Becoming wealthy has a lot to do with your mindset.
The way you think about money really determines how much of it you make, keep and make productive.
If you see abundance, freedom and unlimited opportunities, you’ve set the path towards wealth.
But if you see scarcity, few choices and limited opportunities, you will be your own barrier.
Here are seven specific mindset hacks you can use to think in a way that will help you attract wealth.
1. Money is Something They Make
Rich people think beyond earning an hourly or monthly salary.
They think more like an entrepreneur, and they look at all the possibilities for making money.
Once they have made money, they make that money work hard for them, since they are very aware that money itself is a source of more money.
One of the most efficient ways to make money work hard for you is stock investing. If you want to learn how to invest in a way that gives a high return, you can read more about that here.
2. They Think Positively About Money
First of all, they see an abundance of money. They are not ashamed of wanting plenty of it, because they see the source as infinite.
This is crucial. If you see a shortage of money, you will feel that you take something from someone else every time you get some more. People who believe in a shortage of money, tend to feel shame about wanting money.
They also focus on all the good things they can do with the money they earn and they look forward to it as if it’s already done.
Finally, they think positively about rich people. They don’t feel envy if they see a nice car or a beautiful house. Instead of envy, they feel inspired. They think it’s something they deserve too and could decide to have in the future.
3. They Set Very High Goals
Wealth isn’t something that accidentally happens to you.
You only become rich if you decide to become rich. You have to set high expectations to get there.
I once had a coach who talked about 10x’ing your goals. Whatever your financial goal was, you had to make it ten times bigger. Why? Because it would stress you a little, increase your brain waves and make you search for new opportunities.
What is your financial goal?
Wait a second. Did you just think of a monthly salary? Well, that is a mistake. People who become rich think of their net worth – they don’t really care about a salary.
Think of Warren Buffett. He earns $100,000 from his position at Berkshire Hathaway. That’s it. That is his income. Despite that modest annual income, he became the world’s richest man (until he began donating his money to charities).
He would never have gotten there by focusing on his income. He focused on building assets, true wealth.
4. They Commit to Their Goals
Successful people keep working at achieving their goals, and they keep trying even when it seems impossible.
They are truly committed to getting what they want and to do what it takes.
They have a very clear understanding that rejections and mistakes are not necessarily a bad thing. As Thomas Edison (the inventor of the light bulb) famously said: “I haven’t failed. I’ve just found 10,000 ways that don’t work.”
True commitment – really deciding to do whatever it takes – is the key to anything you want in life. Rich people understand that there will be challenges in any path you choose and that the important thing is how you handle adversity. Do you let it break you or do you consider it a lesson learned and move on?
5. They Are Good Receivers
Have you ever given a lovely gift and been disappointed with how it was received?
Have you seen someone react with embarrassment and heard them say:
“Oh, you shouldn’t have. That’s too much.”
Next time you will probably give them something that’s smaller, less embarrassing.
Good receivers see the effort you made in picking the gift. They say something like “Thank you. That is a wonderful dress. You picked my favorite color. How did you know what?”
Next time you will do it again, because they truly appreciated it.
It’s the same with attracting wealth. You have to feel that you really deserve it and when money shows up, you have to be grateful for it.
Rich people feel they deserve wealth, and they are not ashamed of asking for it.
6. They Block Out Fear
At the latest annual meeting in Berkshire Hathaway, Warren Buffett said something that astonished me.
“Fear is like the virus. It strikes some people with far greater velocity than others. Fear is something I never felt financially and Charlie neither.”
That is pretty astonishing. He juggles enormous amounts of money, and he has been through some trying times such as the scandal at investing bank Salomon Brothers that he had to step in to save.
I think Warren Buffett is a mortal like the rest of us, but I believe he has taught himself to block out fear.
How do you do that?
The more knowledge I have about an investment, the less I worry about the mood swings of the stock market.
In stock investing, having some kind of checklist to take you through the investment decision is key to blocking out fear. You can use my checklist here.
I also find that having cash savings helps me stay cool in both investing and running a business.
7. They Constantly Learn and Grow
The most expensive words in the English language are: “Yes, I already know that.”
It will keep you from learning and growing. Successful people are aware that there’s a lot they don’t know, and they are humble and constantly try to learn and grow.
Most people have two objections to taking courses: Lack of time and lack of money. Benjamin Franklin once said: “If you think education is expensive, try ignorance.”
If you have any questions or comments, feel free to ask them in my free Facebook group Managing Money Freedom, here.
If you want to learn more about investing, you are welcome to download my free e-book here.