How you develop a Millionaire Mindset: Self-Discipline and Money


Financial success and whether you can achieve it does depend on the way you think about money. How you think about money matters, including the way you look at the debt you incur. You need to develop a millionaire mindset if you want to enjoy financial freedom. Money is a precious resource and you should learn to use it wisely.

We are all brought up from an early age to view money in a certain way and the way we are conditioned by our upbringing tends to stay with us unless we choose to change our thinking. You may have been brought up with poor money habits but that doesn’t mean you can’t change them. You can but it takes some effort from you.

If you are to start winning at the game of money then it starts with getting rid of any false ideas you may have and which may be holding you back. Your mind is a powerful weapon and it can help or hinder you on the road to financial freedom.

So reflect honestly on the way you think about money. Figure out exactly what money means to you and how you want it to affect your future.

What are your financial goals? Can you visualize yourself as prosperous and wealthy? Alternatively do you focus more on the negative aspects of your life, perhaps thinking it will never change?

Negative thoughts beget negative thoughts:

Think negatively about money and you’re unlikely ever to have much of it. Essentially you think of yourself as lacking in value and therefore unworthy of having that pot of gold of your own.

Thinking negative thoughts about your future will result in a future for you that is unexciting at best. It doesn’t have to be but to achieve anything it all starts with positive thinking. No one ever got anywhere with negative thinking.

Money isn’t everything, of course. However it is up there with oxygen for a life worth living. It won’t solve every problem, of course, but it does make living a little more comfortable and agreeable. Money can cause more harm than good on occasions but it can also be a force for good too.

So what do you want for your financial future and what does money mean to you and your life? Figuring that out would be a good start.

You don’t have to be a financial whizz-kid:

Money might seem intimidating at times but it’s actually quite simple. It’s just the way we keep score. Money is the medium through which value is stored. It’s easier than a barter system. We do stuff for other people and we’re paid. We can then spend the money we receive at our own convenience to live our own lives.

Money comes into our lives and money goes out again. The trick is to ensure that money in always exceeds money out. In other words you live within your means. So pay attention to the numbers and check them regularly. This is not complicated mathematics. If you can master basic addition, subtraction and percentages that’s about as complicated as it gets. You don’t need to be a mathematics major.

Your success in managing your money and improving your financial skills will depend on you taking small daily steps to gain control and manage your finances carefully. You don’t need to be a city whizz-kid, you just need to care enough to want to improve your situation.

Just keep at it and don’t give up.

Financial discipline won’t necessarily happen overnight but slow and steady progress can be achieved which will improve your situation over time and help you progress down the road to wealth and financial freedom.

If you are consistent in improving your daily money habits then eventually good money habits will become a part of your routine.

Not allocating the time is certainly a crime:

Managing your money and planning for your financial future doesn’t require a lot of time but it does require some of your time and you must set some time aside regularly to ensure that you don’t lose sight of your second most important resource.

For the record; your most important resource is time. You can always get more money but you can never get more time.

Your financial success will be limited only by the amount of time, dedication, attention and hard work you put into to looking after your money and improving your financial education.

Many of the world’s wealthiest people will tell you they didn’t get rich overnight. Unless they were lucky enough to inherit serious money, wealthy people spent years giving it their all and managing their money wisely.

Achieving financial freedom is a worthy goal for everyone. However it you want to be wealthy you’re going to have to work hard to accomplish your goal and allocate time regularly to keeping track of what you earn, what you save, what you invest and the performance of your investments.

Even if you have more modest goals like becoming debt free or building a nest egg for your retirement, you can’t avoid allocating a little time to the process on a regular basis.

Fail to put in the time and you’ll experience very limited success, if any at all.

Everyone has a choice:

Never assume your situation cannot be improved. It can, albeit it will require effort and discipline from you.

Regardless of your situation now, you do have a choice. You can choose to say, enough is enough. Your life can be better if you choose to make it better.

It really doesn’t matter how many mistakes you’ve made in the past. Your past mindset in relation to money doesn’t matter either. The ability to create a better future for you remains in your hands. All it takes is firstly a vision that your future can be better than your past. Secondly you need the will to start making incremental changes and improving things slowly.

You don’t need to take giant strides and set the world on fire. Small incremental steps are fine as long as you keep heading in the direction of your financial goals.

Your mind is a powerful tool which can make or break your success. Wealthy people, particularly self-made rich people, use what is known as the millionaire mindset. This is simply a way of thinking in relation to money and the building of wealth.

Wealthy people don’t purchase items with unsecured and expensive debt. If they need something they usually save up for it first and then pay with cash for their purchases later.

Ironically they often give money regularly to people less fortunate than themselves too. Helping others can be a virtuous circle. Being kind to others can pay handsome dividends. Everyone really can be a winner.

Conclusion:

Develop a positive mindset in relation to money. You’re as entitled as the next person to create wealth from the value you add. Think positively and you will notice a huge change in your life and your finances. Work on developing a millionaire mindset.

Further Reading:

If you want to develop a millionaire mindset then three books you should read are as follows:-

The Millionaire Mind by Thomas J Stanley

This book explores the ideas, beliefs and behaviour that have enabled millionaires to build and maintain their fortunes. The author uncovers surprising answers, showing what it is that makes the wealthy prosper while others feel dejected and beaten by life. If you have an entrepreneurial mind you’ll find this book interesting. It will provide you with road maps on how millionaires found their niches.

The Millionaire Next Door by Thomas J Stanley & William D Danko

According to this book, almost anyone with a steady job can amass a fortune. The authors suggest that most people have it wrong about how you become wealthy. They suggest that wealth is the result of hard work and living within your means. This book identifies seven traits which people with wealth tend to possess. These traits can be learned it says and if you copy what the wealthy do then you can be wealthy too.

Secrets of the Millionaire Mind by T Harv Eker

In this book you will learn how your childhood influences have shaped your financial destiny. You will also learn how to identify your own money blueprint and revise it not only to create success but, more importantly, to keep and grow your personal wealth. Finally you’ll be introduced to 17 specific ways rich people think and act. These include specific action steps for you to practice in order to increase your income and accumulate wealth. The essential message of this book is that if you think like rich people think and do what rich people do then there’s a very good chance that you will get rich too.

If wealth and achieving financial freedom is your aim then you should read these books. If you’d like to take a closer look at them then click on each of the embedded links above. I strongly recommend that you buy your own copies. I did and they have all proved to be extremely useful to me.

And don’t forget; if you don’t have time to read these books then buy the audio versions from Amazon and listen to them when you’re driving or on public transport. Again, click in the link in this paragraph.

Other Articles:

Money-Making Tips from the 50 Smartest People

Don’t fall for an easy money scam

How to save money with Amazon Refurbished

Money and How to Get Rich

How to save money

© Roy J Sutton and Mann Island Media Limited 2017. All Rights Reserved.

Show Buttons
Hide Buttons