Episode Show Notes
IN THIS EPISODE
Our mindset is a product of our conditioning. The question is… what have you been conditioned to believe about the topic of money that’s keeping you from creating wealth? In today’s episode, our wealth chat uncovers reasons why you’re not wealthy, taking a closer look at the thoughts, behaviors, and patterns behind money mindset types. Because learning how to think makes the game of wealth easier to play… helping you not only create wealth but keep it!
3 Reasons Why You’re Not Wealthy
There are three reasons why most people don’t become wealthy, so let’s take a look at each one in order to avoid these traps!
- Lack of Knowledge: You’ve heard the saying “knowledge is power”, and it’s absolutely true! The fact is not many people know what wealth looks like, let alone how to create it. So what solves this mental block… awareness. Ask yourself, when have you actually had a conversation with someone around the subject of wealth without it sounding like a crazy confusing foreign language? I don’t know about you, but I want freedom in life, and that’s where wealth comes in, but having a lack of knowledge around the topic of wealth makes it seem unattainable.
- Lack of Intention: This basically looks like building a bigger business and trying to impress everyone around you, or maybe just yourself, with no real strategy of what to do with the profit you’re making in your business. This is actually way more common than you might think. We might be surrounded with messages about how to make more money or how to make more money faster, but what we’re missing is the conversation around the “why”. Why do you want to make more money? This, my friends, is reverse engineering at its finest! As an entrepreneur, we need to have a vision and be able to ask ourselves what is the intention of our business.
- Lack of Abundance: This is where you’re not generating enough money in your business to make strategic investments. Yes, one of the wealth systems inside the disruptor is the zero-dollar approach, which means you do not necessarily have to have money, but lack of abundance does close some doors when it comes to wealth. The zero-dollar approach is about making money with active money makers. So you’re still making money regardless, but a strategy that leads to profit solves this block providing sustainable safety, so you can predict paychecks coming in and never have to worry about paying the bills.
Money Mindset Matters-The 3 Money Mindset Types
Now let’s shift over to mindset types because learning how to think makes the game of wealth easier to play… helping you create and keep wealth! So why is this important? You can make a lot of money with each mindset type, but remember we’re moving toward the direction of being worth a lot of money, not just having a lot of money. So, it’s about choosing a skillful path based on what you want.
So, let me say this before we dive in… there is no right or wrong mindset here. It’s okay to think whatever you think. You can make money with any of these mindsets. We’re simply going to look at thoughts, behaviors, and patterns to be aware of where we currently are, where we want to go, and what mindset is going to help get us there.
- Survival Mindset: Think of survival mindset as prioritizing moment to moment, aka whatever feels good in the moment, that’s what you do. You feel victimized by the system and spend without any strategy because spending… it feels great and well I really want this purse or that care or whatever that looks like for you. It’s an I want mindset, which isn’t necessarily a bad thing, but is it getting you where you want to go? That’s the question I want you to ask yourself.
- Safety Mindset: Tends to prioritize month-to-month, aka whatever secures your month-to-month safety, is going to be the driver of your decisions. You know how to create safety by participating in the system. The focus is on feeling secure and safe, not actually being secure and safe. It’s loving the financial comfort zone. The question is… is that serving you? Maybe, maybe not. It’s a very rule-based way of thinking.
- Strategic Mindset: Thoughts tend to prioritize money… making more money, aka whatever multiplies money. You tend to take that extra money and keep multiplying it using compound interest and asset strategy. If you’re wondering, this is definitely my FAVORITE mindset because y’all know I love to break the rules! This looks like beating the system with strategy… viewing money is like a game of chess. You understand the rules to create a chain of multiplying money.
Limiting Beliefs Surrounding Money & Wealth
On your path toward wealth, some of these money mindsets end up adding more roadblocks and obstacles than necessary… making the game of wealth harder to play. This has a lot to do with assumptions and limiting beliefs surrounding money and wealth. Let me tell you I’m pretty sure I’ve heard them all, so let’s dive in and maybe even debunk some of the most common.
Survivalist Mindset Roadblocks
“I make a lot of money, so I can spend money on whatever I want.”
