Bestselling author and real estate mogul Phillip Michael recently tweeted,
"You become rich in your mind long before you become rich in your bank account."
This statement is, in fact, not far from the truth. And today's video will help you
understand how your brain or mindset keeps you poor. So make sure you watch it all the
way through to figure out how to overcome these habits to achieve financial freedom and security.
Before we proceed, remember to subscribe to this channel if you have not. If you are a returning
subscriber, thank you for your continuous support. With that said, let's get on with our video.
We all want to enjoy life to the fullest and live our ideal lives. For most of us,
this involves financial freedom. After all, nobody desires to be poor in life.
Today, there are a lot of ways to make money. But many people
need to realize how important it is to have the right attitude.
One of the main reasons people remain poor is not their low income but rather their poor mindset.
Because your thoughts shape your actions, and your actions shape your reality. If your thoughts
are not designed for wealth, you won't achieve financial success no matter how hard you try.
But how can you know if your brain or mindset is preventing you from succeeding? To help
you out, here are 8 attitudes you must eliminate if you want financial freedom.
Mindset #8, You Always Compare Yourself to Others Financially.
President Theodore Roosevelt once said,
"Comparison is the thief of joy" This statement holds true even today.
Ever noticed how all-consuming it is to constantly compare yourself to others?
Picture this, you are running in a race, and you keep glancing around to see where the other
runners are. You're distracted because you are not concentrating on the path in front
of you. You are not only running slower than you could be, but you may also trip and fall
because you are not looking at where you are going. The same logic applies to your finances.
You notice that your friends are doing better in life, some are not struggling with the same
student debt as you are, and you start obsessing over their financial situation. Every minute you
spend worrying about someone else's finances is one less minute spent focusing on your own. And
the more time you don't think about your goals, the longer it will take for you to
reach them. Instead of helping you succeed in life, that comparison trap keeps you stagnant.
So, unless it is necessary, like comparing your salary to others
in your industry to ensure you're being fairly compensated, do away with comparison.
Sure, it can be hard to stop comparing yourself to other people,
especially since social media shows us so much of their lives. But with some work and practice,
you can change your thinking and stop slipping into the comparison trap.
Mindset #7, You Focus On One Stream of Income.
It is not your fault if you are guilty of this. It's the perception most of us
grew up with. We have always been told to find a well-paying job that covers
all the bills. However, there are two major flaws with that theory.
The first is that for many people, one job is not enough to cover their expenses. Numerous
studies conducted in recent years have found that several people work a second
or even a third job just to make ends meet. Secondly, relying on one source of income
is like sitting on a one-legged stool. The problem is that you are reliant on
that income. And if it suddenly disappears for whatever reason, you will be in a bind until
you find another way to make money before your savings run out. Sadly, most Americans do not
have enough money saved to cover all of their expenses in case of such a financial crisis.
So, if you want to achieve financial freedom and live a stress-free life,
you must diversify your income streams. This will shield you from future financial disasters.
Mindset 6, You Focus On the Limiting Beliefs About Money.
If you are wondering what limiting beliefs about money is, here it is.
Basically, it's your assumptions about money,
your relationship with it, and your ability and worthiness to get money.
Some factors that contribute to these perceptions include; family, friends, social norms, culture,
personal experience, exposure to the internet, social media, and so on.
What's sad is that all these limiting beliefs are based on opinions,
not facts. They are reinforced by your feelings and not rational thinking. This
makes it easier for them to take over your mind and keep you stagnant financially.
We all have limiting beliefs about money, so there's nothing to be ashamed of. Most of the
time, we don't even know we have these beliefs because they are ingrained in us. And though
these beliefs are subconscious, they profoundly affect your life. If you do not get rid of them,
they can have a devastating impact on your life and your finances.
One of the most common limiting beliefs about money is that you
can only make good money if you have a desk job. Unfortunately, if you have this belief,
you might be stopping yourself from starting that business you've always wanted.
There are many ways to make a decent livelihood without a desk job. Do
some research, and you'll find several opportunities that might work for you.
Also, if you are the type of person who focuses on limiting beliefs,
you are definitely guilty of the next mindset on our list. To find out what it is, keep watching.
Mindset #5, You Are Afraid to Invest in Yourself.
"The best investment you can make is in yourself." Even though this
advice is very important, only a few people know it or follow it.
Though investing can be overwhelming, investing in yourself can be one of
the most straightforward, cheapest, and most rewarding investments you can make.
Investing in yourself involves putting the time, money, and effort into improving your life now
and in the future. Rather than focusing on things that won't increase your wealth in the long run,
look for ways to expand your knowledge and enhance the quality of your life.
