6 Mindset shifts needed to create wealth

Being a millionaire is a rare commodity, because it needs certain mindset shifts rather than smart investing or great entrepreneurship. Lets look at 6 critical mindset shifts without which it is very tough, if not impossible, to create long term wealth.

After interacting with thousands of freedom seekers from across the globe, and helping many of them create long term wealth, I listed down the top 6 mindset shifts that can help anyone become wealthy:

Mindset Shift # 1: No one is coming to help you

Personal finance is never taught in schools or colleges as a formal subject. In our academic life, we only learn theory and formulas, which are mostly disconnected from the real application of personal finance in wealth creation. Our parents studied in the same education system as we did. So neither our parents, nor our teachers are capable of helping us.
Ultimately, it's you who got to take charge. No one is coming to help you. Schools and colleges will only train you to earn money, but just earning money doesn't make you wealthy. You ought to learn about money, savings, investing, behavioral skills, time leverage, compounding, conviction etc. And this happens through self help books, seminars, workshops and of course, all this needs a lot of practice (and time) to inculcate.
Remember that you are in-charge of your wealth. Its neither your parents, nor the markets, and definitely not luck. If it is to be, it is up to you. Invest in yourself. Upskill, upgrade. Wealth will ultimately catch up with your intellect.
[Recommended Read: Why should you read books like mad?]

Mindset Shift # 2: Technical skills will NOT get you there

Its not your technical skills, but your behavioral skills that are the key. Being a millionaire requires patience, discipline, and commitment - traits which are well known to be in short supply in today's world. 

Wealth creation is an art, and not a science. There is a lot of work to be done on our own self. It's hard work. But who said that being a millionaire is easy. It is not easy, but it surely is worthwhile.
Studying and analyzing numbers alone won't allow you to buy the best stocks or mutual funds. There is a lot behind the numbers. You got to get the perspective right. You must get the mindset right, and even after that, you must wait with monumental patience for your investments to blossom. Technical skills alone, are not going to get you there.
[Recommended Reads: FOOPS! and The Psychology of Money]

Mindset Shift # 3: STOP competing

There are just too many races going all around, Quit those races. Today's social media has created a race to show off ourselves to be more successful than others, and we have forgotten the bliss of living with frugality. 

We are in a rat-race to earn money, in a show-off race, in a kid-go-ahead race and what not. We need to come out of these maddening races that compare us with others. We have forgotten that we are unique, and incomparable. We will blossom when the time is just right for us.

The only race we should be running is the race for self improvement every single day. Only this self race can help us break social norms, take bolder decisions, take risks, travel unchartered territories, follow our heart, and also create long term wealth.

Protect yourself from the race to earn more money from your neighbor, the race to get a better car or a gadget, or even the race to earn better returns that what your friends are earning. Stop these maddening races. Look at yourself and see if you are better than what you were yesterday. If yes, keep marching ahead. Even if you are at the top, there is no point looking around and realizing that you are lonely. Look at yourself and get better and strive higher. You are here to set benchmarks for others, who, unfortunately, are still running a race.

[Recommended Read: From the Rat Race to Financial Freedom and A Father's Diary]

Mindset Shift # 4: Get used to FAILURE

Failure - this word itself has got such a negative connotation that no one wants to fail. Fear of Failure (FoF) doesn't allow most people to take risks, fail, learn, and try again. People fear failure and keep themselves devoid of likely success, which is often, a creation from the learnings of our failures. 

Fear of social non acceptance in case of failure further stimulates this fear. It becomes a viscious cycle. Wear failure as a badge of honour. There is no shame in failing, rather not trying out new things is an injustice that we do to the immense potential God bestowed on each one of us. Go ahead. Try new things out. You will not know when the world will watch in awe. The other option is to die with the guilt of not trying it out.

[Recommended Reads: A Father's Diary & Dream On]

Mindset Shift # 5: Money can buy Happiness

We are afraid of too much money. Yes, that's correct. We have been brought up with the thinking that too much money is a cause for many evils in the world. We don't appreciate the fact that money is just a tool in our hands, just like a kitchen knife. It is up to us how we use it.

Money in good hands can only make this world a better place. 

Make as much money as you can. Change the world. You have the power, and money will serve as a wonderful aid in your hand to help you bring the change.

[Recommended Read: Money can buy happiness]

Mindset Shift # 6: WHY is the most critical interrogative

How will we do it? When will we able to get there? What is the right way? Who is going to help me? Where do I start? None of these interrogative questions are as important as 'Why should I do it?'. 

Most often, we don't know the WHY. In pursuit of money, we often forget why we want the money. Money has to serve a purpose. It should never become the purpose of our lives. Answering your WHY will ultimately answer all your other questions of What, When, How, Where etc. So, identify your WHY before you try to figure out anything else in life.

While coaching people on financial freedom, the first question we ask in the qualifying interview is their reason for freedom. What do you want to do when you are financially free? What is the purpose you want money to solve for you? In the absence of a clarity to this vital question, you are more likely to have an unsuccessful pursuit. Even if you become a millionaire, you will always be unfulfilled within.
When you answer your WHY and chase your WHY, money flows in as a bi-product - boundless and limitless.

I just hope that you can understand the importance of making these mind set shifts and make a lot of money and go on to elevate the world around you.

If you think there are more mindset shifts that can help people accumulate long term wealth, feel free to add on your comments.

Regards

Manoj Arora
Official Website