Money Mindsets to Build Wealth

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Having the right money mindsets to build wealth can be the difference-maker in achieving your dreams.

Millionaires think differently, and shifting your mindset to ones that serve you will help you build the wealth you want. How you think affects your emotions, your intentions, and how you see the world. Your mindsets also affect your actions, and taking the right actions is key in your journey of becoming wealthy.

Your mind is the most powerful thing you have, make sure you’re using it right.

Why you Need the Right Money Mindsets To Build Wealth

Mindset affects everything, from the way you perceive your reality, to the actions you take.

And contrary to what you may believe, mindsets can be changed. Your mindsets are not fixed, and by adopting a growth mindset, you can adjust the way you think. To maximize your productivity, happiness, and wealth, you need to recognize where your mindsets and beliefs aren’t serving you, and make adjustments. When pursuing wealth, your way of thinking can be a make or break for achieving your goals. You need to think like the wealthy to become one.

Let’s explore some helpful money mindsets to build wealth.

5 Money Mindsets to Build Wealth

This is by no means an exhaustive list, but adopting the following money mindsets will serve you well.

Investing for the Long Term

When you think of successful investors, the most famous example is Warren Buffet.

Warren Buffet’s net worth is nothing short of incredible, but I would argue that a huge part of how he’s build such a fortune is that he’s been at it for almost 70 years. His strategy (value investing) involves buying undervalued companies, and holding them for the long-term. When he invests in something, he’s looking for something that will pay back in 10, 20 or more years. This should be the outlook you take. Think not about how an investment will perform in the next year, but the next 10 years and beyond.

The quick wins may make you rich, but investing for the long term is what will build true wealth.

Delayed Gratification

To be able to invest for the long-term, you need to be able to delay the benefits.

There’s no such thing as an overnight success. The people or products that seemingly blow up have likely been working quietly for years with minimal reward. Jay-Z didn’t have a rap hit until 28 despite rapping since he was 15, and now he’s sold hundreds of millions of records. You need to be willing to put in the work for a long time before you can reap the rewards. Think of yourself, like a Chinese bamboo tree. These trees don’t grow for 5 years, before growing up to 90 feet in one week.

This is how you should approach your efforts, not looking for the quick dimes, but the delayed dollars.

Focusing On Your Own Progress

If you start comparing yourself to others, you can get discouraged and make choices that hurt your wealth.

Everyone is on they’re own journey, and envy is the enemy of wealth. Using others for inspiration, but be careful to not fall into a trap of comparing where you’re at to where they are. Focus on the progress you’ve made, and keep yourself on the right path. Seeing how far you have come is encouraging and will give you the fuel to reach for new heights. It also ensures your actions are aligned with your personal values.

So keep focused on your journey, and stay true to your values.

Setting Goals and Taking Action

You can’t win without goals.

Setting goals is key to building wealth. Goals help you set your direction, and can inspire you to reach your greatest desires. By setting goals, you are channeling your energy to what’s important to you. Your goals can always be changed or adjusted, but what’s important is that you are moving in the direction you want to go. Once you’ve set goals, lay out tangible steps, and take action. Goals won’t do anything unless you start taking steps towards them.

Set or review your goals, and start taking the first step now.

Gratitude

Chasing wealth is great, but if you can’t be thankful what you have, you’ll never be happy.

Gratitude is the action of feeling thankful for what you have and are. True gratitude is taking a moment to truly feel the emotions associated with the things you’re thankful for. Gratitude is also helpful in building an abundance mindset, which will further strengthen your money mindsets.

So find a way to build gratitude into your daily life.