Podcast: Play in new window | Download
Check out all of the episodes of the YoPro Wealth podcast HERE!
What is your mindset on money and wealth?
Is it along with the poor? Middle class?
Or is it in line with millionaires? How about billionaires?
There are big differences between the ways that the poor, middle classes and extremely wealthy think, operate, react, work and so on. And it all starts with the mindset and their beliefs about themselves and wealth.
The majority of people are in the middle class group, as that is the way most of us are raised. That is the way the school system works, and it is not a good thing. In school, we are taught to think like the middle class. It is a general system built for the masses, and created for the world that we lived in decades ago. Without outside training or mentors, young professionals are not prepared to live a life that takes them out of this crowd.
The biggest jump you can make is from Middle Class to Millionaire status. Once you get the mindset down and build momentum, you can make the jump to the next level…
But the journey to change your mindset is not an overnight solution. It takes time. It takes fighting through the challenges and doubts and past experiences that have created the mindset that you have.
Your subconscious doesn’t know time. The events that happened early in life are still as fresh in your subconscious as the events that happened last week. So, changing this takes a long time. We have to recognize our thoughts and evaluate the way we feel and why. Once we do this, we can better understand how to fix it.
So, without further ado, following is a comparison of the mindsets and beliefs about money and wealth for the Poor, Middle Class, Millionaire and Billionaire groups.
Click HERE to get the following table on the money mindset:
What is your mindset? What areas do you need to work on?
An improvement in mindset starts with identifying the problems. Then, identifying the causes. From there, you can work on changing that specific belief.
Keep this mindset table, and continue to improve the way that you think about money and wealth.
The key is to understand that it is only yourself and your beliefs that are holding you back, if anything. If you can change these (which you definitely can!), then you are well on your way.
Key Resources to Change Your Mindset:
- Improve your network – join our Mastermind if you’re serious about taking your life to the next level.
- Secrets of the Millionaire Mind – want to stay poor? Think like the poor. Want to get rich? Think like the rich.
- Think & Grow Rich – whatever the mind can conceive and believe, it can achieve.
- Rich Dad, Poor Dad – how the wealthy think about work and wealth.
Action Steps:
- Really go through this and make notes about your beliefs and find the key areas that are holding you back.
Pick one of the resources above and get started improving that mindset! The rest is easy after you master the mindset.
Join thousands. Get weekly updates on how to build true & massive wealth.
Austin, great post! Mindset is without a doubt an important step towards attaining the wealth you desire (whatever that may look like to you). Thanks for this great post and for the Money Mindset Table!
Thanks, Kate. It is absolutely a requirement to attain and grow wealth.
Without the mindset, people revert to their old thermostat, as T. Harv Eker call’s it.
I appreciate it!
Great post Austin! The first time I really became aware of Mindset was when I read Rich Dad Poor Dad. I know I was raised in a Middle Class mindset, but I am conditioning to be a millionaire one now!! Thanks again!!
Yes, that was one of the first books that I read on the true wealth mindset as well. It is an outstanding read for anybody!
I was raised, as most of us are, with the middle class mindset as well! Now that you’re developing that millionaire mindset, nobody can stop your success!
Nice job Austin! For sure mindset is a matter of conditioning and educating yourself to think a specific way. Couldn’t agree more!
Thanks for the comment!
Great Job. I also think that this is one of the most important factors that you need to know if you want to attract more wealth and money. At first, I was a negative thinker but when I found out how to develop a wealth mindset, I started looking at everything that I did so far and changed myself.
http://www.amazon.com/dp/B00F2QT2LA
Austin, I’m a relatively new listener. You succinctly identified the true differences between these mindsets. This isn’t a “class” issue, but a state of mind limitation. One question, that you may have covered in an earlier podcast, regards the income streams. You touched on the income streams with the target of passive income exceeding current financial obligations.
We’re currently in our late 30s with good jobs and a significant amount in retirement accounts. We’re now allocating funds to taxable investments, for that early freedom. Additionally, we have rental property that will be paid off in 10 years or less. I believe we’re on the path with two additional income streams (taxable investments and rental income), but would like more information on other streams, such as a part-time business, franchises with low barriers to entry, etc. Any advice, books, resources, or prior podcasts that cover the various passive income stream options?
Keep up the great work. You are inspirational to allow others to experience your journey alongside you, via the podcasts and blogs.
Yes, @disqus_7VAvX3iONu:disqus ! Great question. You are well on your way, and kudos to you for building multiple streams. That will serve you and your family very well.
Email me and we can chat directly about your options. There are a bunch of ways that you can go! Also check out the previous solo podcast on passive income where I mention a bunch of alternatives for you: http://yopro.wpengine.com/034-all-about-passive-income-austin-netzley-2/
Email me: [email protected] and we will chat about it more!