Developing a mindset for wealth creation
The quest and desire to create wealth is a shared aspiration by human beings all over the world. It is a fundamental need to create wealth and be financially sound. Interestingly, one of the many things that separate the wealthy from the other financial classes is their mindset.
In order to create wealth, it is necessary to position yourself with the right frame of mind and attitude that will allow you to work at achieving the financial freedom you desire. In this article, I will share some tried and tested strategies to help us develop the right wealth-creating mindset.
How do you know what your current money mindset is?
In developing the right mindset to create wealth, it is important to know what your current mindset is. This knowledge will assist you in knowing what your mindset is and what you need to do to improve it. It is very interesting how the little things you don’t even consider can influence and affect the way you think about wealth and money. Things like your childhood, how your parents talked about money around you, your environment, the kind of friends you have, your education and even advertisement that you are exposed to. All these things play a role on your mindset. Unfortunately, we don’t pause to think about why we behave the way we do.
Again, when you think of the rich, what comes to mind? Do think this is simply impossible to attain? or you ask: “how did they make it?” While others think money is evil and therefore it is fine to have just enough for the day, others push themselves to make more to make a difference. Asking yourself these questions gives you an idea where you currently are. Remember, as a man thinks, so is he. You cannot make more than you think – if you think small, small is what you birth.
What is the ideal mindset for wealth creation?
If thinking small births small, then certainly thinking big would be better. A mindset that creates wealth must first believe wealth creation is possible and can be achieved no matter your current state. Be ambitious in your dreams and aspirations. Think big and dream bigger because the world is full of possibilities and the opportunities exist.
I can almost hear you say: “I dreamt big and yet failed at every turn and with every opportunity that came my way.” Well then I guess you share a similar story with one of the world’s richest men, Jeff Bezos and many others. Jeff Bezos said: “I knew that if I failed, I wouldn’t regret that, but I knew the one thing I might regret is not trying”. A mindset that creates wealth doesn’t fear to fail but only fears not trying at all.
Discouragement and failure are two of the surest stepping stones to success according to Dale Carnegie, advising that we develop success from failures. A lot of people fear these two. If you begin to see failure as a steppingstone, then you have the right mindset. If you begin to see failure as giving you that push or motivation, then you are having a mindset shift that is bringing you closer to creating wealth.
You need to grow your money or better still put your money to work to create wealth. Setting some money aside is a great start, however your money needs to work for you. There is risk in putting your money to work. It’s comparatively safer to save your money in a money box at home or in a bank account. However, you won’t create wealth by simply saving and not taking any risk at all. A wealth creation mindset takes some risk, and undoubtedly what is comfortable.
A lot of times we think we are either too young or too old to invest, but that is never the case. You are never too young or too old to start creating wealth. Walt Disney the owner of the famous Disneyland said: “The way to get started is to quit talking and begin doing.” A mindset that wins at wealth creation, is one that simply gets it done. Yes, the excuses sound good, however, if it is important to you, John Decker says you will find a way and not an excuse. Do not wait for motivation – I’m told it’s overrated, and it might take too long or never come. Wake up every day determined to make money and just do it.
Developing the right mindset
The ideal mindset is positive. Surround yourself with positive-minded people and eventually, you will develop a similar mindset. It is said, if you walk with the wise you increase their number, in the same vein when you walk with those who have the right mindset, you develop one over time. You eventually become like the five-closest people in your circle so choose well.
Build a consistent mindset, not one that starts and stops halfway. Wealth is created over time with consistency, so make sure one of the things you build is consistency. Doing little things daily builds a habit which grows into a lifestyle, and you will be amazed in a few years what you will have attained. Waiting to start off big may never happen- start by taking a small step daily to reach your goal!
A curious mind is a learning mind. To create wealth, you need to keep learning and asking the right questions. Developing a curious mindset sets you off to creating wealth. Be curious about those who have created wealth, read about how they came into wealth, ask questions on how you can also start creating wealth and with time it would happen.
It is important to have investment discussions with our children at a much young age. As you develop a wealth creation mindset, carry them along. This is how you develop the right mindset towards wealth creation. You set your goal, make the necessary enquiries and work towards achieving your goal.
The writer is the Head of Sales, Stanbic Investment Management Services (SIMS)