In today’s day and age, it seems like there is constantly a millionaire in the limelight. Whether it’s the owner of a massive tech company, a famous entrepreneur, an influencer, or even video game streamer, wealth, for many, has never felt so attainable and so far away at the same time as much as it does now.
While your mindset alone is not universally responsible for the success of your finances or fortune, it is a major player in how you make decisions, and how you produce a space of earning and healthy finances. Here are a number of ways that you can adopt a wealth mindset to build your fortune.
If you want to create, accrue, and tend to wealth, you need to be goal oriented, in more ways than just having them.
Many people make the mistake of thinking that having goals will achieve them. That if they say they want to make $500,000 in a year, they will simply take the right actions to do so and it will happen. While this is a wonderful sentiment, it simply doesn’t work that way.
“People need to have both short-term, and long-term goals in order to succeed financially. This entails carefully-planned goals at one-month, three-month, six-month, annual, bi-annual, five-year, and even ten-year intervals.” - Vincent R. Chan, Chief Financial Officer, of Christina
Goals are not wishes for the genie of the universe, but are a road map to your own success. Think of what you want to attain in the big picture and break it down into its parts. If you want to make certain investments, find out what capital you need in order to do that. If you want to double your wealth, find out what investments you need to make. If you want to buy a piece of property, find out how you need to diversify and prepare your portfolio in order to do so.
Goals can be plastic, and can be concrete, but having a number of goals at the proper time intervals will largely increase your likelihood of success, and will improve your personal discipline as well.
We’ve all seen a post on social media that says something along the lines of a “poor mindset spends, a rich mindset invests.” While this hasty generalization may offend some, a wealthy mindset does, in fact, invest.
If you are looking to build your wealth, you need to teach your money to make more money.
“There have never been more investment opportunities than there are right now. Anyone has the opportunity to get into property, the stock market, NFTs, cryptocurrency, and any number of assorted industries. With a little bit of research, any striving investor can find a channel that works best with their skillset and financial portfolio.” - Lina Miranda, VP of Marketing at AdQuick
Investing is an exponential process. The more money your money makes, the more you can invest, and the more opportunities you gain. If you are trying to grow a wealthy mindset, always seek the investment opportunity before the spending opportunity. And continue to ensure that you save more money than you spend.
Not all wealth is in the bank account. If you focus only on the number in your checking account, you have lost sight of what wealth is.
In fact, some of the world’s wealthiest people on paper would be considered “cash poor.”
“If you are going to purchase assets, purchase investment assets. In terms of property, for instance, don’t buy a piece of property simply because you can. Research carefully what properties are at low prices and have the potential to increase in value. Seek out properties that you can rent, or even consider flipping properties.” - Trey Ferro, CEO of Spot Pet Insurance
Collections can also pose opportunities for asset investment. High-end musical equipment, vehicles, and artwork can all offer forms of personal property that have the potential to increase in value with time, care, or demand, and can be sold later if needed or desired.
“NFTs have recently become a form of investment asset as well, supplying investors with the opportunity to purchase digital property or artwork that will increase in value in accordance with demand and the industry.” - Fred Gerantabee, Chief Experience Officer of Readers.com
Like NFTs, there are a number of property assets you may want to consider in order to improve your portfolio of assets. What is important is that you understand them as an extension of your worth, and your financial portfolio.
Wealth and wisdom are synonymous. If you want to adopt a wealth mindset, it goes beyond saving money, or making money. Always be learning about financial opportunities, but also continue to educate yourself regarding the world around you.
“The best investors know about more than financial systems, they know about current events, technological trends, and even political systems. The global financial system is so intertwined with every industry that it is not enough to research only the numbers. Investors need to understand society to be able to predict financial events before they happen.” - Guna Kakulapati, CEO of CureSkin
The more that you know about the unique industries and fluctuations of the world, the more you will understand what affects the financial sector, and how the financial sector affects the rest of the world. This type of knowledge allows you to make educated investments, find lucrative opportunities, sell assets or stock options at the right times, or even get behind new industries.
A wealthy mindset is wise, but unafraid. As you attempt to pursue a greater portfolio, to increase your wealth, and to accomplish your goals, many people will tell you that your goals are not attainable, that you should scale down your ideas, or that you should even give up.
“Of course, be wise about your decisions. Don’t put all your eggs in one basket and refuse to listen to the wisdom of someone who tells you not to. However, if your goals are being pushed down, don’t accept it.” - George Fraguio, Vice President of Vaster Capital
If you have educated yourself, have dreamed big, and have a plan, continue to push toward your goal. Of course the chance exists that you don’t reach them when you want to, but you certainly won’t reach them if you don’t try.
Dream big, and go beyond expectations.
Yes, building your wealth is a long process, and it takes a lot of work but it is still supposed to be a process you enjoy.
“Nobody wins at doing what they hate. When you are intentional about your love for a process, you become passionate, and building success is an exciting, everyday task.” - Benjamin Meskin, President of Cabrella
Find the aspects of a wealth mindset, and wealth building that you find most enjoyable. Maybe it’s a specific investment field, a certain type of risk-reward, maybe even a type of asset that you find fascinating and want to get involved with. If you enjoy it, you will be far more capable of pouring your time, effort, and mind into it.
With all of these aspects of a wealth mindset, you have to teach your brain to think in a new way. Focus on writing down, speaking aloud, or even meditating regarding these things. Then, put them in action. It will take time, and a good bit of grit, but as you form these habits you will begin to more easily accrue wealth and build your portfolio, making your mindset a force to be reckoned with.
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