On a daily basis, we are advised to think positively about issues pertaining to life, business, career, family, among others to ultimately attract the outcomes we desire to see happen.
When it comes to money, it rarely is a phenomenon – although people are urged to have some form of financial security and strive for financial independence, it’s more implied and subliminal than the former.
For all it’s worth, the impact of having or perhaps developing a money mindset rarely pales in comparison to the act of making money. In fact, both are not mutually exclusive.
Basically, people strive to attain more financial freedom than anything else, but in the process of doing that, if the excess flow of money leads to a rich- er, wealthier and more prosperous end, all the better.
The difference between a rich, or wealthy person is more of a mindset rath- er than ‘headlessly’ jumping at every money-making opportunity.
As A Man Thinks, So Is He
Believe it or not, money makes a lot of things happen if not all. Besides making life and living it a tad easier, it adds that sparkle to a love story, revives the fire in pursuit of a passion and fundamentally makes life rotate on a comfortable axis.
Money is one of the most important things in our lives. Among other things, it grants us access to the things we value most, like food, shelter, entertainment, and education.
However, there is a thought that money is attracted to only a certain group of people. But one thing is certain, the love story between man and money can end on a happily-ever-after once it ticks all the boxes in achieving a thriving relationship.
Like most relationships, communication, understanding, intimacy, and a host of other valuable things are recipes for a healthy relationship, and people’s relations with money is no exception.
To answer the question on why some people seem to possess a natural inclination for ac- cumulating wealth, while others struggle to make ends meet, it all lies in the psychology of money.
Predominantly, the way people regard and think about money has a fundamental impact on their financial decisions. This is so because beliefs, attitudes, and emotions shape our perceptions of money, and these perceptions, in turn, influence behavior.
For instance, if a person believes that money is scarce and hard to come by, he is more likely to hoard resources and avoid taking risks. However, if he believes that money is abundant and readily available, he is more likely to invest in opportunities and take calculated risks.
Essentially, expressing some level of vote of confidence in our ability to make money in- variably influences the outcome to not be any different from what you have envisioned achieving.
Many are the stories told of great footballers, musicians, artists, actors, and many more who in their formative years, professed to be the greatest in their field, worked towards it and are now living their dream. HBR, after interviewing dozens of unlikely millionaires, reckons that the first step to attaining wealth, at least for people who are not born into it, is much more personal than building millionaire habits or investing wisely. Such approaches often fail to address the systemic and mental barriers faced by many of the marginalized groups who grew up without access to wealth.
It argues that changing one’s mindset or building a mindset conducive to wealth, is the first step to attaining it. This means believing that wealth is accessible to you and believing that you are worthy of wealth despite the systems designed to keep it from you. Without that mental drive, the other strategies are basically moot.
In a similar vein, you can live out your financial story right here on earth and manifest the manifold blessings of wealth so long as you gravitate from a scarcity mindset to one of abundance because as one thinks, so he becomes.
Planning And Discipline
Despite the powerful role that the mind plays in financial decision making, it is still possible to manage money ineffectively. Learning by rote all the rules in making money and engaging in all the seminars on how to make money will be meaningless without proper planning and discipline.
More than ever, the foundation of financial success is discipline. If an individual has all the money he wants to make in a year figured out in his mind without an adequate plan and the will to follow it, all he’s doing is chasing your dreams.
Significantly, it’s relevant to identify your objectives, then follow it, although it might not be as de- tailed as you want it to be at first, trust that it’s a start and will function as it is supposed to, provided you stick to its implementation religiously.
A critical part of maintaining discipline is budgeting because what budgeting does is to streamline your purchases and not necessarily denying you anything. It’s about making thoughtful purchases, prudent savings, and calculated investments. For one to achieve this, it is necessary to put an end to impulsive purchases and begin planning ahead!
Developing a clear financial plan and exercising discipline with money can help all overcome natural tendencies to make impulsive decisions. Creating a bud- get, setting financial goals, and automating savings can all be effective strategies for managing money.
Stay Self-Motivated
No worthwhile venture comes on an easy platter, and making money is not quite an easy cutout road and sometimes, it can seem hard to stay motivated to make more. This is so because making money requires dedication and a lot of hard work, but with the right mindset and some self-discipline, it’s possible.
Logical Dollar agrees with these assertions and equally advises that, instead of focusing on goal setting, money makers must try to focus on milestones. These are smaller, intermediate goals that you can set for yourself as you work towards a larger goal. Milestones help give you motivation and make it easier to stay focused on the task at hand.
Also, you can incentivize yourself with rewards for reaching mile- stones, such as taking an after- noon off or planning a fun night out or in with your family.
Moreover, doing something you love while making money is the best feeling to have to stay motivated. Although this is easier said than done, it can save you a lot of trouble in the long run. One thing is certain, if you have no passion and interest in the work you currently do, it will continue to be an uphill battle as the days, weeks, and months roll by.
In spite of the fact that you don’t need to be 100% passionate about what you do in order to make money, it can help a lot if you find something that interests
and excites you. With this, try to identify at least one element of your work that is interesting to you and capitalize on it to build your ‘treasure trove’. The perks of identifying your passion and being motivated by them means that it makes it easier for people to trust the value you bring to the table enough to pay for it.
Respect Money Enough To Make More
Millionaires and billionaires are not carved out of a fairytale novel, albeit, some may have inherited their wealth, others have to make money the only way to know how, which is working twice and even more as hard to earn the respect of money.
Money has emotions and can easily be repelled by attitudes and habits which are inherently reckless, wasteful and disrespectful. Respecting money is not just about accumulating wealth; it is about acknowledging its significance in fostering financial well-being, personal growth, and societal stability.
Without some soul-searching, we might keep blowing cash on stuff that doesn’t bring real value, thereby, disrespecting the value of money.
Unarguably, poverty is not a good thing and both the waste of money and harboring of money are a sure way to live an impoverished life. Money is to be respected by using it wisely, but there is the need to also allow it to do what it’s meant to do.
Medium believes that by respecting money, individuals develop a sense of financial responsibility. This responsibility extends to budgeting, avoiding unnecessary debt, and making sound financial choices.
A respectful attitude toward money encourages prudence and helps prevent reckless behaviors that can lead to financial hardship. Respecting money opens doors to opportunities that might otherwise remain closed. It can lead to entrepreneurship, investments, and endeavors that drive innovation and economic growth. By valuing money, individuals position themselves to seize chances for personal and professional advancement.”
People that respect money con- tribute to economic stability. Re- sponsible financial practices stimulate growth and promote robust financial systems. Fundamentally, respecting money is not about being superficial or placing undue importance on wealth. It is about recognizing money’s role as a tool for person- al and societal advancement.
For all intents and purposes, whether you aspire to become a millionaire or not, and no matter what path you choose, you can benefit from rethinking your relationship with money to increase your chances of making more. Yes, money may not necessarily mean happiness, but wealth gives access to options, and potentially, a better quality of life.