Now spending is not the villain, but spending without strategy can be if all of your extra money is being funneled into a lifestyle that you have to maintain without making more money in the background. Having cash to spend vs. growing your personal net worth that will give you cash to spend are two very different things. Viewing money as something that is there to make you feel good in the moment is short-term thinking. If your goal is to be wealthy, this is where your money makers and a money machine come in, replacing the need to work. Otherwise, you’re chasing a lifestyle before securing money that grows in the background that fuels your lifestyle.
“My current lifestyle is more important than my future. Saving and investing takes away from money I could be spending.”
This is why most survival thinkers don’t end up with wealth. You’re thinking about how money can benefit the moment instead of how money can grow more money, creating easier moments for the rest of your life. Your thought patterns prevent you from taking a long-term approach.
A long-term approach to money doesn’t mean 5, 10, 15, or 30 years from now. The long-term could be 30 days from now. Short-term is moment to moment and second to second. If you think beyond that, you could get an active money maker within less than 30 days that pays you for the rest of your life!
“Wealthy people are bad.”
Ask me how many times I’ve heard this one! So, what’s happening here? I think it’s a case of attaching morals to money instead of morals to the character of the person. There are good and bad people that don’t have a lot of money, and there are good and bad people that do have a lot of money. This belief might make us feel safe but, in reality, it’s very limiting.
Safety Mindset Obstacles
“I’m gonna pay for this house in full with cash because not having monthly payments feels easy and safe to me”
Instead of paying for the house in full, you can put that money into a wealth portfolio. The passive money maker we’ve touched on in previous episodes grows at an average of 7-10%. From this portfolio, you can pull a monthly paycheck, which pays for the mortgage while the total amount grows and grows each year! This is where making decisions based on where you want to go and not emotions is key because, at the end of the day, we want freedom right? So let’s make sure we’re spending strategically and understanding the rules of the game.
“Cash is safe.” So, basically feeling safe by watching cash add up in your bank account. I get it and I think that’s a natural instinct if you view money as safety. If one is safe then one plus one equals more safe. But here’s what I want you to realize. Every asset class has pros and cons.
In fact, there are pros and cons to everything, and that’s what is important to keep in mind here.
“Abundance and wealth are the same thing.”
There’s a big difference between I made a lot of money and I’m worth a lot of money. The difference is having a lot of cash to spend is temporary. If you let cash sit, it goes down in value year after year, and you’re not setting yourself up for future moments. Your personal assets, on the other hand, can pay you every month while they keep growing and multiplying.
Putting money into investing isn’t a sacrifice. It’s creating an opportunity for my future, thinking about financial security for the long term, not just the present moment. Instead of viewing saving as a sacrifice… it’s an opportunity to multiply money and create a limitless supply of it!
Creating Limitless Wealth With a Strategic Mindset
With a strategic mindset you’re thinking:
“Putting money into investing isn’t a sacrifice… it’s creating an opportunity for my future.”
Asking yourself…
“How do I use the rules of the game to my advantage?” or “Will I make money by taking on debt?”
It’s leading with curiosity to understand the rules instead of feeling you need to protect yourself from the system or get mad at how it works. It’s choosing not to look for danger and instead understanding the ins and outs of how money can multiply itself using the system… being strategic with your time and choices.
Our mind is a product of our conditioning, so be kind to yourself and approach your thoughts with curiosity, not judgment. You’re going to need a lot of curiosity to find the answer that is best for you. Wealth is just a game, and the best part is… it’s something we can discover together… as I help make the process simpler and SO much more fun!
This podcast was created for you, so if you have a question around business or wealth, head over to rwquestion.com.
See you next week!
Want to turn your business into something that can create wealth, we go over all this and more inside the disruptor. So what are you waiting for? Come join us HERE!
Timestamps:
00:25 – 3 Reasons Why You’re Not Wealthy
08:02 – Money Mindset Matters-The 3 Money Mindset Types
12:21 – Survivalist Mindset Roadblocks
18:32 – Safety Mindset Obstacles
21:02 – The Pros and Cons of Stocks, Bonds, Cash & Real Estate
23:10 – Creating Limitless Wealth With Strategic Mindset
26:06 – Wealth Is Just a Game
CALLING ALL DISRUPTORS
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