scarcity mindset will polarize the way you view every single situation and opportunity. Quite literally, this alone can change your life. If you want a deeper dive into mindset, read Mindset by Carol Dweck. It's been one of my favorite books of 2020 thus far.
3. REMEMBER THE PURPOSE OF MONEY
- The point of money is not to just create a big pile of it. Money is a TOOL. Accumulating money will give you the opportunity to be flexible with your time, pursue your passions, provide for your family, give generously, etc. Money & wealth are nothing more than instruments to do what matters - life. Keep your motivations in perspective during your wealth building journey.
4. PAY ATTENTION TO HOW YOU TALK ABOUT MONEY
- Do you find yourself saying "I can't afford that"? What if you inserted the script "I have another plan for my money right now" instead. Regardless of if it is internal or external dialogue, the words you choose will create your frame of mind. Don't talk negatively about your current financial situation like it's your permanent station in life. You are in the middle of your journey. Use encouraging words and be kind to yourself.
Here are resources to get you there:
1. Join the next Financial Freedom Framework 12-week challenge and learn how to turn your 6-figure income into a 7-figure next worth.
2. If you want the most personalized help available, apply to join Millionaires in Medicine, Strive's signature 6-month financial coaching program.