We’ll explain how your mindset can keep you broke, then give you 8 tricks that’ll train your brain to make more money.
I read an article the other day that really stood out to me. The article was about four people who had completely different income levels (one guy was a millionaire, the last guy made minimum wage), and each person answered questions about their lifestyle.
They answered questions like,
Do you keep a budget?
What’s the price of your weekly grocery bill?
What’s one thing you want but can’t afford? and more.
But the one question that really stood out to me and sparked the idea for this blog post was…
“How much money do you think you’d need to have the life you want?”
Their answers compared to their outcome blew my mind and sparked a load of questions.
From the answers in the article, the millionaire said that in order to live the life he wants, he would have to make 25 million dollars.
His reasoning for making that amount is so that he can retire his parents and have some money left over for his kids future endeavors.
The guy that made $250,000 per year said that he would want a yearly income of $600,000 for him to be truly happy,
But he also said that once he makes that much he knows he’ll want more (so that he can buy his private jet).
Meanwhile, the guy that made $53,000 per year said that he would want to make $250,000 per year in order for him to live the life he wanted.
Which in his words would be enough money for his family to live comfortably.
And finally, the kid that made minimum wage ($7/hr plus tips to be exact) said that in order for him to be satisfied and live a happy life, he would want to make triple what he’s making now (which would mean $21/hr plus tips which equals out to be around $45,000 per year if he worked a full 40 hour work week).
From those answers, it seems that the amount of money each person WANTS to make, directly reflected how much money they were actually making. The guy that was making minimum wage didn’t say that he wanted to make $1 million per year to be happy, he wanted $21/hr plus tips. Why is this?
Does the more money you believe you can make, reflect the amount of money that you’ll actually make? Do you think that if the kid who made minimum wage dreamed of making more money, that he would be making more money now (or eventually end up making more than $21/hr)?
Why do some people make more money than others?
There are many things that effect the amount of money one can make. For instance, having a lot of money may seem very far fetched to anyone who didn’t grow up in a wealthy home environment.
But do your surroundings have the power to prevent or enable your chances of making money? Not necessarily. If that were true, there wouldn’t be so many success stories about people who started from the bottom but eventually became successful (and vice versa) – so what’s the key factor that made them go from nothing to something? What’s the common denominator here?
You may have heard the saying before, “broke isn’t a dollar amount, it’s a mindset.”
Do you agree?
Everyone’s definition of success is different, and money definitely doesn’t always equate to happiness, or success, but that’s not what this is about here. This is about MONEY, and how your thoughts about money can directly reflect the amount of money you’ll actually make.
So what kinds of thoughts actually hinder you from making the money you want?
What’s in the mindset of a millionaire?
Here are 8 tricks that’ll train your brain to make more money.
- You have to believe that it is possible. Remember that millionaire that you read about or saw the other night on Shark Tank? That person is a regular person just like you. Think about that. You are a genius who is fully capable of achieving anything you can imagine (well almost anything), but you have to believe it before you can achieve it.
- You have to be willing to put in the work. You have to understand that you’re not going to wake up one day, check the mail and magically receive a check for 20 million dollars. The difference between you and that millionaire is that you have an idea, while they had an idea and fully committed themselves to executing it. They didn’t let a 9-5 stop them, they didn’t let the lack of money stop them. They dedicated themselves, created the plan of attack, went through failure after failure and used their mistakes as learning tools to get them to where they are today.
- You have to know the many ways to make money. You have to realize that knowledge truly is power, and the more you know the more money you can make. In school they teach you with books, so what’s stopping you from buying books and teaching yourself? Many people that have started their own company are completely self-taught (or college drop outs). Why is that? Well because when you’re REALLY interested in something, you’ll learn more. When’s the last time you sat in class thinking “why do I need to learn this stuff?” and then it goes in one ear and out the other as soon as that test is done. How much do they teach you about making money in school? Our advice to you is, learn as much as you can on your own. Educate yourself on how money works and how regular people just like you have made a nice life for themselves not by working harder, but by working smarter.
- You have to surround yourself with people that you can learn from. I’m sure you heard the saying, “If you’re the smartest person in the room, you’re in the wrong room?” That holds true in the sense that you need new perspectives around you to open you up to new ideas. Having a mentor that has been in your shoes and has seen the success that you want can be a huge help. They can give you guidance and ideas and even show you how to manage your money.
- You have to understand that there are risks involved. Growth involves leaving your comfort zone. Making money can involve plenty of risk (no risk no reward) so don’t be afraid to do things that give you butterflies.
- You have to understand that most of the time, it takes money to make money. You can’t be afraid to invest in yourself. This brings us back to number 5, the risk factor. The key is to make calculated risks, which can be done by learning as much as you can about what you need to invest in, but ultimately, don’t be afraid to jump and then learn how to fly.
- You can’t be afraid to speak your mind. Believe it or not, your boss doesn’t want you to be a “yes” man and take orders from them all the time. Your boss will actually appreciate it if you ask knowledgeable questions and give feedback and speak up about certain issues and bring up ideas on how to solve them. I’m sure you heard the saying, “A closed mouth won’t get fed.” If you want that promotion, sometimes you have to take it. If you don’t ask for it, the answer will always be NO. This also holds true when starting a business of your own. You must understand that those around you are possible clients and profitable connections. You can’t be afraid to be social and ask questions and ultimately speak up in order to get what you want. #Network
- You have to set measurable goals. Setting goals for yourself will give you something to look forward to which will keep you motivated. Plus, writing goals on paper makes them even more real. Here’s a test, take out a piece of paper (or open the notes app on your phone) and write down three things that you really want to accomplish in the next five years. Once you do that, dig even deeper and write down a few steps that you’ll need to take in order to reach each one of those goals. As a final step, write down the dates that you want to achieve these goals by. Now you have measurable goals to look forward to!
And by the way, here’s that article I was telling you about: “4 Men with 4 Very Different Incomes Open Up About the Lives They Can Afford.”
So tell me, how much money do you think you need to live the life you want?
How are you going to get it?
Is there anything in your life that you feel has stopped you from making the money that you dreamed of?
Leave your answers in the comments section or tweet us @TasteCreators
And stay tuned for next weeks version of #MoneyMakinMonday