One of the foundational strategies for increasing personal wealth is getting yourself into the right mindset for building wealth…and I am not talking about attracting prosperity into your life simply by the way that you think. However, every one of your consistent behaviors is driven by the frame of mind which precedes the behavior.
Developing a wealth building mindset helps you to redirect your actions so that they naturally bring about the results of increased net worth and cash flow. This will help you identify some of the mindset changes which will make all of your other strategies for increasing personal wealth work.
A Wealth Building Mindset Starts With Being Responsible
All of the strategies for increasing personal wealth that you hear about (investing, getting rid of negative cash flow, value based spending etc), require a personal commitment to be responsible for your own financial future. Many people who you talk to want to be rich by winning the lottery or inheriting money.
This is contradictory to a wealth building mindset because it teaches you that your financial future is someone else’s responsibility. As long as this is the case, it will be impossible for you to take charge and take the necessary steps to start building wealth and increasing your cash flow.
Cash Management Before Cash Flow
When most of us think of strategies for increasing personal wealth, the first is on additional cash flow….but making more money is pointless until you learn to responsibly manage what you already have. Evidence of this is when you get your tax refund…what did you do with your last tax refund? Chances are that unless you were managing your money well, your tax return money went in one hand and out the other. If you are not managing the money that you already have or if you are just getting by, having more money will just mean more money being managed poorly…which always leads to the same place: being broke.
That is why a key principle of developing a wealth building mindset is focusing on what you have first, and on cash flow second.
Being a Promoter Instead of Buyer
Ask anyone why they want to be rich and most will give you the same answer: a list of things that they want to buy and spend money on. On the other hand, if you ask the same people how they feel about selling and promoting they will also tell you the same thing: that they hate salespeople and that they hate the idea of selling themselves….as you would have to at a job interview. People who are wealthy and have lots of positive cash flow almost always love selling and promoting things.
They respect people who are in the sales profession because they understand that wealth is not created without selling and promotion. So that is the third of the wealth building mindset strategies…get these in order and it will make the other strategies for increasing personal wealth simple and natural.
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