How to Develop a Wealth Mentality

Attitude and thought process are two things in our control that impact how much money we can make over our lifetime. In this article, I'll share tips in how I was able to overcome a poverty mentality.

Difficulty: Moderate

Instructions

Things You'll Need:

• The desire to think like a rich person, which can actually help you financially over time.

1. First, shred your bias and stereotype thinking about rich people. Growing up, I had all kinds of misconceptions about wealth. This mainly developed from the comments I'd heard adults in my life make.
   
   Probably the two comments I heard most were "Money is evil" and "To become rich you have to take advantage of other people." The Bible states the love of money is the root of all evil, which is not the same thing as the first comment. Plus if you study business and history, the successful business owners long-term are people who created a product or service that helped a lot of people improve their lives. For their hard work, they were rewarded financially for it.

2. Read books on a regular basis that will help you grow and improve. Too many times people quit reading after their formal education is over. That's the last thing you should do, especially in our current information-based society.

3. Find a mentor or mentors that pull you forward in life and can help you get where you need to be. Success of any type, financial or otherwise, is not a one-person-show. As you gain maturity, "pay-it-forward" and help someone where you used to be.

4. Use what you learn to develop a long-term plan for yourself. You know why most people don't retire young? It's because we're generally taught to plan retirement later in life--almost too late really. I started thinking about finding a way to retire young when I was 19 years old. It's not been an overnight thing, but with focus and the right education I'm going to have the potential to retire before 30 with a residual income.

5. Train your brain to look for opportunity and problems that you can solve. All it takes is one great idea, and your whole life can change. Often however you have to filter through a lot of ideas that don't fit to find the one that does.

Tips & Warnings

• Do more than "just get by" in life. Successful people in any field do things just a small margin longer and better than the average person, but long-term it pays off.
• Don't rush the process--getting a solid financial foundation first can make a whole lot of other issues fall into place later on.

Resources

• How to Get Out of a Paycheck to Paycheck Cycle
• How to Find Your True Passion in Life
• Starting a Business: Risk-vs-Gain
• The Basics of Residual Income
• Is Success Determined By Luck or Attitude?
• Life Skills/Success Resources Page
• Index of Cougar1002's Articles (Sorted by Topic)
• Cougar1002's Author's Blog (For Updates/News/Latest Articles)

[iamageniuster]

on 10/18/2008 Great tips. 5 stars! Thanks for sharing.