9 Ways to Create a Wealth Mindset

Learning to create a wealth mindset is one of the fastest ways to creating wealth. The psychology surrounding how we think about money is really interesting, but I’m not going to go into all of those details here. What I’m sharing is 9 actionable ways to get started with improving your relationship to money.

It might take a little bit of time, or you may be able to shift your money mindset almost immediately! Create a wealth mindset quickly and easily using this simple advice.

What is a Wealth Mindset?

First we need to understand some terms and ideas. A wealth mindset is the way in which you think about money. It’s what determines how much of an effort you put into earning more and spending less, and how you view your financial situation. It is, basically, the way in which you think about money. A person with a wealthy mindset will take more risks, be smarter with their spending habits and try to learn about other opportunities to make more money.

What is a Poor Mindset or Poverty Mindset?

The opposite of having a wealth mindset can be called having a poor mindset. Again, this has to do with the way you think about money, and the way you view your financial situation. A person with a poor mindset will have a negative thought pattern around their personal money situation and be unable to visualize improvements to that situation in the future.

Abundance vs Scarcity in Wealth Mindset

An individual cannot be without something while having it simultaneously. Scarcity is not having enough, or lacking enough, while abundance is having more than what’s needed.

This is an important concept! Abundance and Scarcity are two ways that a person can operate, and it is impossible for someone to feel abundance and scarcity/lack at the same time. They are mutually exclusive.

Folks with a wealth mindset are experiencing and visualizing abundance, while those with a poor mindset are just seeing how they lack. They feel as if they lack money, they lack resources, they lack opportunity.

Where Did This Limited Thinking Come From?

There are many ways that a person can develop the limited thinking that can cause a poor mindset. The way we were raised, the money mindset of our parents, or the experiences we had as children likely effects the way we see money.

For example, some people who grew up in poverty may always feel like they don’t have enough money, even when they do.

Lack of a wealth mindset can come from other relationships, past trauma related to money, or experiences had at work or school that caused emotional distress. Yep, this is really all very psychological. Luckily, the way your brain thinks right now does NOT need to be the way it thinks forever! You can create a wealth mindset using these actionable steps.

9 Tips To Shift To A Wealth Mindset

1. Set Goals

In order to create a wealth mindset you must set goals about your money and then write them down. It’s important to be specific, so you can better track your progress and see what is working for you. Some of the things that may work for you are:

• I want to save $X per month.
• I want to spend less than $Y on my food budget.
• I’m going to spend less than $Z on entertainment.
• I want to have a buffer of at least $A in my checking account.
• I’m going to earn an additional $B this month.

Make sure that the goals you are setting are phrased as I statements. This will help them become personal and help you to start the process of believing that your money can do positive things.

2. Create actions and behaviors that reinforce your mind set

So you have the idea that your money mindset needs to change, and you’ve created some positive money goals to get things started. Awesome! Next you need to actually start doing things that reflect your new and growing wealth mindset. You may:

• Take on a side gig and start earning more.

• Cancel your Netflix subscription and spend that time on personal development.

• Say No to invitations to do things that would have you spending more money than you want to right now.

You may also want to start behaving differently. I’m sure you’ve heard “fake it til you make it”? In this case, it can often be helpful to start acting like you have more wealth than you do. Just be careful, you don’t want to start throwing money around, but you should be confident in investing small amounts of money to start or looking at houses that you can buy when you’ve hit your goals.

3. Think Big

You created goals that are measurable and attainable right now, or in the near future, but you should also start thinking about what the larger goals are. Once your money mindset has shifted to the positive side, you’ll have nothing holding you back. Think Big – How much money will you have in 10 years? How much will you charge for your latest and greatest creative endeavor? When can you retire early?

These thinking exercises allow your brain to train itself to think in a wealthier way, creating a wealth mindset one thought at a time.

4. Learn to manage your money

You are going to want to learn how to create a budget, and how to manipulate that budget to help you meet your goals. You are in charge of your money, and you are responsible for where it goes and how it grows.

5. Don’t Spend Your Money – Invest It

It’s hard to think about investing money when you don’t think you have any extra to spare. I know, I’ve been there. But let me tell you a secret: the one tried and true way of becoming wealthy is to invest your money in something fairly stable, and then wait. So, the sooner you get some money in the investing game, the better.

Stock investing might be the first thing that came to mind, but there are many low risk ways to invest as well. Add a few extra dollars into your work’s 401K each week, or talk to your bank about putting your money in a high interest savings account.

6. Avoid People Without Ambition

This might seem like a no-brainer, but for many people this can be really hard. Take a look at your social circle. By now you should be able to point out which of them are not on the same wavelength as you when it comes to having a wealth mindset. You’re going to want to avoid those people for a while, at least until you turn things around.

This doesn’t mean you need to leave your spouse or stop talking to your mother, these people can still be in your life and I’m certainly not suggesting you dump them. What I’m saying is that you need to be careful not to let other’s poor money mindsets rub off on you, not while you’re working so hard to change yours!

7. Get Hustling

There is literally nothing better for changing your money mindset than actually MAKING MONEY! There are so many ways to make extra money using the internet or in the real world.

• Right now, in 2022 – I’d suggest you go take some shifts at a restaurant. Everywhere is hurting for workers, and tips are tips. It’s also a very flexible industry so you can work around your job or family responsibilities.

• Get a gig – The gig economy is alive and well. Shop with Instacart, Drive for Lyft, or sign up on other sites to do odd jobs for people.

• Prefer to stay home? I feel you – that’s how I am too. Use the internet to your advantage. Be a freelance writer, or a virtual assistant. Prior to being a blogger/freelance writer full time, I did both of these things as a side hustle, on top of a 9 to 5 job. Want to learn how to create written content quickly and efficiently? Take a course to learn how to write blog posts! Then get on Upwork and find some gigs.

Digital art and homemade crafts can be profitable. I learned a TON about how to create digital items and sell them on Etsy from this course, called Build Your Etsy Empire. It’s a really straightforward course that tells you exactly what to make, how to make it, and how to sell it. The image underneath this paragraph is a listing that is on my Etsy shop right now.

You can learn more about selling crafts and items on our sister site, Bingecrafter.com.

Want to learn a new art or craft skill? Get a free 30 Day Trial of Skillshare using this Link.

8. Do everything simultaneously, not sequentially

What do I mean here? I’m trying to make sure that you avoid saying things like, “I will do X, just as soon as I finish Y”. Thinking that you’re unable to multitask or unable to move forward because of a lack of completing something is totally a limiting belief. Get all the balls rolling. Roll them slow if you need to, but don’t let anything get in the way of your momentum.

9. Maintain a positive attitude

This is super important. You got here because you’ve had a negative attitude around money for many years. You will need to actively think more positively in order to get out of that funk. Remember, that in order to create a wealth mindset, you are going to need to change the way you think about certain things.

Books to Read to Create a Wealth Mindset

I am always a big fan of reading when you want to start a mindset shift. Reading an actual real book, or an ebook, can help your brain to make changes easier. Try one of these gems!

Ahhhh!! I’m so excited that your going to start changing that crappy money mindset that isn’t serving you! Leave a comment, I’d love to chat.