How To Have A Successful Mindset
Updated: Apr 17, 2020
I believe that the outcome of a person is determined by 3 main things. Family, community, and schooling.
FAMILY / When it comes to family, wealth isn’t something I was taught at home. And If you’re reading this, I assume that’s true with you, as well. My family basically lived paycheck to paycheck. They didn't know any better. It's not their fault. They weren't taught how to think differently. That being said, that mindset is not naturally being passed down the family line.
COMMUNITY / When it comes to the community, you most likely don’t have people telling you “hey man, let me teach you about finance,” “let me teach you about credit,” or “let me teach you about stock markets.” What you do hear is about the streets, drug deals, and opposite sex. So, that stuff doesn’t help in getting the mindset that you need.
SCHOOLING / Then there’s schooling, where it’s just about looking sharp and keeping up with the fashion trends so you’re the “cool one.”
Again, family, community, and schooling is what a person encounters all day. It surrounds you. So, if your surrounding is not setting you up for success something needs to change.
FINANCIAL MINDSET (PART 1)
So, let’s get back to the mindset. What kind of mindset do you need to have financial success? Another way to look at it is like fitness. A successful financial mind is like fitness. you can’t eat whatever you want and say I want to be fit. It just doesn’t work like that. Finance is very similar where you need to constantly pay attention to your money to determine if it’s a need or want. So, in comparison, need or want is like calories for fitness. You don’t eat stuff with a lot of calories if you want to be fit. When it comes to finance, don’t spend a lot of money on a want. Spend more of it on a need.
Here’s another good fitness comparison. A lot of people who lose weight successfully need some kind of expert. Whether it’s a personal trainer or fitness program. You need someone on top of you. Actually, you don’t need someone, but it helps. Same thing with finance. And I want to be that person to guide you to get you to a good financial place. I’ll be your personal trainer and hold you accountable. You want to change and stop buying things you don’t need like sneakers and actually think about buying a house, right?
FINANCIAL MINDSET (PART 2)
Another part of having a good financial mindset if thinking about tomorrow.
I think for people in our community it’s extremely hard because they’re just thinking about surviving right now. And in their mind, tomorrow is not promised. Well, I’m here to tell you that tomorrow IS promised. Let’s just take the next 10 years as a proof point. We can probably agree that the next 10 years are promised (barring, God forbid, an unforeseen event). So, what are you doing to be successful when that time arrives? Trust me, I know what you are fighting? We’re living in a world of instant gratification. Social media is milking every ounce of that data point about us.
Finance is the opposite of that. Wealth’s best friend is patience. In fact, did you know that most people make their money when they retire? Then they just roll that money into their family for the next generation and so on. That’s how family wealth is made. And those same wealthy people are going to use a lot of that money to invest and buy stock during this coronavirus crisis. Because, it’s all “on sale.” Then they’ll reap the rewards from their purchase 10 years from now. And 10 years seems like a long time from now, but, it’s going to come in a blink.
And if you’re thinking wearing t-shirts and jeans all the time isn’t going to do anything for your image. Trust me, 10 years from now, the image of your bank account will look GQ.
Believe in Yourself
I know it sounds cheesy, but, it’s important that you believe that you can do it.
The environment you grow up in influences what you end up believing. You believe in what you see. And I’m guessing most of you weren’t raised around a lot of wealthy people. I know I wasn’t. If I saw someone who had something that represented they had money, it was because they took out a loan or something. It wasn’t because they could actually afford it. They looked rich, but their bank account was poor. I imagine you’re seeing the same. And because you see that, it’s hard to see anything different for yourself. But, I want you to know that you can and will be successful. Even though you don’t see it now, believe that you can. Visualize it. see yourself buying a house. Signing the papers at closing and being handed the keys. Maybe you accidentally drop the keys because your hands are shaky from the excitement. Visualize it. In fact, take a moment to watch this video by Mel Robbins. She talks about the power of visualization and why it actually works.
Know Your Why
My “why” is to leave something for my son when I leave this Earth. I want to leave a legacy. And that keeps me going.
Why do you want to be successful? If you want to do it just to have expensive clothes, I don’t know if that’s going to be enough to keep you motivated to get to that successful point. On the other hand, if you’re doing to give your children a better life, that’ll for sure keep you going until you reach success. That’s some premium fuel in the tank. You have a stronger purpose. A meaningful “why.” So, think about what you “why” is.
Jim Rohn, a motivational speaker, famously said, “We are the average of the five people we spend the most time with.” I wholeheartedly believe that. That’s why I want you to try to apply that in your life.
Now, you probably don’t know 5 people who have the wealth mindset you’re looking to get to personally. I didn’t growing up, either. Instead, what I did was listened to financial podcasts, and followed people on social media who talk about money management and wealth. For example, Dave Ramsey and Clark Howard are great people to follow and listen to. That’s how I surrounded myself around financially knowledgeable people. In fact, I hope you invite me to be one of the 5 in your circle by listening to my podcast and following me on my social channels. And if you ever have any questions, you can email me anytime at firstname.lastname@example.org Let’s rise up together and flip this world upside down.