1. Redefine What Wealth Means for You.
Being "rich" simply is a term for many people. Technically, wealth or being wealthy is defined as having an abundance of resources or possessions. The high life does not equal wealth. Having a gigantic mortgage for a beautiful home or a huge car payment does not equal wealth.
Are status symbols your end goal? Does wealth for you mean that ability not to worry about bills or how much is left in your checking account at the end of the month? Does it mean providing comfortably for your family or being free from financial worry?
Does it mean the ability to afford luxury designer goods or getting a membership to the local country club? Being rich or being wealthy can also mean you enjoy a comfortable retirement. ï¿¼Maybe to you wealth means something totally different.
Your definition of wealth goes a long way towards setting your goals.
2. Learn To Hold Off Gratification
In today's culture everyone expects instant gratification, we all wants things NOW NOW NOW.
However, a wealthy person knows how to delay gratification and sacrifice the now for later. This often comes with a positive attitude towards work and wealth, such as: "If I invest now, I will make 30% more later."
The wealthy do not only think of now, they plan for the future. Long-term thinking over short-term. The present is merely an opportunity.
Change your mentality about spending. Do you really have to have that (place object here) now? The truly rich hold off gratification, knowing that what is trendy, popular or a must have today may not last until tomorrow.
3. Learn the difference between having a high income and being truly wealthy.
High incomes do not necessarily mean that you are rich, especially if this income comes from only one source.
The myth persists that you can only be truly wealthy if you come into family money or are born into a home of silver spoons, silk sheets and antique furniture. Continue to believe in this myth, and you still have the mindset of the broke.
Most people also believe that a high income job is the end-all of their problems and work their butts off to get to a position that pays in five or six digits but end up baffled at how little they have by the time retirement rolls around.
For example, the average high level manager earns $200,000 a year, with benefits but stands to lose that income in the event of layoffs or illness.
Although his income earning potential is high, it only comes from one source.
Contrast that with a middle level manager earning $50,000 a year. This middle manager, however, rents out properties in the city for another $500,000 and reaps dividends from stocks and bonds for another $100,000 a year. In the event of illness, death or mass layoffs, half of his earning potential is still secure.
The source of the latter's income is also easily passed on to future generations, securing wealth for the middle level manager's family.
4. If you're starting a business know when to hold off, reassess and quit.
Investors will say no to your idea, but not all of them.
Those with a poor mindset go to the bank for a loan, get rejected and never think about their idea or opportunity again. The wealthy mindset goes to the bank for a loan, gets rejected, redrafts the proposal and returns to get the approval.
The poor mindset goes into business not knowing the risks of the deal and is baffled when the fallout occurs. The wealthy mindset goes into a deal, knows the risk and gets out if things are going bad.
Always follow your gut and do your research. Know when to back off from risky or unethical deals will not only take your money but have effects of your freedom.
5. Use Your Subconscious to Manifest Your Financial Destiny
The wealthy know that before you can be physically wealthy, your mind must be thinking wealthy too.
Create dream posters by cutting out pictures of your dream status or quotes that inspire you.
Never underestimate the power of your will and mind.
Wealthy people never say they cannot do it, they think of ways so that they can. Instead of thinking "I can't afford that", think to yourself "HOW can I afford that?"
Write down 10 things you want when you're wealthy every morning right after you wake up. The key part is to write them in the present tense, "I have... ".
The act of physically writing this list and seeing your dreams in black and white will engrave your desires into your subconscious and motivate you to take action towards them every day.
The truly wealthy consider their mind as the foremost asset. They also tend to invest in their mind, especially when it comes to education. Visualize yourself to be the millionaire, entrepreneur and successful person you want to be.