Is Having A Money Mindset Necessary To Be Successful?

Is Having A Money Mindset Necessary To Be Successful?

Anyone can make money. You can post an offer in your supermarket for services you are willing to provide. You can post offers on Craigslist to sell your services. You can sell old merchandise on eBay and other online sellers. You can get a part time job. There are many other ways people can make money. The question is, why do you even need a money mindset if making money is easy?

While the dynamics of making money may be easy, if you are not taking the right steps, you won’t be making enough for it to be worthwhile. You not only want to optimize your money-making abilities, but you also want to keep the money that you do make. Further, you want to make it grow in the fastest possible manner and by the most amount. For this, you certainly want to consider taking on a money mindset.

You need to focus your efforts on opportunities that will give you the highest return. Most people aren’t taught how to do this. They learn it by trial-and-error. Which means, they will likely do the wrong things that will cost them a lot of money. That money took a long time to make.

As people age, they have less time to recoup the losses. It’s also tougher to get jobs when you get older. Companies would rather pay a younger person a lot less money even if they need to be trained.

Learning about the right approaches to money management can counter all of these problems. You can still use the methods discussed in the first paragraph to earn money for yourself, but you want to take that money and get them earning more for you.

Some people will strike it lucky. They will win the lottery, or they create an app that sells for millions of dollars. Can you depend on either of these? Are you going to come into money from a long-lost relative who passed away? Again, this is not something you should count on (unless you know for sure).

Even those “lucky” people who come into money somehow, wind up losing it all because they don’t have a money mindset. Time after time, you read about lottery winners who are broke. The biggest problem for them is all the relatives and friends that suddenly come into the picture. Also, spouses have differences of opinion on how this money should be spent.

Is Your Money Mindset Setting You Up For Failure?

People want to make money. You see the lavish lifestyles of celebrities and other famous people and wish you could have the same lifestyle yourself. But, is your drive for money blinding you to what is truly important in your life?

It is often said that if you do something you love, the money will follow. There seems to be something to this because you will approach whatever you love with passion. You’ll get better at it to the point where you are better than everyone else, or at least that is what you strive.

On the other hand, if making money is your driving force, how will you accomplish that? You will simply chase the dollar from one job to the next or from one opportunity to the next. You will get seduced by false offers of riches. Over time, you will look back and see that not much has been accomplished.

You may be successful in the short term of getting that extra dollar from a new job or squeezing a quick buck from your business. But, you will constantly be in search for more money. You could even put yourself into a position where you can’t handle the new job because you lack the necessary experience.

In other words, you didn’t give your previous level enough time to develop a foundation. You jumped ahead, and now you are unclear what to do. It’s a concept known as the Peter Principle, named after the person who came up with the idea, Peter Drucker.

Money isn’t as important as many try to make it out to be. For instance, what good is having a high-paying job when you have to work 80-90 hours a week? What kind of life is that? Many people who do this, look back at their lives and wonder why they did it.

While they may have a lot of money when they get older, they likely don’t have anyone to share it with. Another possibility is the heavy workload to obtain that wealth gets them to an early grave. The money they earned is useless to them if that happens.

If you are happy with what you are doing, money becomes a secondary priority. People do need money to live, and you shouldn’t settle to work for less than you are worth. But, when you can balance a decent amount of money with doing something that you enjoy, it will bring a whole bunch of satisfaction into your life.

Can A Financial Advisor Help You Develop A Money Mindset?

Choosing someone to manage your finances for you is a big step. Who do you trust and how good are they? If you are lucky to find the right financial advisor, will it help develop your money mindset?

The advantage of having an advisor is they are not emotionally attached to your money. The disadvantage is they are not emotionally attached to your money. It is a double-edged sword and one that you have to monitor very carefully. Too many people make the mistake of keeping an advisor employed even when they are not doing as well as expected.

Ask potential advisors a lot of questions before deciding. If they are not transparent about how they are going to manage your money, it’s probably best to move on to someone else. They should have no problem making their plans for your money known. It’s important to remember it is your money.

This brings up an important point. You are ultimately responsible for the decisions made by any advisor you choose. While they may not be good and end up losing money on your account, you chose them, to begin with. This is why it’s crucial to pick a good advisor. Try to find people you trust who are happy with advisors they have used. Referrals from people you know are the best type of referrals.

When using a financial advisor, be careful not to remove yourself from the process. This is common and should be avoided. If this does happen, then you won’t be adopting a money mindset by using an advisor. You need to hold them accountable which means you need to know what they are doing.

On the other hand, you don’t want to micromanage your financial advisor. Good advisors are well trained and know the ins and outs of managing money. If you are constantly calling them to find out why a particular stock or bond is not doing as expected, you are not being fair to your advisor.

Of course, if they set up the plan with one expectation for your entire portfolio and it is not doing what you agreed upon, you need to be critical with the advisor.

You need to be comfortable with the risk the advisor is going to take with your money. Hopefully, they interviewed you about your risk profile and set up a plan with this in mind. It cannot be overstated that it is your money, and you are responsible.

Having the correct money mindset requires great self-discipline and many people struggle with this so if you want to harness the power of self-discipline, check out the featured resource below for a free report; download, read it and take action 🙂

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