The Money Mindset is what separates the rich from the poor. The topic of wealth, income, and making money is often viewed and discussed in a negative light. In our society, there is a fear of being labeled as greedy or hungry for money, but what must be understood is that money is a paramount part of freedom. I personally have experienced what it’s like to have nothing, to stress about paying my next bill, and to feel hopeless. I also know what it’s like to have plenty, and I’ve been fortunate enough to earn a great income as well. And I can tell you that having money is a lot more enjoyable and fulfilling, but most importantly having money gives you options.
The following erroneous believes that form a poor money mindset are quite widespread.
“Money is the root of all evil.”
“Rich people are greedy.”
“Money won’t make you happy.”
“You don’t want to be one of those rich people.”
“I don’t need money.”
Usually, the people who claim they don’t care about the money end up broke. What is wrong with getting wealthy? What is wrong with becoming a millionaire? What is wrong with focusing on making as much money as you need? All entrepreneurs I know have goals of increasing their income. We all have the same 24 hours in a day, so the people that are wealthy must be doing something different with their time, then the poor people, don’t you think? They must have a different perspective about money, what it means and the way it’s earned?
Let me give you 8 strategic and straight to the point tips you can use right away to change your money mindset and catapult your income.
1. Do something different. We have all heard the saying “insanity is doing the same thing over and over and expecting a different result.” If you are not happy with your income, the first thing you should do is stop doing what you’ve been doing because what you are doing is what is creating your current dissatisfying reality.
You may not realize it right now, but you have the opportunity to completely change your story and direction overnight. No matter what your past is, you’re always just one decision away from making the right choice.
2. Do not let money define who you are. Your finances have nothing to do with your self-worth. Whether you have millions in the bank or you are in debt, your confidence should never waiver. If anything, when you are stressed your confidence needs a boost so that you get motivated to do something to resolve the stressful situation.
Being wealthy is a state of mind, and so is being broke. Your your way of thinking and your personal traits are what defines you, not your possessions.
3. Prioritize your profits. When you set up your daily schedule make sure you put the income producing activities first. 20 percent of all your activities will account for 80 percent of your income. Figure out what those are. Each day list the three things you need to do to create your desired income. And then make sure you give them priority to all the other activities you have scheduled for the day.
Constantly asking yourself if what you’re doing is profitable is a great habit to develop. Concentrate on doing what you should do versus what you feel like doing. Remember that impact drives income.
4. Put a higher value on your time. Time is your most valuable possession. It is more valuable than money. You can always make more money, but you can never make more time. It is possible to become twice as productive and make twice as much money in the same amount of time. There is nothing more profitable than time invested wisely. We all have the same 24 hours, and it’s what you do with them that counts.
5. Learn to say NO. Steve Jobs once said, “It’s what Apple said “no” to that ultimately made them successful.”
If you’re overloading yourself with too many tasks, this word will change your life. Vow to say “no” to everything that doesn’t help you create profit for you until you get the income that makes you feel confident and secure. Commit to focusing on income-producing activities versus tension-relieving activities.
6. Proximity determines power. Most poor people hang with other poor people and they usually stay poor, together. Associate with people that have the money mindset you admire, that inspire and motivate you to get out of your comfort zone. Reach out to those playing the game of life at a higher level than you.
We are social creatures. We become a lot like the people we spend the most time with. Their attitudes, their belief system and their ways of living are contagious. You can surround yourself with those who hold you accountable, or with the ones who let you off the hook. Choose wisely.
7. Dump the excuses. Your excuses and your profits are inversely related. As the excuses go up, the profits go down. The best excuse makers have the worst bank accounts. The energy and time you spend on creating excuses are better invested in finding ways to accomplish your goals and discovering solutions to your problems. That is the only way to move your life forward. Excuses are a disease and those who continue making them will continue to have poor financial health.
8. Get rid of the victim mentality. Stop blaming the economy, your past, your boss, your company, your employees and stop thinking the world is out to get you. Change jobs, charge more, acquire new knowledge and skills, become more valuable. Only when you take responsibility for everything in your life you will be able to change your money mindset and anything else in your life.
The difference between ordinary income and extraordinary income is fast implementation. How quick will you get on your grind to start increasing your income depends entirely on your money mindset?
I am certain that if you take these tips to heart, and start implementing them every day you will create an income explosion the next couple of months. I then you will realize that your finances do not reflect who you are, they show who you were before you made the decision to focus on wealth creation.