What mental mindset do you need to increase your wealth? Your mental model greatly determines the amount of money you make. The way you think about money is a result of your thoughts and other people’s ideas. You can let any random idea affect your money making mentality, or you can build it intentionally and by design.
Having a correct money mindset is important if you want to improve the quality of your life. Without a money mental model that is right, you can become stuck being poor and feeling lack for a long time. A healthy mindset about money can bring you not only a high income, but also joy, satisfaction, and an inner sense of peace.
I want to share the making money mentality that I believe is correct. The following points I take from my experience, other people’s knowledge, and what I observe from successful people. You can follow these ideas about money and add your thoughts to create a mindset that suits you.
1. Design Your Financial Freedom
Robert Kiyosaki, author of the Rich Dad Poor Dad book series, defines financial freedom as being able to live at your current lifestyle without working. If you have a steady source of income without you having to work, and the cost of your living is less than that income, then you have infinite financial freedom. Of course, that assumes your source of income will always make money and you don’t increase your cost of living.
Financial freedom can’t happen by chance. You don’t stumble upon a steady source of passive income. You have to work and build one. In other words, you must be responsible and design your financial freedom with thought and intention. This money mentality is crucial and many successful people think with this mindset.
First, you need to define your measure of freedom. You can count your living cost and figure out how much money you need to achieve freedom. Since you will most likely improve your living, you will need to continuously plan to increase your income too.
Don’t worry about what other people plan or what they have achieved. As long as you hit your goal of making money more than your living cost, you are successful and happy. You can set a time for when you want to reach your goal, and you can set your long-term goals, such as making enough money to buy a home. Big goals can inspire big action, but they can also overwhelm you, so be careful and find the balance that works for you.
2. Develop a Prosperity-Aware Consciousness
You might be living with a survival-oriented consciousness. It means that you are dominated by ideas and feelings related to struggle and scarcity. Feeling constantly threatened by your environment isn’t healthy for your mind and body. You need to begin to develop a prosperity-oriented awareness to increase the amount of money you make.
A scarcity mindset can come from what you learn and listen to in life. It can come from traumatic experiences you don’t realize you have. The effect of thinking in scarcity is that you don’t ever take risks that can create a wonderful result in your life. You also become unaware of the opportunities available in your environment that could enrich you.
I learn from Bob Proctor that wealthy people have different eyes. They can see opportunities that are abundant in our society. They view problems as chances to create new products or processes that can become very profitable and lucrative. In my experience, there is always a “generational opportunity” every decade that can make us a wild amount of wealth.
Think about the birth of the internet. Though the dotcom bubble burst wrecked many people’s savings, it was also a great opportunity to multiply your wealth very rapidly. Even after the bubble burst, great companies thrived and became the biggest businesses today. The internet also brought opportunities where you can make a lot of money if you learn how to harness its power and benefits.
3. Discover Your Conflicting Money Scripts
We all have money scripts, the way we think and feel about money. They are called scripts because they play over and over in our mind. We can have empowering money scripts that help us to move forward and make money, or we could be controlled by discouraging scripts that make us feel fear.
It’s difficult for you to hold on to the money you make if you have a conflicting money script. If you don’t feel safe holding much money, you may feel urged to spend it as soon as possible. Your script may make you feel that you don’t deserve money, and therefore you become reluctant to ask for a salary raise or charge your client.
Finding what money scripts you have is best done with a friend or a private coach. A second person can help to dig your beliefs and give a different opinion about what you think. You can also try money hypnosis to plant positive money scripts. Simply understanding what conflicting money scripts you have can give you clarity about what you need to believe instead.
4. Create a Budget or Financial Plan
Making a budget is common sense, but making it and following its rules isn’t common practice. When you follow a budget, it helps you to spend only what you need and save money. Saving money is the first step before you can think about expanding your financial plan.
Following a budget can become a game that you enjoy. Making a game out of life, also known as gamification, is one way to make budgeting fun. You can give yourself small rewards when you successfully follow your money rules for a week, a month, or a quarter of a year.
The challenge with making a budget is that you don’t want to reduce the quality of your lifestyle. There are probably many parts of your living cost that you can cut or eliminate entirely, but it’s mentally difficult to do. You can overcome this barrier by budgeting one aspect of your living before you move on to budget other aspects. Perhaps you can begin by planning how much entertainment spending you want each month.
Those are the four ideas that comprise a money making mentality. You ought to design your financial freedom with purpose and intention, practice seeing opportunities around you and seizing them, looking within to see if you have conflicting beliefs that get in your way, and creating a budget or plan to control your income and expenses. Using this money making mentality, I believe that you can both cut your costs and boost your income.