Let’s get real. Money is something that we must have in order to thrive. A tool that can unlock a world of time and freedom. Yet, many of us spend so little time actually thinking about it.
Maybe you have been taught to fear money. It was a taboo topic to discuss in your household so you resent the thought of it.
Well, today I want to shift that mindset. I want to make money easy for you to think and talk about. It’s not a taboo topic, it’s something to be discussed, taught, and truly thought about.
How can YOU become awesome with your money? Here’s how:
1.) Focus on the How Can I?
One of the biggest hurdles we have in this life is people telling us we “can’t”. “You can’t save enough.” OR.. “You will never be able to build wealth.” Heck, even your brain is going to tell you that you can’t do something. You need to change this mindset from “I can’t” to “How can I?”
This is a powerful shift.
“How can I?” gets things done.
“How can I?” takes action, even when it’s uncomfortable.
“How can I?” is how every single person breaks down barriers.
Do you think Elon Musk would be able to create Tesla, Space-X, and Solarcity without How Can I? Would Michael Jordan be able to become one of the greatest basketball players in history without How Can I? Do you think that you can magically become a millionaire without asking: How Can I?
*If you are debating in your head the answer is no.*
How Can I, is how you unlock your full potential. You create your own reality… it doesn’t just happen.
2.) Know Your Why
Why do you want to become financially free? You need to find your why.
Maybe you want to help mentor youth at your church. Maybe it’s to raise your kids full time. Or, maybe you want to teach others.
Become laser focused on your why and it will drive you like nothing else. Your why will take you from average to great if you let it fuel you every day. Focus on your why and review it constantly in your mind.
3.) Understand the Wealth Formula
There are two things you must do to create wealth in your life.
The first, is to live below your means. If you can’t do this then it doesn’t matter how much money you make. You could be making a million dollars a month, but if you can’t save a portion of that money then you will still be broke. There are plenty of doctors, lawyers, and athletes, who are broke.
The second, is to increase your income. This eliminates what is known as the scarcity mindset. Nobody wants to go through life clipping coupons and picking up pennies. You can have your cake and eat it too.
Don’t get caught in the trap that one of the two is the path to wealth. Focus on both and you will have enough money for generations to come.
Live below your means + Increased income = Wealth Accumulation
4.) Be Patient
There are plenty of stories on the inter-webs today of people exploding their wealth in less than two years. Silicon Valley tycoons, real estate moguls, and professional athletes flood your feeds on a daily basis. People swarm to these articles hoping there is a secret sauce to building their fortune in record time.
Taking the opposite approach will guide you on a path that will surely lead to wealth. Patience is the trait that the majority of wealthy people use to accumulate their fortune. If you lack this simple skill, you will develop shiny object syndrome. Always running to the next big business opportunity without a focus, goal, or a plan in place.
Take a deep breath, evaluate your options, and choose to build wealth the sure fire way via time. Usually when you do this, you amass your projected nest egg faster than you initially planned.
5.) Decide You Will Become Wealthy Rather than Want to get wealthy
Draw a line in the sand right now.
You will do what it takes to become rich. It’s not an easy road. It’s not a popular road. The road to wealth is the path less traveled. Many times, you will have to go against the current.
If you set yourself up with this mindset, it will change your life. Commit to working through the hardship and pain it takes to reach your goals.
A recent study done at the University of West Point showed that the predictors of success went beyond intelligence. Want to know what the key trait was? Grit and perseverance at working toward long term goals. Despite failure, adversity, and plateaus, those who succeed always push through.
6.) Switch From A Know-It-All to a Learner
If you become a sponge to new information, you can explode your growth. Too many people think they know it all and miss out on learning new things.
You know what that does? Slams the door shut on new opportunities.
Listen to other angles, keep your mind open, and spark your curiosity. Once you find something that interests you, test it out in small doses before making any large time or monetary investment.
As we all know not all information is created equal. Especially when it comes to money. So the key here is to verify, verify, verify. Find mentors you can trust, and make sure the information you are soaking in is accurate.
7.) Play To Win
You are not here to just get by. You want to thrive.
Unless you have a plan to make a large purchase with the cash in your bank account in the near future, you better be investing your money. Hoarding your hard earned dollars and cents in your Bank Of America checking account with a 1% return (if you are lucky), will get you nowhere. You must put that money to work.
I am not saying throw all your money into the next Chinese Amazon. Put it into a place that hedges your risk and is proven to give you a steady return (*cough *cough index funds). Life is too short to miss out on the magic of compound interest.
Judging by the content of that hash tag, I am probably getting too old to make up hashtags.
Anyone can be awesome with their money. With some hustle, heart, and consistency, amazing things can happen. Don’t let anything stand in your way. Your choices dictate your future. Make sure that yours align with your goals.