The mind is the most powerful tool people can use to accrue wealth.
Many people believe wealth is built by making smart investment choices. However, success often stems from specific mindset shifts that anyone can adopt.
Our thoughts shape the decisions and actions we make every day. Negative thinking won’t lead to positive wealth, so why not approach your finances optimistically?
Here are seven shifts in your financial mindset that can lead you toward a wealthier future.
1. “I can’t afford this” to “How can I afford this?”
Instead of shutting down opportunities because of perceived financial limits, focus on creative problem-solving.
Wealthy people don’t tell themselves they can’t have what they want. They research how to get it. There are so many opportunities to earn money now compared to previous generations.
Roughly 90% of Americans now own a smartphone with Internet access. Start a side hustle or monetize a hobby to create extra income. Platforms like Etsy, Fiverr, or Uber can help you kickstart a revenue stream.
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2. “Saving is too hard” to “Saving is non-negotiable”
There’s an old saying, “Pay yourself first.” Put discretionary income in the bank unless you have consumer debts charging interest.
That’s how many wealthy people accrue a large cash surplus. Wealthy people plan for their future before spoiling their present. It doesn’t have to be challenging or a task to remember.
Automating your savings makes it easier to build wealth without thinking about it. Set up an automatic transfer to a high-yield savings account as soon as you get paid. Aim to save at least 20% of your income.
Pro Tip: Acorns helps you save, invest, and grow for your future. Their automated saving, investing, and spending tools help you grow your money and your financial wellness.
3.”Investing Is too risky” to “Investing is necessary”
According to recently released research from global asset manager Janus Henderson, half of Americans don’t have any investments. The survey of 5,000 U.S. adults found that under 1 in 5 (16%) say they “find investing too risky.”
Wealthy people see investing as a must, not a gamble. They understand that risk, when managed, leads to growth. And anyone can do it. Open an investment account and start with index funds or ETFs, which are less risky and diversified.
Pro Tip: One modern way to diversify is with real estate and venture capital. Companies like Fundrise, offer investments as small as $10.
4. “I’ll start tomorrow” to “Today is the best day to begin”
Procrastination is the enemy of wealth. Wealthy people take immediate action, even if it’s small.
Whether you’re interested in something as big as starting a business or as small as learning more about investing – there’s no better time than the present. All new financial endeavors should start with a budget.
Start tracking your expenses today. Use a simple spreadsheet or an app like Mint to get a clear picture of where your money is going.
Pro Tip: Earn as much as possible on your emergency savings. For example, SoFi Checking is offering 4% interest, plus a potential $300 signup bonus. (May change without notice.)
5. “I’m not good with money” to “I can learn to master money”
The wealthy see financial literacy as a skill they can improve, not an innate talent.
You are the average of the five people you spend the most time with. Wealthy individuals carefully curate their circle to include ambitious, inspiring, and supportive people. Surround yourself with those who challenge you, encourage your growth, and share your vision of success.
Immerse your life in learning about finance. You can start small. Pick one book personal finance book to read per month and consider getting expert advice from a financial advisor.
Pro Tip: If you have over $150,000 in savings, consider talking to a professional financial advisor. Zoe Financial is a free service that will match you with a pro in your area.
6. “I don’t have enough to invest” to “Every dollar is an opportunity”
The last thing wealthy people would do is hope to win the lottery. The wealthy understand that when consistently invested, small amounts grow over time.
CNBC previously surveyed more than 4,000 Americans on their personal finances. Four in 10 workers offered a 401(k) don’t contribute. Their companies are offering them free money to invest in their retirement – and they’re leaving it on the table.
Someone who understands building wealth would never pass up the opportunity to save more money. Investing options are still available for those who don’t have access to workplace-sponsored retirement plans.
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7. “I’ll never be rich” to “Wealth is within my reach”
Wealth starts with believing it’s possible. Anyone can build financial stability by setting goals and taking consistent steps. Write down your financial goals and break them into actionable steps, like paying off $1,000 of debt in three months or saving $5,000 this year.
Tracking your progress is a great way to stay on top of your goals. You can review your budget and finances quarterly. The last quarter of the year is a great time to set new goals and aim to accrue more wealth.
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Start shifting your mindset today
Wealth isn’t just about numbers in a bank account — it’s about adopting the right mindset to attract opportunities and make more intelligent choices.
By incorporating these seven shifts into your daily thinking, you’ll take the first steps toward a wealthier and more fulfilling life. Remember, small changes in your mindset today can lead to big results tomorrow. Start now!
