What is a Wealth Mindset?

There is a vast difference between two people when one has a wealth mindset as compared to one with a limited “poor” mindset. A wealth mindset is one of abundance. It doesn’t mean just money either. It means riches physically and spiritually, too. A wealth mindset focuses on being physically healthy, forming good relationships with others and yourself, and on being healthy financially today and tomorrow. But you may wonder, “What does this have to do with my business?”

Assets & Investments vs. Expenses

When you have a wealth mindset, you start to realize that in your business you have assets and investments more than you have expenses. For example, if you have a business, your website is an asset. Your email list is an asset. Each paid product you offer is an asset. All these assets will affect your bottom line for months and years to come.

As an individual, your investments that you focus on now will be paying off tomorrow. Investing in a 401K, an IRA, or other investments that are designed to be long-term investments encompassing 20 to 30 years of your life only to be accessed years and years down the road is a good example of exercising a wealth mindset in your personal life.

Regardless of whether you’re a business owner or not, every action you take today can either help you build assets down the road or take away options for you later. When you have a wealth mindset, you’re always looking at ways that are legal, smart, and reasonable to build that wealth – whether it’s choosing to spend money today on a no-tech vacation or it’s to take the money and invest it in stocks for use later is entirely your choice. But you need to educate yourself on these opportunities to ensure you do have a choice because you want to invest your money wisely.

Income Generating Resources

As a person with a wealth mindset, you know that you want to create a surplus of resources that you can use whenever you want to. This requires that you continue to educate yourself on your industry as well as the ways you can invest in income-generating sources that don’t require trading hours for dollars. Because you know that as you get older, you’re going to want to devote more time elsewhere.

Excuses vs. Opportunities

As a person with a wealth mindset, you don’t view a windfall as an excuse to go buy something you wanted forever. No, you see it as an opportunity to invest in something that is needed that will increase your income tomorrow. You may invest it in a new product, you may invest it in stocks, you may put it in savings, you may choose with eyes wide open to pay for a well-earned and needed vacation away from technology. But it’s all done from a wealth mindset, not one of lack. You don’t choose to go on the vacation because you won’t get to do it again, you choose to do it because you earned it and you can earn it again.

When you have a wealth mindset, you see money as a tool to help you reach your goals. You have set up a budget, stated your goals specifically, and you have developed a plan that you’re following to reach your goals. Every choice you make advances you toward your goals.

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