Everyone has a mindset about money and wealth – it’s the attitude you take when making your financial decisions. In order to achieve your financial and life goals, it is important to adopt a healthy and positive wealth mindset. But that isn’t always simple especially with the unpredictability of life’s ups and downs, as well as the long runway of planning required to build our wealth.
A positive wealth mindset also doesn’t happen overnight. It takes keeping an open and flexible way of thinking over time, a good sense of discipline, grace in dealing with uncertainty and the ability to stay absolutely committed to achieving your goals.
Here are 10 valuable ways to help you transform your thinking and start your journey towards building wealth:
The first step to becoming financially successful, is to think about becoming financially successful. By being decisive about committing yourself to a journey of wealth-building, you will be able to make better decisions to manage your money. Practice building a positive mindset through daily affirmations where you tell yourself that you want to be financially successful. This will help you become more confident about improving your personal finances.
Many people use the reasons they need money as a motivation to make money. For some people, the reasons may be to support a family; to others, it may be to purchase assets like a house, car, or other material items. Whatever your motivation, make a list of what you want to do with your money. This will help you understand the kind of lifestyle you wish to afford, and help set a mindset that can help you financially achieve that.
One of the biggest reasons most people shy away from building their wealth is due to the fear and anxiety associated with it. Since money is tricky to understand and painful to lose, people tend to avoid taking financial risks like making investments or buying stocks that can increase exposure to growth opportunities. Instead of focusing on negatives such as the size of your debt, or the odds stacked in your way, reframe your thinking positively. Avoid negative phrasing. Seek advice from professionals outside your usual circle who have already achieved the success you seek.
Each of us has a financial past – some people are born financially comfortably, and others struggle to make ends meet. However, to harbour a positive wealth mindset, it’s important to forget about the past, and instead, focus on the present and the future. Ask yourself what you are doing differently in your present to financially achieve the lifestyle you want? Focus on the wealth you are excited to create, rather than get stuck on what you had.
Gratitude and affirmations help reinforce a feeling of contentment. To create a positive wealth mindset, it’s important to continuously be mindful of what you have – this means being thankful for the wealth you have been able to create so far. To truly achieve financial success, it’s important for you to be positive about what you have, and reinforce that you have the ability to build your wealth even further.
People often underestimate the power of visualisation. Did you know that most financially successful people use visualisation as a tool to create a positive mindset? A great way to start a vision board is to share your financial desires and wants through photos. For example, if you want to buy a house, then paste a picture of your dream home on the board. As you continue to take steps towards your goals, your vision board will be a constant and prominent reminder and motivator for you to achieve the life you imagine and even beyond.
Identifying priorities and focusing on specific goals allows people to determine their financial preferences better. For example, if your priority is to increase your investments, you will be in a better position mentally, to save money. On the other hand, if your priority is to spend X amount of money on travel and experiences, you will be able to cut back on other unimportant areas financially, and accordingly save or build on your wealth to achieve your personal goals.
A person’s financial literacy and prowess has a strong impact on their financial mindset. Take up a course or set up a meeting with a financial consultant to get answers to your questions on money management so you can be more confident about your financial knowledge. The more you know about managing your money, the more informed your financial decisions will be.
Feeling negative about financial mistakes can affect your wealth mindset adversely. It’s not the end of the world if you miss making a credit card payment or paying a bill on time – but it’s not alright to shame yourself or feel negative about doing so. Acknowledge your financial mistake and focus on moving ahead. Instead of feeling guilty, motivate yourself to feel positive, so you can avoid making such mistakes in the future.
Every financially successful person will tell you that if you truly want to achieve the best results financially, you need to keep pushing yourself. Pushing yourself means stepping outside your comfort zone, taking risks and making sacrifices to get where you want to be. If you truly want to change your financial situation, inspire and motivate yourself daily to do better.
If you are keen on significantly improving your financial situation, start by working on your attitude, habits and knowledge about finances.
Get in touch with our experienced financial consultants at SG Alliance to help you get the right wealth mindset to achieve your wealth goals.
Retirement to me means these three things all at once: • no longer having to work for a living •