Thanks so much for participating in this month’s Financial Literacy blogging about Creating a Wealth Mindset! It has been my pleasure to share my thoughts and provide valuable resources designed to:
Together we have covered 30 days of information and I am excited to hear what you think. I bet you have had a lot of aha moments and have already begun utilizing many of the strategies from the posts. Some of my favorite are:
Day 1: Learning that a wealth mindset translates to more than just money. It includes your thoughts about health, relationships, and much more. [https://www.ahousewithfourrooms.com/blog/a-wealth-mindset-is-a-game-changer]
Day 10: Do you have a lid on your money-making capabilities? Remember the fleas in...
Long before the highlight reel of Facebook and Instagram made us insta-jealous, folks were intimidated by their neighbors and keeping up with the Jones’. That was the term used to describe being envious and influenced by what people in your inner circle had and were doing. Keeping up with other people causes debt and a sense of greed. That’s no way to live.
We never know how or why people have what they have. For all we know, they have a trust fund or parents who support them with material things...such as cars or college funds. We never know if someone has a mortgage payment or has all the bright-shiny-things and debt up to their eyeballs. Comparing lifestyles and judging yours as inadequate will never help you make better decisions because you simply don’t know how the Jones’ got what they have.
Don’t worry about keeping up with the Jones’. Worry about...
There are as many ways to budget and save as there are personalities. You may be a type-A, strict, and regimented sort of person or you may be a fly-by-the-seat-of-your-pants type. There is a budget plan for each and every type. The key is finding a style that fits with your natural tendencies.
One style of budgeting is the pay yourself method. This method takes into consideration all the real-world things people want and need to spend money on. Think vacations, a new car, clothing, etc. The pay yourself first method commits to paying for these items - or saving the money for them in a savings account - before designating money to bills and other fixed necessities.
The pay yourself first method calculates the financial commitments that are important to you and your family, sets that money aside, and uses the remainder income for the day-to-day budget. This is the opposite of traditional budgets that consider...
One of the best ways to change your money mindset and learn new skills is to follow influencers. Whether you need to learn practical skills or be inspired and pumped up that you can and will change your patterns, influencers are key. Mentors, coaches, and influences can help us accelerate our goals. Having a cheerleader in your corner is never a bad thing, right?
Finding and following a money mindset influencer really isn’t hard. The key is to ask yourself these questions:
Q? What sort of personality do I resonate with most?
Q? What is the best way for me to consume new information?
Q? How often do I want to engage with money mindset information?
Personality matters- If you are a quiet and shy sort, you may not be influenced by loud and in-your-face influencers. Finding someone who you gel with will make learning new techniques easier and helps them transform the way you think. The right mentor can make a huge...
When money is an issue, it may seem like having more creates happiness. The lack of financial problems certainly would lend itself towards being happier but having more money doesn’t increase long-term happiness. What money does create is choices.
The more money you have, the more choices you can make. This can be a great thing or an overwhelming thing depending on the skill sets you have. Let’s see why:
We already know that more money can equal more problems, especially knowing that money magnifies who you already are. If your day-to-day personality is high-strung and anxious, having more money is not going to stop that from happening...It is going to magnify it. If you are even-mannered and conscientious about your spending, you’ll likely be more so with more wealth.
As you work to earn more money, it is equally important to work to be the healthiest person you can be all the way...
Sports are a wonderful way to build a team. Coming together for the common good is rewarding and gives you people to celebrate the wins and losses with. Some sports rely on the entire team for the win, while others - like track and field - are individualized yet, still a part of a team. Your wealth mindset is also a team effort and works best when all the players are working towards a win.
Who is on your team?
Some ideas include:
Your team is made up of obvious players, from your spouse to your banker. Having the buy-in of your family is important so you are working towards a common goal. From spending, saving, to being generous, all the players help make your wealth a win/win situation.
Having a game plan and practicing your wealth management will ensure that your team is ready when adversity comes, and they need to buckle down for the greater...
Creating a wealth mindset is a tool. Your mindset is a tool that you use to make better decisions and create long-lasting wealth. Why do you want wealth? There are many reasons that people want more resources:
If I were to poll 100 people, I might get 10 categories of answers as to why they want to be wealthy. One of those answers might be to have more options or to quit working for someone else - both super good reasons. One reason is very powerful though… to create a legacy.
Wealth isn’t just about spreadsheets and net worth. Wealth is a mindset and a way of living. Wealth is all about being generous and thinking outside of the immediate and personal need to the needs and benefit to generations. There is little more satisfying than knowing your actions will impact your kids, their kids, and possibly their kids. That’s a lot of kids to share your legacy.
I’m an app sort of person, almost. It’s really hard not to be nowadays. I can order a pizza, watch the latest episode of Grey’s Anatomy, and balance my checkbook all away from home. I love efficiency and ease. It helps to have no excuses for being organized and smart with your time and resources.
Apps are a great way to learn about anything- in this case, your money. There are great apps out there that can help you stay on-track with your money goals and make smart decisions. Additionally, there are some really easy apps that help making payments more efficient and easier to keep track of.
Here are three apps that you should add to your smartphone today.
Venmo- is an app that allows you to share money and make payments to friends and companies with little effort. Venmo makes it easy to send money for goods and services with no fees. The money can be kept in a Venmo account or be...
Making the decision to shift to a wealth mindset is the first step of many towards building a wealth legacy. Taking action is the second step. Both steps are very important but maybe not the most important. The most important step towards a long-lasting wealth mindset is not allowing a setback to undo all you have accomplished.
Sometimes making a change is easier when everything is going right. Let’s use weight management as an example: Everything is easy as long as the numbers on the scale keep going down and you can get out an exercise regularly... then BOOM! Life throws you a curveball. You break your ankle and end up in a cast for six weeks. Suddenly, your success isn’t as easy. Being sedentary and feeling blue, the cakes are calling and there’s no way to burn up the calories. That setback can undo your weight loss success if you don’t modify your thoughts and actions. Ask me how I know!
Playing the lottery is not a smart-money, wealth-building activity. Here’s why…
A large percentage of the men and women who win the lottery come to the end of their earnings with very little to show for it. The same is true with sports-related contracts. Many young men and women who command six-figure contracts end their careers with very little. It isn’t always the case, but it is frequently the case. The odds are against the lottery winner developing a wealth mindset.
The lottery effect can be avoided but it’s difficult to listen to reason when you seem to have all the resources you will ever need. The truth is life expands and contracts to balance within your means. If you have an abundance of money or resources, your habits and expectations will expand with that abundance. Often, people become more responsible and more focused when they have very little.
Avoid the lottery effect with these tips:...
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