I have always believed your mindset really determines whether you become rich or poor, regardless of income.
Now, when I talk about ‘rich’, I mean money, but a rich life can also mean living on a very low income, but living on YOUR own terms.
It can mean not even driving a car, maybe riding a bike, but having lots of free time to hang out with friends and family, laugh, read a book, take a walk whenever you want, and work on occasion.
My rich life, is sort of like this. I am already living my best life and could not imagine a better one.
I like using my brain, going to work, making money, watching my net worth increase.. it is all good stuff.
I work half the time (contracts at 40 hours a week), and when I don’t have a contract, I take a break – a vacation sometimes for months on end, and chill out.
I also don’t focus JUST on money and saving. I also spend it, I live in a nice apartment and drive a nice car. I wear nice clothes, I eat fancy food.. these are all things I do with my money, but I never lose sight of what is important — my future and continually building my wealth.
THIS is my rich life, and it’s my rich mindset.
So, what are some examples?
🚫Poor: Why don’t I have the same life as [person] I can’t afford anything!
💡Rich: How can I get to the same life as [person]? Am I doing what I can to design my own life to afford anything I want?
Keep in mind that what you see may not be the truth. They may be heavily in debt.
They may be making an amazing income but have nothing saved. Things are not what they seem.
🚫Poor: Why don’t these rich mofos just give their money away to those who need it more?
💡Rich: Why don’t I become rich AF so I can purposefully give my money away to charities I support? How can I learn from these rich mothas how to become rich?
I like rich people. I do. Not because I am about to become one (or am already one?) but because rich people can also be generous people.
They have more money, more income, and the ability to give away their income.
The more they earn, the better, for me. I myself give 10% of my gross income to charities each year, and love the tax break, but mostly love the act of giving back.
When you reach a certain level of security and comfort, you naturally give back – in time, in money, whatever. You contribute to society to spread the love. I am all for that.
- 10 important attitudes and daily habits of the rich
- Let’s give those generous rich folks a break, okay?
🚫Poor: I can only get crappy jobs.
💡Rich: Can I get more education? Get certified? What would this job pay? Change departments? New position/role? Can I move to another city with more opportunities, even if I need to go into debt first?
The thing that rich people know how to do, is not get stuck. They negotiate, they leave their jobs, they try something new and they take risks.
They start businesses, they fail, they try again, and again. Sometimes they work out and become a sensational story, but other times, no. The point is that they’re trying.
- Why freelancers fail and what to do about it
- How to become a freelancer and your own boss
- Negotiation: Employee versus Employer
- Negotiation 101: How to get the maximum salary and benefits
- Negotiating early on for as little as $7000 can give you 8 years of wealth
🚫Poor: Debt is the only way I’ll be able to afford anything. Let’s just keep charging. I need to make myself feel better by spending.
💡Rich: How can I live my life the way it is, without going into debt? What if debt didn’t exist as an option? Would charging this meal change anything for my future? Can I work another side job?
Spending money doesn’t make you rich. Money in the bank, makes you rich. Assets, make you rich. Investments make you rich.
Spending? Doesn’t. Don’t get it twisted.
I LOVE to spend, but I understand the difference between spending for the enjoyment of it, and saving for my future and life.
- How high is your ugly tolerance?
- YOLO, FOMO and all the reasons why I overspend
- 10 Golden Rules of Personal Finance
🚫Poor: Investing is for rich people. Since I’m not rich, fk it.
💡Rich: $25? How am I going to scrape $25 from my budget to get started?
Investing is the only way my net worth has grown so much. If you check out my monthly budget roundups, you will see that in many months, I had zero income. I wasn’t working, and my net worth STILL went up because of my investments.
Without investing, and only savings alone, will NOT MAKE YOU RICH.
You need to learn how to bite the bullet and learn how to invest. Care for your money, so it grows, and keeps growing and growing all on its own.
- What is investing?
- What is the stock exchange?
- How do you get money to start investing?
- What is a mutual fund?
- What does currency neutral mean?
- What are Weighted, Listed, and Effective MERs
The poor mindset gives up without (a) researching, (b) trying and (c) deciding that their life is in their control and their hands.
The rich mindset focuses on THEIR FOCUS and works within their means to get to their goals, whatever they are.