If you're just starting out on your wealth building journey, it's easy to become consumed by the numbers. Even if you're following my foolproof formula, it can be overwhelming to think about how you're going to reach your goal. But what if I told you that there was one piece of the puzzle that is more important than money and it's free? MINDSET. Your overall attitude toward wealth building can absolutely determine your trajectory. Today, I'm sharing five lessons I've learned about mindset over the years.
1) Cultivating Abundance
We believe that wealth is a manifestation. Personally, I grew up hearing phrases like, “money doesn’t grow on trees,” or “we’re not the Rockefellers.” And you know what? I believed them. I had a “Poor Dad” mentality, so even when I had a six-figure salary, I couldn’t build wealth. Your thoughts are truly that powerful—they can actually influence your reality.
If you’re living in a scarcity mindset, you always think that your money will run out. A scarcity mindset is focused on lack. Here’s a perfect example: a person wins the lottery, and a few years later has nothing to show for it. It’s the direct result of living in a scarcity mindset.
Wealthy people don’t live in that same headspace. They are focused on abundance, and feel connected to wealth. In order to truly build wealth, you’re going to have to flip the switch and start centering yourself in abundance. An abundance mindset believes that there is more than enough wealth to go around, that money is plentiful. This kind of mindset attracts money.
2) Letting Go of Fear
I’ve spoken with countless people who want to build wealth, but simply can’t move forward because they’re held back by fear. Instead of focusing on what financial freedom will feel like, they zero in on potential things that could go wrong. They worry about what would happen if they lost their money or if their asset decreased in value. Fear of failure, fear of money, fear of what others think, the list is endless.
But here’s the thing about fear—we all live with it. It’s what you choose to do with that fear is what matters. Will you let it hold you back from reaching your goals? I hope you will choose to push forward, despite your fears.
3) Reevaluating Traditional Advice
“Don’t touch your 401k.” “Save all of your excess money.” “Work for your money.” “Automate your contributions to build your accounts.” When it comes to advice about finances and retirement, most of us have been fed ideas that don’t necessarily lead to wealth.
Perhaps there are some merits or nuggets of truth in the things you have learned, maybe not. That’s up to you to decide what works for your individual situation. I’m simply imploring you to question things. Question what you’ve been told, and even question your own beliefs. Make informed decisions, and find your own unique path to wealth.
4) Finding Your Worth
So many people believe that wealth is some pie-in-the-sky idea, that financial freedom is a possibility reserved for others. This is a lie. It’s a limiting belief. Wealth is not something meant only for those who have more money or fewer obstacles than you.
Your worth is not defined by your credit score or any other number on a spreadsheet. You are more valuable than your paycheck. There are no limits to your wealth building ability. Despite any financial obstacles or apprehensions, you hold the potential to make a plan toward financial freedom.
5) Adopting a Growth Mindset
I challenge you to listen to the stories of successful entrepreneurs and investors. You’ll notice one huge underlying theme: failure! If you plan to reach any level of success, you can also plan on failing along the way. Give yourself the opportunity to fail. Know that you don’t have all the answers, and be willing to learn along the way. If you live in a fixed mindset, you can never be convinced there’s another way.
Be open to failing. Not everything on your journey will go perfectly, but hopefully you’ll learn lessons as you go. If you want to truly succeed, you have to be open to learning.
I encourage you to begin incorporating these mindset shifts into your daily life. Write down reminders. Create a vision board. Take action! If you’re ready to begin changing your circumstances and start creating wealth, you have to begin with your mind. Believe that you deserve wealth. Envision yourself reaching your goals.
We'd love to hear from you! Which one of these mindset shifts is your greatest challenge?