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Sunday, June 10, 2012

Wealth Mindset: It's not all about hard work- Part 1

So, this Wealth is a Mindset stuff...What does it even mean, and how is it applied? Application of this principal will be detailed in further blog posts of this series. This post is part 1.

What we'll focus on here is my understanding of what a wealthy mindset really is, rather than it simply being a physical outcome of physical work. Action is equally as important as mindset, but action is not on which this post is focused.

*Important note: I am not making suggestions as to what you do with your money or lack thereof. I am not a financial adviser, lawyer, or professional. I have been contemplating and reading and investigating for several years; that's all. I am a business student, I have owned a business in the past, and I am simply sharing the understanding I have up to this point.

There is a difference between the lack-mindset and the abundance-mindset:

Lack Mindset says that "if I use my money now, I will have less money later."
Abundance Mindset says that "if I use my money now, I will still have as much money, or more money later."

For most people, it seems unreasonable to think differently than 'lack' about money, partly because we're so used to thinking one way about money: there is only a certain amount of it (what's in our bank accounts, in our wallets, or *maybe* in our investments, and that is all that there is).

We think, as a societal majority, that the money we have now, and the money we will be receiving from our paycheck or government disbursement, is all that there is available to us. We therefor plan our lives around our monthly expected income. This seems like the most logical thing to do- heck, it even seems like the smartest thing to do.

You can easily argue with me by saying "yea, but it's true- I don't have any income aside from my job." That's a really easy argument, and it doesn't take much thought. It rolls off the tongue quite quickly, and it's a seemingly good excuse for not doing what you necessarily want to be doing in your life. It's a quick way to turn down people who challenge you to think bigger, and it's really quite a comfortable place to stay because we're used to it.

The truth is that most people argue that way- the 'lack' way. Another truth is that only 1% of Americans have one million dollars or more, based on these numbers:

The data might only say to you that there aren't many people in the states who are millionaires. So what about it?

There are business people, authors, and wealthy individuals out there in the world who all agree that Wealth is a Mindset, and it has more to do with the way we think about money than it is about any other factor.

I am suggesting we contemplate what it means to have a 'wealth mindset.' What does that mean to you?

Another post in this series is soon to follow. Be sure to follow me on Twitter so that you can instantly see when the blog is updated. Or, you can just keep coming back to this blog. See you again soon!

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