Everything is relative including money. What is a lot of money for some is not much for others. The money mindset is how you think and feel about money. Money is one of the most focused on necessities of life but most people don’t have the right money mindset and therefore limit their financial potential. These three tips are intended for entrepreneurs aiming to elevate their monetary status.
Three Tips for Mastering the Money Mindset
1) The Law of Attraction works with Money Too
The Law of Attraction is that like forces attract. So when you focus on lack you will continue to have lack. When you focus on wealth, opportunities for acquiring wealth will present themselves. Some may doubt that if you just think about money you will mystically cultivate money. I personally don’t believe thinking alone will lead you to riches but I do believe focusing on acquiring money with a positive attitude and abundant mindset will definitely cultivate more opportunities to gain than focusing on loss with a negative attitude. As you radiate out the right frequency opportunities will unfold in your life.
2) Your Self Worth and Value is Critical
Many beginning entrepreneurs undervalue their time. Most of us were trained to think this way. We started with jobs paying us anywhere from $10 – $30 an hour. We typically couldn’t afford paying high rates such as $100 – $200 per hour. So when it comes to us pricing our time a lot of entrepreneurs under price themselves and their true earning potential. If I asked you, “How would you like to make $100,000 for working a job?” most people would automatically assume that the payment was an annual payment. However, can some people earn $100,000 per month? Yes. Why not you? Is it because it is unlikely and most people don’t make that much? Why is that the case? We’ve been conditioned to set goals that are in our close range and therefor we typically don’t get far outside of our immediate range. In order to earn bigger incomes we need to think with bigger mindsets so you take bigger actions required to achieve the goals.
3) Smart Investing Beats Saving
Another common mistake entrepreneurs make is focusing on the cost of something not looking at the long term return on investment. Too many times through my career I’ve heard people state that something costs too much to invest in. However what these people are missing is factoring the ROI on their investment. The most wealthy people on the planet did not save their way to wealth, they invested in opportunities that were able to earn a return on investment. Every investment may not produce great rewards but you’ll gain either a ROI or knowledge which are both valuable. You can always make more money but you can’t get back your time. Highly successful entrepreneurs take risks and are willing to fail in order to win.
What is your money mindset? Do you have an abundant mindset or a scarcity mindset when it comes to money?