Best Tips For Developing A Wealth Mindset

What Does Wealth Mean To Us?

Commonly, when people define wealth, they do it from an economic perspective. For them, the primary characteristics of being wealthy are having a lot of money, and material possessions.

But not everyone has the same definition and wealth can mean many different things to different people.

Each of us has created a definition of wealth, depending on who we are, what we want, our life’s standards and the stage of life we are in.

How Have We Created Our Definition of Wealth?

We develop our sense of wealth during childhood, through our family habits.

This remains with us, conditioning our way of acting towards money during adult life.

From our parent’s financial schema (the way they did things) we learn aspects of spending and saving and develop our attitude towards money. We keep this as a model that determines how we operate in life.

Ways of Defining Wealth

There are a few different approaches people take when it comes to defining wealth in their lives.

Mindset

To some people, wealth means having the appropriate mental state. This is brought about by combining a specific way of thinking with the right attitude. This combination often takes them towards the goals they want to achieve in life.

This “wealthy mindset” is not about money but about drive and purpose. It can be illustrated by a person in difficult circumstances who nevertheless rise above their difficulties and achieves their goals because of inner strength and a belief in themselves.

Good Luck

Others assume, because of their mental programming (beliefs they have from their childhood, old assumptions, etc.) that being wealthy is the result of good luck and random events like winning the lottery or inheriting family wealth. For them, it is difficult to believe that wealth is related to having the appropriate mentality.

For them, wealth is brought about by things that happen randomly. With this perspective, there is no need to make an effort or take any action. Gaining wealth requires nothing more than sitting and waiting for it to come to you.

Material Possession

For others still, being wealthy is strictly about having a lot of material possessions. The display of wealth is key. For them, it’s inconceivable that a person could be wealthy and not behave in a certain way.

Having the right mentality to generate wealth or good fortune is not enough to establish wealth. Being wealthy is strictly about “acting the part”.  

Because of their perspective, sometimes they can miss the core aspects that make life enjoyable and worth living.

In my opinion, wealth is not based only on financial status or circumstances. It is about your mentality, your ability to set clear goals, and being self-disciplined enough to work towards them.

Achieving Wealth

Our way of thinking then determines our definition of wealth and the actions we will take to achieve it. Clearly understanding our definition of wealth will help us to determine how likely our current course of action is to help us achieve it.

I believe that we all can be wealthy. To start, we should define it, chart a course towards it, and pursue it. Maybe you think it’s going to be difficult, but the rewards will definitely be worth the effort.

No matter what definition of wealth you have, the most important component to achieving it is to cultivate a wealth mindset.  

Developing a wealth mindset is possible if you are ready to break with your old self, and start a new approach. But there is some work to do, thoughts to change, limitations to overcome, but putting your new mentality into practice on a daily basis is the key to success.

These 15 steps may help you to organize your ideas on how to start the process.

Related Post: How to Become a Smart Spender.

14 Steps to Develop a Wealthy Mindset

1. Define what wealth means for you: there is no way you can be wealthy if you don’t even have a definition. The definition you create will help you parameterize your goals and will provide a general direction for you to head towards.

2. Set your goals and write them down: Knowing which things you want to accomplish is the first step to reaching them. Reading your goals to yourself regularly will help you see them objectively.

3. Design a strategy to achieve these goals: Create a plan consisting of small achievable steps. By breaking your large goal into numerous milestones you will drastically improve your chances of arriving where you want.

4. Start small and grow: keep in mind that the journey of a thousand miles starts with a single step. Do not be in a hurry, focus on progressing in the right direction, not getting to your destination quickly.

5. Change your programming: Many times we develop habits in childhood that hold us back as adults. The circumstances that made us behave in a certain way as children are no longer in existence. Don’t keep them alive!

6. Stop telling yourself negative stories about who you are: Silence your inner critic and refuse to hold on to your limiting beliefs. Strive to become the best version of yourself by envisioning and embodying who you want to be.

7. Become a constant learner: Progress implies development. To develop you must be willing to fail, incorporate new things, take new risks, live new experiences and pursue new goals.

8. Push yourself out of your comfort zone: Don’t let your fear, thoughts and limitations paralyze you. By getting out of your comfort zone you are allowing yourself to turn your incompetencies into competencies. Be uncomfortable every day and turn your weaknesses into strengths.

9. Think that success is natural for you: Success is natural for those who aren’t afraid to fail and learn from those failures. The art of learning from failure is the same as learning how to succeed.

10. Stop being a conformist and lazy! Take action: Leap from theory into practice. Perhaps you are feeling that you are not ready, you are afraid, or insecure. No matter what the reason is. DO IT ANYWAY!

11. Get out of your head: Don’t spend your time mentally rehearsing your triumphs and failures. Life is happening outside. Spend your time learning from people who are where you want to go.

12. Be willing to go through the pain without giving up: The process of change can’t happen without experiencing pain. Remember that this pain will ultimately lead you to growth, improvement and the results you desire

13. Be consistent: If you want to have permanent change you need to be consistent enough to turn this way of thinking into a habit.

14. Practice gratitude: Find something to be grateful for every day no matter how simple. Learning to be grateful for everyday things will condition you to appreciate them and experience the wealth all around you.

Final Thoughts

For sure, we can think of many reasons to justify being in the same situation forever. But with the right mindset, we really can accomplish whatever we want in life.

If we don’t have the right skills, we can learn them. If we are working hard without success, we can try harder. What all of us should learn is to never give up! No matter what because NOT trying is the real failure.

Cheers,