The Best Way to Use Your Brain to Build Wealth

There is a common misconception that wealth means you are able spend your time swimming in the pool like Scrooge McDuck. Wealth and building wealth can be relative. In fact, it’s been found “that once your income exceeds $75,000 per year, your day-to-day experience doesn’t improve much as your income grows.”

Money doesn’t buy happiness. Warren Buffett said it perfectly, “People who seek riches don’t have enough.” Wealth is an attitude. People who are wealthy always have sufficient .”

Instead, your achievements are what will make you happier and more successful. In other words, the journey is more important than the destination. To get there you must focus on creating wealth to make it a reality.

To get you started, here are 10 ways that you can improve your money mindset. You’ll be more successful financially as well as personally.

1. Deal with financial stress

According to an American Psychological Association (APA) study, 72 percent of Americans feel stressed about money at least some of the time. And that was before the COVID-19 pandemic and the economic fallout it caused.

How is that possible? financial Stress may lead to depression, anxiety, weight gain/loss, and even suicide. Stressed relationships and withdrawal can be caused by financial worries.

Financial problems can have a negative impact on your mental and physical health. It can also make it harder to manage your finances. This can lead to a downspiral.

The first step to building wealth is breaking the cycle:

• Talking to someone. Don’t suppress your feelings. A financial advisor may be a good option.
• Take inventory of your finances. Do you struggle to make ends meets? You can only get out of debt if you know how much money you are making. You can then make the necessary changes in order to fix this issue.
• Make a plan and stick to it. After you have tracked your finances you can create an action plan. This could include eliminating impulse and discretionary spending in order to eliminate debt.
• Create a monthly budget. A budget can help you keep track of your spending. A budget can also help you keep track of your spending and provide you with a feeling of control.
• Manage your overall stress. Learn ways to manage stress, such as through exercise and self-care. Don’t forget about getting enough sleep, and eating healthy.

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Wanting to become wealthy simply to have fun with The Joneses? It is important to think deeply about the reasons you wish to grow your wealth. Do you desire to become financially independent, pay down your debts, launch your own company, or get out of debt?

Understanding your “why” is key to creating a plan that will help you achieve your goals. It will also keep you focused, even when you face setbacks. It will also give you a sense if purpose and make you feel happy.

3. Multi-Stream Income

” You won’t become rich without having multiple streams of income,” Grant Cardone, self-made millionaire and author says. Your current income is the first thing that matters.

” Increase your income by adding more flows,” says Cardone. You want to create what’s called symbiotic flow. Don’t add any disconnected streams .”

Instead, look for “other income streams” that can be added to your job. For instance, Cardone’s video guy does some advertising and then makes advertisements for people who are connected to him. He did not open a donut shop .”

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Cardone says that people often bounce from one flow to another, resulting in two flow that don’t do anything. All your flows must be linked .”

Other methods to optimize your 9-5? “Negotiate a raise and work remote opportunities, so you have more control over your time and more time to make money on the side,” advises Grant Sabatier of Millennial Money. “Make sure you’re maximizing all of your employee benefits, including commuter benefits, HSAs, and all retirement investing account opportunities.”

While Cardone’s main goal is to become “rich”, this might still be useful. It’s possible to make more money if your bills are too high.

4. You can stay in your 3-foot World

Confused? Don’t be. This is another way to say that you should only be focused on the things you can change and control.

As explained during a “60 Minutes” interview, Navy SEAL Mark Owen said, “I found myself frozen on a 300-foot cliff. My strength was beginning to drain. I could not go up and couldn’t get down. My strength began to run .”

” The instructor came over and attached his climbing rope to me. He told me something that changed my entire life. “Find your 3-foot .'”

world”

” From that moment on, my focus was completely on the cliff faces in front of me. I didn’t look up or down nor on anything I couldn’t get to nor where I couldn’t stop. Owen said. It was my 3-foot world and the only part of it I could control. This was my 3′ world, and the only area of it I could control .”

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5. Pay You First

According to self-made millionaire and bestselling author David Bach, there’s “one, proven, easy way to get rich.” Want to know what that is? Always pay yourself first.

The concept is simple. As Bach writes in The Automatic Millionaire, “When you earn a dollar, the first person you pay is you.”

