The society we live in today continually demands instant gratification. This trend leads us toward adopting a more poor mindset as individuals and as a society. We need to dilute the influence of social media and advertising to focus on nurturing a rich mindset.
What is Rich Mindset and Poor Mindset?
Listen Money Matters does a great job of really dissecting the difference between the two. In short:
The rich mindset is to take mindful action now to obtain future benefits later while the poor mindset is to act on impulse for immediate gratification without consideration for the future.
Having a rich or poor mindset is not about how much money you have. You could make $1,000,000 in year, but still have a poor mindset. Likewise, with a rich mindset, you might not be rich, but you’re taking actions to improve your state of life, such as attending night classes to further your education.
I encourage you to read The Real Difference Between a Rich Mindset vs. a Poor Mindset to get a detailed understanding of the topic.
Make a Change
Changing ones mindset may not be easy at first, but some small changes can have big outcomes.
Here are 5 tips to be more rich minded:
Challenge Yourself to Save
As an exercise, challenge yourself to save more money every month. At the end of the month, you can do what you want with the money. Maybe treat yourself to a nice dinner or massage. This trains your mind to look forward to the future possibilities of the delayed gratification. Eventually treating yourself can lead to something that makes your money work for you.
Be Mindful About the Future
Everything you do has the potential to affect the future so why not take advantage of that. By being mindful of the future when you make decisions, you almost undoubtedly will make better and more fruitful decisions.
Make Monthly Goals
By making monthly goals you are working towards something, which is a trait of a rich mindset. This also means you are doing things out of want rather than impulse or obligation. Liann and I make monthly goals to make sure we complete tasks that are meaningful to us.
Celebrate the Success of Others
This was a big thing for Liann and me in 2018. We celebrated successes of our family and friends as much as we could. When you are genuinely happy for the successes of others, that puts you in a rich mindset.
Investing is all about future gains, which is the core of a rich mindset. There are a ton of different options for investing. It can be as small as a opening an Individual Retirement Account (IRA) or as big as owning investment properties.
Which mindset do you lean towards?