Creating a Wealth Foundation means earning Financial Freedom by creating a Wealth Mindset.
The wealthy think differently. This is true and an inescapable fact. The other thing is that there is a poor mindset and a wealthy one.
The rich have a different approach to life. They plan, risk and manage their money in a different manner. They also have a positive attitude towards life and opportunities. The first and most important step to true financial freedom is creating this mindset for yourself. This also involves a no-‐holds barred, honest look at your life and assets.
Creating a starting place is as important as moving forward, so it does not matter if you start with $1 or $1,000,000. It is all about the mindset and the will to move forward to creating your wealth.
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. Does wealth mean something totally different to you? Your definition of wealth goes a long way towards setting your goals.
2 Another important step when it comes to managing your wealth is to set goals. Start with an overall battle plan, such as “By the end of the year, I will have more at least $500,000 in savings.” Why? You need to be a visionary to be wealthy. A common factor that sets the millionaire apart from the average Joe is this: they know they wanted to be wealthy and they were willing to take the steps to reach their goal. To reach one goal, you have to make smaller goals and reach them. Every little step you take, every penny you save matters. Use smaller goals as stepping stones. For example, to save that $500,000, one needs to set aside $5000 every single month, invest or cut down expenses.
3 Manifest your financial destiny by setting your subconscious towards specific goals. Create dream charts by cutting out pictures of your dream status or words that empower to help fuel your subconscious and get you to where you want to go. 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. Write it down. Seeing what you want, and getting what you want involve seeing it in black and white.
4 Know how much you are worth. Take stock of all your assets and income and subtract your debt. Many people go through life financially blind, not knowing how much they are worth or how much they owe and often end up blindsided by money.
5 The test: Your age x (your average household income from all sources – inheritance) divided by 10 = your net worth. The rich have a net worth often double or triple the amount. The average American has less than half. The goal is to double your net worth.
6 The truly wealthy consider themselves as the foremost asset. Accordingly, they pay themselves first. They also tend to invest in themselves first, especially when it comes to education. Take classes and groom yourself to be the millionaire, entrepreneur and successful person you so want to be.
7 Guard your ideas with the passion of the Secret Service. Commodities are now no longer limited to labor, but have expanded to include ideas, imagination and opportunities.