We always talk about stocks, investment ideas, financial impacts, monetary events and mutual funds. Today, let's talk about a little talked area that plays equally important role in your personal wealth creation - "THE WEALTH MINDSET"
Trendy cars, big bunglow, luxury watches, luxury clothes, dream vacation, owning a resort and what not ! Who doesn’t want it? I bet we all want them, but how many achieve it – 2-3% of the people on Earth. Some people would say “Money is not everything” Then ask yourself again – Money is power, it not only gives you a good life but enable you to help others also.
I didn’t mean to scare you. Realize that there is a difference between living a life and living an aspirational life, life that you dreamed for in your teens. Realize that there’s only 11-13 hrs a day you can work irrespective of whether you are in Job or business, human’s body have limits.
One of my mentor once said to me –
“Money is like your hot and beautiful girlfriend
who only gets attracted to and stays with the person
who pays the most attention to her”
Now, how to pay attention towards money? To attract money and become financially free you need to acquire financial confidence which comes from knowing what is to be done.
Don’t worry here is your 2 step plan –
1. Save money – A penny save is penny earned- but a penny is still a penny, so don’t worry about the baby money. What you should be focusing on is “Save to Invest and not Save to Save”. Money gets bored in your bank and soon gets spend.
2. Multiply money – “Compounding is the 8th wonder of the world” – Albert Einstein. Those who understand it earns, those who don’t pays it. Invest in stocks, bonds, mutual funds or businesses so that money works more hrs in a day than what you work. This is what passive income means, income for which you don’t have to work hard for. A popular myth is stocks & mutual funds are gambling and the money is made only to lucky one’s. Here a millionaire money mindset says “There is shortage of knowledge of how to make money” rather than an average money mindset which says “Money is in shortage”. Sensex which was at 100 at 1980 is 41,461 today generating 17% compounded annual returns. That looks not like gambling
Now, you would have understood how to attract money to you but don’t miss the second part which is money staying and growing with you. For those who already have some idea about the importance of investing to achieve your goals Are you following it? Do you monitor your money Investments? Are you just thinking of doing of it from years?
I know many among you lack consistency in investing due to your busy schedule or any other reason, so here’s 2 Money mindset tips for you to follow rigorously
Money Mindset tip 1 - Getting Rich is your ethical Duty
Imagine your parents did not raise you well. What if they did not do their duty well? How would you feel? In the same way, you have to do your duty not just by providing for your family, but thinking about how you can contribute more to society, how you can make more money and help others as well.
Money Mindset tip 2- Not having multiple source of Income is a punishable act
An average millionaire has 7 sources of Income. Time to ask yourself how many do you have? Create passive source of Income that works for you. “Save to Invest”
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