When you work on improving yourself and achieving your goals, you will notice a positive change in
your finances, career, health, and happiness. You will also gain knowledge and skills that can help
you spend less time on unnecessary stuff and devote more time to things that make you happy.
Though you might not see the results of your investment right away,
investing in yourself can significantly impact your life in the future.
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Mindset 4, You Envy Successful People
Have you ever looked at your friends' lifestyles and wished you could live
the way they do? Perhaps it's because of their fancy and stylish clothes? Or
their gigantic house? Or their expensive vehicles?
You see, envy is a normal feeling. But, if it becomes a habit, it can hinder
your personal and financial growth. It can also damage your relationship with others,
as you might start resenting them for owning things you cannot afford.
According to experts, one of the best ways to become successful is to surround yourself
with people who are more successful than you are. But, if you are envious, how will you hack this?
Well, you need to learn to be grateful to eliminate this blinding emotion. Be
thankful for what you already have. Don't waste your time being sad about what other
people have that you don't. This will only make you feel sad and sorry for yourself,
which will make you less likely to work toward your goals.
On the other hand, focusing on what you have fuels hope and optimism. It
nurtures the belief that if you can obtain this, you can get other things you desire.
Mindset #3, You Think Money Is the Root of Evil.
Most people still have the false belief that money is the root of all evil, even
though we live in a world that shows us daily the immense good money can do. With such a mindset,
is it possible for you to work hard towards accumulating wealth? That's quite unlikely.
Even though the phrase "money is the root of all evil" comes from the Bible,
its meaning is clear to people of all religions and cultures. However,
the correct verse is found in first Timothy Chapter 6, verse 10, which states: "For the love
of money is the root of all evil." This implies that excessive love for money leads to greed.
And greed drives people to disregard their morals and engage in questionable behaviours to get rich.
So, if you want to grow financially, you must change your attitude towards money
and view it as an important resource you need. If you view it negatively,
you will not be motivated to work hard for it.
Mindset #2, You Blame Others for Your Problems.
If you ask some people why they are poor, they will blame the government,
the economy, their parents (who did not leave them an inheritance),
and so on. They will point fingers at everyone else but themselves.
Even though some of these factors might have contributed to the situation,
it is still crucial for one to recognize the role they played. We
all make mistakes. But the smart thing to do is to figure out why we failed.
If you always put the blame on other people, you will never be able to learn
from your mistakes and fix the problems that led to your financial difficulties.
This is because your inability to acknowledge your wrongs deprives you of an opportunity to
learn money-earning and management skills, which means you lose potential sources of
income. And when you don't recognize the dynamic you're engaging in, you're doomed to repeat it.
Blaming others might give you a temporary place to direct your anger. However,
it does not provide you with more financial power. So, here is what you can do instead.
Look within yourself and find a solution to your problem. Don't blame the government
for your problems or the "wealthy" for taking what is rightfully yours;
instead, accept your predicament and take action to improve it.
Mindset #1, You Feel Entitled to Money.
So many people feel entitled to money these days. You believe you deserve a raise even if you don't
work hard. You think the government should take care of your pension or that the rich should
pay for your needs. That's delusional thinking, and such a mindset keeps you helpless and poor.
A sense of entitlement will keep you financially stagnant since it reduces your motivation to work
hard and improve your situation. Furthermore, if you give in to a sense of entitlement,
you'll be disappointed when you don't get the reward you think you deserve.
This setback will make you less motivated to make future efforts. After all,
you didn't get rewarded the first time. So why should you put in any effort?
To get out of the poverty trap, you must get rid of the belief that other people
should take care of your finances. Instead, go out there and look for ways to make your
own money. After all, it's the only way you can secure your future financially.
As I wrap up, here's what you should know.
To truly embrace financial abundance, it is essential to scrutinize your attitudes and beliefs
about money. Acquiring knowledge about financial markets and investment strategies is crucial, but
without addressing your underlying mindset, you may not fully optimize your earnings potential.
Your mindset profoundly influences how you perceive money and the
decisions you make regarding its use. Embracing an abundance mindset does not
entail lavish spending or mismanagement of assets;
rather, it involves approaching financial matters from a well-informed perspective.
When it comes to personal finance and wealth accumulation, maintaining a scarcity mindset
can lead to a lifetime of financial mediocrity. However, remember that it is never too late
to transform your approach to money and embrace a more abundant financial future.
And that brings us to the end of the video. So, what do you think? Are you guilty of some of the
habits on our list? Please share your comments and thoughts in the comment section below.
I am looking forward to hearing from you.
Thank you for watching and staying with me till the end. Please,
remember to like and share this video with your family and friends. And don't
forget to subscribe to this channel if you haven't. Until next time, have a lovely day.