(ThePennyWatcher.com) – Building wealth isn’t a random stroke of luck. Well, maybe sometimes if were talking about winning the power ball lottery, but in a more general sense it’s important we realize it’s in direct relation to consistent effort and intentional choices.
It’s about planting seeds every day through your actions and mindset. Building those individual bricks, each day and watching them grow into a stable house of financial well being.
Let’s look at some of these mindset basics, and ask yourself where you stand on each of these.
1. Daily Habits, Big Impact:
Spend less than you earn: This one isn’t a mind bender, is straight common sense. Wherever you currently are financially, you simply need to be accurately tracking your income and expenses. You clearly should not be spending more than you are bringing in.
Invest consistently: Even if it’s small amounts, invested regularly. This can start the engine to you compounding interest overtime, and when you do that your money is officially working for you. You can even use all of the fancy and easy to apps available to automate these investments be it small or large.
Learn and grow: Start dedicating each time each day to learning about personal finance and easy to understand investing strategies. There is an enormous amount of information available for free on YouTube and you can learn a lot from folks just like you.
2. The Power of Mindset:
Cultivate a growth mindset: Believe in your ability to learn, improve, and overcome challenges. The thoughts that you put into your energy will directly affect the outcomes that you achieve. We all have our bad days and good days, but invest in your personal physical and mental health, and get on a path of positivity that will in turn affect your financial thought process and actions you take.
Embrace delayed gratification: Resist the urge for instant gratification. Prioritizing a longer term strategy of achievement will be so much more rewarding once achieved.
Be grateful: Express gratitude for what you have rather than focusing on what you don’t have. This will help shift your mindset towards abundance and away from scarcity.
Develop financial discipline: Get organized with all of your financial moves, and work towards building your income stream directly first, that will in turn open up other streams. Again, more now than ever are numerous tools to help keep you on track.
Remember: Building wealth is a marathon, not a sprint. Have the humility to take a close look at your current financial situation, and be honest about the adjustments needed to attain your goals.
You may seek out financial guidance via advisors, that is a smart move to start for sure. But the American dream of building wealth and freedom is still very much alive, you just need to pay attention to where it is most attainable to you.
Get generally educated on the markets, the emerging crypto opportunity, and where you may be able to invest in yourself.
Cheers to your financial health!
