Over the past decade or so there has been ad campaigns, infomercials and “financial freedom guru’s” who’s idea of obtaining wealth has been commercialize. Therefore, causing many of us to develop more and more interest in obtaining this “freedom” that wealth can bring.
Many of us have seen the infomercials where it’s some guy on a jet ski talking about how he went from sleeping on his or her parent’s coach and now he owns a huge house and jet ski. Or more common in today’s internet age where those same type of narrative is displayed through Facebook or YouTube ads.
These concepts have made many people “money hungry” and glorifying the idea of being wealthy. However, many of these campaigns or ads are mostly trying to sell us the idea of building wealth and they will “teach us their tricks of the trades” for $39.99 a month. Not knowing that no matter how many tricks, tips or advice they give us. If we are not in the mental state to be able to utilize these “tricks of the trade” they will go null in void. Here are 5 methods to develop a mindset that will prepare you for wealth.
- Attain Knowledge – As the cliché says “knowledge is power” which has been made more apparent as we live in the information age. Where we have access to information all around we have the prefect opportunity to mold our mind to be ready for wealth. Always being open to new information that can shape our mindset towards the right direction.
- Look to Invest Your Money – Instead of looking for ways to spend money look for ways to invest it. One of the main reason why “wealth” seems unattainable to many of us is simply, because our outlook of how we look at money. For example, many of us were taught as children to save up enough money to buy what we want. So, if you wanted a certain item such as a leather jacket that cost $85 we’re taught to save our money to buy said jacket. This starts the process of making us “consumers based buyers” which causes us to make money with the mindset of how to spend it instead of how to use it to make more money.
- Delay Gratification – In today’s microwave society everyone is in a rush for everything. This plays a huge role when it comes to wealth, because if you’re not born into wealth it takes time to develop it. Simply put, you have to be patient and willing to overcome the bumps in the road that may occur on your journey.
- Think Outside the Box/ Be Intentional – Thinking outside of the norm is key, because if you’re working towards developing wealth. This is most likely outside of what you may think is normal or realistic. However, once we decide on whatever we want to do to obtain wealth we must be intentional in our actions. That goes for everything in our lives i.e. where we live, who we let into our lives, what influences we let into our mind etc.
- Develop A Plan – Now this may or may not be a business plan depending what stage you’re in mindset wise. This plan could be for developing the right mindset to setup ourselves for the business plan in the future. However, developing a plan is crucial to our ultimate goal of obtaining wealth.
What are your thoughts have you developed a mindset that will help you reach your goals/dreams? Comment below & if you like this article please share!
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A good point about inheriting wealth. Over here in England more than 90% of rich people were helped to become rich when their parents died and gave them £10 million.
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I think the hardest pill to swallow is the delayed gratification. Us as millenials who are trying to work our way up get easily discouraged when we work really hard but still don’t see the results yet! I am working on being patient so that I can be consistent with reaching my goals so they can eventually come to pass! Thanks for the tips! 😁
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I agree delay gratification can be tough pill to swallow. But once we decide to do so it can be one of the vital steps to us I’m making our dream a reality. Thanks for reading!
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Unfortunately, delayed gratification is a huge part of personal development. Psychological research suggests that children that can delay their gratification go on to earn higher incomes. Such studies suggest that impulse control is one of the most important skills to learn in order to live a satisfying and successful life. Although personally I think that what counts as satisfying and successful is highly subjective and therefore difficult if not impossible to measure.
What is clear is that if you use your time effectively e.g. instead of relaxing, be proactive in order to reach your goals, and instead of spending your disposable income on indulging yourself, spend it on e.g. equipment for your business, then are more likely to succeed. Its logical but at times its a bitter pill to swallow.
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It’s important to have a mindset of making more money instead of spending it. Great post!
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To develop a mindset driven for wealth! First and foremost, you would need to listen to Robert Kiyosaki, Harver T. Eker, etc. Read “Think and Grow Rich”, “The Richest Man in Babylon”, etc. Moreover, you need to know the difference between assets and liabilities, many people need to change their mentalities when it comes to cars and houses. A car and a house are not assets. You want your house to be an asset, if you don;t build an estate, you would need to have a minimum of two. And if you want to buy a car, it is better bought from money made from your business and investment… This is just a little out of what you need to know to develop a mindset driven for wealth, and actually possessing wealth. Jaycolby, thanks for a job well done!
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So true! There are so many people living off of credit these days. I would rather go without than to be constantly paying things off in small chunks living little disposable income for the future.
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There has to be a balance between how much one saves and how much one spends. If one spends too much, he becomes a consumer and cannot create wealth. If one saves too much, he does not enjoy good things of life. He becomes a spendthrift. In our culture it is said that a person should keep away one fourth of his income for bad times. In todays vocabulary that may be for creation of wealth.
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Good article. I like the idea of thinking about where to invest money, and not how to spend it. Although you can lose your investment, it happens.
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Good read!
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Jay, I agree with you. The first things is to learn. And with that, action on what you learned is the second big things. Nothing will happen if you don’t take action on what you learned. And to plan your action is the best way to get things going on. Delay gratification is a hard one. As you also need gratification to keep going on with action part. 🙂
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I believe the first step in the journey is to define wealth. Our perception of wealth assists to construct our plan. A personal definition will broaden our focus to include all gifts life offers.
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Good summary of financial journey, jay. It’s simple but up to the point.
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