Money Mindset Matters

Program your money mindset for next level wealth.

 

Building wealth is a gradual process that involves strategic planning and consistent actions. However, the first step to being wealthy is to program your money mindset. Start by defining your financial goals: how much money do you want to have in a year’s time? Five years' time? Got a number? Good. Now, if you want to see a cent of that money, you'll need to develop a wealth mindset, and a plan.

Let's assume you currently earn $100 000 per annum right now. If I asked you to come up with another way to earn $100 000, a few options would probably come to mind:

You could apply for another job at your current company.

You could apply for another job at a different company.

You could work two or more jobs at the same time (such as freelancing part time at a few companies).

This is what's known as familiar riches. It's easy to think of many ways to earn the same amount of money that you currently earn, plus maybe an extra $5000 to $10 000 per annum if you were pushed...

However, what if I asked you how you could earn $400 000 per annum? Your brain would draw a blank. There are no obvious pathways to increase your income by 400%, right? This mental jump (from familiar riches to a wealth mindset) is a skill that you can develop, and it's what sets the wealthy apart from the rest.

People with a wealth mindset ask themselves questions like, “How can I achieve my ten-year goal in the next six months?” And then, they find creative ways to do it. They start a company. They invest in a new market. They buy a business...

If you can only see pathways to increase your income by 10%, 20% or 30% of what you’re currently earning… you’re limiting yourself and disrespecting your potential. You have to train your brain to find pathways to double, triple, quadruple your income. And you can do that through a simple daily exercise:

Step 1. Block out 15 minutes on your calendar every morning for the next seven days.

Step 2. Each day, sit down at your laptop (or your journal) and ask yourself these three questions:

1. How can I make two, three, four, five times more money than I’m making today?

2. What are a few ways that other people make two, three, four, five times more money than I do?

3. What’s the shortest time frame that I could do that?

At first, when you start this exercise, your mind will be blank. That’s normal. However, if you can start writing down two to three small ideas every day, regardless of how creative they may seem, the more realistic ideas will eventually start flowing. And with consistency over time, you'll forge those pathways to a multiplied income.

(Credit to Shaan Puri — My First Million podcast)