High net worth individuals are not necessarily smarter than the average Joe. What sets them apart, however, is their money mindset. Often, how you view money determines how much of it you’ll make and keep in the long run.
Whatever your current money situation, a little mindset shift can go a long way in helping you achieve your financial goals. Maybe you are looking for a financial advisor Glenview to kickstart your retirement planning. Or perhaps, you already have a high net worth but need professional help with financial planning Glenview so that you can grow your wealth. In either case, the following mindset hacks should help you get and stay rich.
1. Know your ‘why’
Everyone wants to make more money but very few people know what they want to do with their money. Maybe you want to achieve financial freedom. Or perhaps, you want to make more money so that you can help others. Whatever it is, knowing why you want to become rich is the first step to actually becoming rich. Once you define your why, it will be easier to chase your financial goals even when times get tough.
2. Identify your money blocks
Often, your pre-existing beliefs could hold you back from making more money. If you grew up poor, it could affect your money mindset as an adult. For instance, you could be scared to take risks or make bold investment decisions. Or you may view money as a bad thing. On the other hand, if you grew up wealthy, you could make bad investment decisions due to overconfidence. It is not easy to get rid of your pre-existing beliefs about money but identifying them is critical to your financial success. Instead of viewing money as good or bad, think of it as a tool to achieve something bigger in life. Money is a means, not an end.
3. Get over your financial regrets
Everybody makes mistakes. Chances are you made some money mistakes in the past. Maybe you had some credit card debt, or perhaps, you tried managing your investment portfolio on your own only to discover how big a mistake it was. You should have hired a financial advisor Glenview or sought expert advice from a financial planning Glenview firm. Mistakes like this happen but if you don’t forgive your financial past, you could end up repeating the same mistakes. Learn from your past mistakes but don’t let them lower your morale.
4. Adopt a student mentality
Do you know what Bill Gates and Warren Buffet have in common? They read, a lot. In fact, both of them follow the 5-hour rule, which says you must set aside an hour everyday for reading or learning new things. Bill Gates read 50 books a year, while Warren Buffet reads around 500 pages every day. Even if you don’t want to be a voracious reader like them, start by reading one book a week. Pick books that can help change your money mindset from successful investors and business owners
Source: Best Financial Advisors in Oak Park | Certified Wealth & Fiduciary Planner | Virtue Asset Management