Do you want to be rich?
The starting step is to see how the wealthy and successful people think differently about money. If you want to be successful with money, you need to change your mindset. Here’s how successful people do it.
1. They spend after they save
Successful people know that you need to plan for tomorrow. They know what they do today impacts their financial future. So instead of thinking “I earn X amount, I will save after I spend” tell yourself you “I earn X amount, I will save Y amount and spend what’s left.
2. They think about investments
They make money make more money for them. Earmark a percentage of your earnings to invest and do it regularly as a habit. They know that their job won’t make them rich but their investments will.
3. They think about multiple income streams
Successful people often have more than one stream of income. They started as passive income channels and built into active income streams.
4. They get into details
They pay attention to where their money is going. They don’t just throw their bills and bank statements when they arrive, they set aside some time each month to go through them. They are aware of their spends, income and expenses regularly.
5. They have a mentor
They ensure they are accountable and reach their goals by taking the support of a mentor or a coach who will help them get there faster.
6. They are always open to learning more
They have an open mind and are aware that they don’t know everything. For them learning is a lifelong process. They spend time with people they can learn new things from and improve their learning curve with the insights. They do not ego come in the way of new possibilities.
7. They have a positive association with Money
They are friends with money – they treat money as a resource not an evil. They believe that there is abundant wealth for everyone and set about claiming theirs. They pursue their money goals with a positive mindset.
8. They take calculated risks and do not avoid risks
They do the due diligence and take calculated risks, many times starting a side hustle to test the waters before embarking on a business idea.
9. They delay gratification
They believe that embracing living with less today enables you to have more tomorrow.
10. They believe a home is an expense not an investment
By spending less on housing they funnel more into future investments with better returns. For them the question is not ‘what is the maximum I can spend to get a house’ but ‘what is the least I can spend on a house and still be happy’.