Obviously Bach isn’t inventing the wheel. But it is an effective strategy most people overlook when increasing their wealth.

” Most people pay the rest of their bills first when they make a dollar. The landlord, credit card companies, telephone companies, and the government …” Bach write are all paid. They take the rest after it is all over. This is what Bach calls “positively financial backward .”

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How much money should you save? Many people have heard that this should equal a certain percentage of their income. Bach disagrees. Bach disagrees.

To make life easier for you, here’s Bach’s formula to find out:

Last week, I worked a total of ____ hours.

I earn $____ an hour (before taxes).

Last week, I put aside $____ for my retirement.

So last week, I worked ____ hours for myself.

6. Get to know like-minded people

Let’s suppose that one person in your circle lives above their means. These friends live on credit and don’t care if they have to pay back. They would be heard saying, “Yolo !”

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But, there is another friend. They are aware of their finances so they can live within their means. Even have a retirement plan.

Which one of these friends will have a greater influence on your life? Obviously, it’s your financially-responsible friend. They can be a great source of inspiration and offer advice about how to grow your wealth.

7. Invest. Every. Single. Day.

It’s easy to make a million dollars by investing only $5 per day. This is possible thanks to robot-advisors. Acorns is an example of such an app. It will add up your purchases, and then invest any extra money.

But investing is more than just about making money. You can also improve your financial literacy by investing. Learning more about finance can help you create a retirement or budget plan and protect your wealth.

8. Practice Gratitude

Gratitude allows you to be more grateful than what you lack. This not only helps you be more grateful and content, but it encourages you also to make the most of what you do have. This will make you less stressed, and allow you to avoid unhealthy financial behaviors.

Moreover, practicing gratitude rewires your brain for happiness and health.

And, as though that wasn’t enough: gratitude can help you expand your social circle, which in turn opens up new possibilities.

Best of all? You don’t have to dedicate a lot of time or effort to gratitude. Start by simply writing a thank you note or keeping a gratitude journal.

9. You can change your mind about money

“Getting rich begins with the way you think and what you believe about making money,” writes Steve Siebold in How Rich People Think.

” The secret to success is to train your brain to solve difficult problems. This is possible for anybody who trains their brain to think in this manner and transforms thoughts into actions .”

After hundreds of interviews Siebold discovered that wealthy people use these psychological tricks:

• When they can’t finance an idea, “they “proceed to use other people’s money to make it happen.”
• They have unreasonable expectations. He writes that no one can achieve their goals and fulfill all of them without high expectations. “Ancient wisdom says you get what you expect, yet many people decide to limit their lives to middle-class mediocrity to protect themselves from failure.”
• They consider earning money a sport, and it’s one they enjoy winning. Millionaires continue to go to work each day in pursuit of their next achievement. Money to these people is no more than a gauge that tells them when they have achieved their latest target.”
• The wealthy consider money “one of their greatest allies and friends.”
• ” The great ones operate at a level where fear is not present,” Siebold says. Everything seems possible at this level of thought. Every dream that seems crazy to the masses looks surprisingly doable.”
• They believe success, happiness, and fulfillment are all part of the natural order. Siebold says so. “This single belief drives the great ones to behave in ways that virtually guarantee their success.”

10. Consider Long-Term

“Building wealth is a process, not an event–a process that takes discipline and a long-term outlook,” notes Anthony Isola from Nerdwallet. You must be focused on your own success and not the work of others. Keep it consistent .”

and work hard.

Although it’s not an easy task, it is possible for many people to do it if they make a decision to stick with their plan. Thinking long-term by:

• Realizing that it takes time to create anything valuable. You can’t bail on investments too fast and not ride it out.
• Aiming to improve every day, even if there isn’t immediate improvement. You won’t get promoted immediately if you learn a new skill. However, just remember that you “will be rewarded with the miracle of compounded returns in the future.”
• Being consistent. Isola explains that consistency is key to success in any endeavor. “While it might satisfy a short-term urge to remodel your kitchen by raiding your 401(k) account, resist this temptation and stick to the plan.”
• Enjoying the process, and don’t worry about the outcome. Do not obsess about money. Instead, let things run on autopilot and enjoy the rest of your life.
• Don’t compare yourself with others. Instead, Isola recommends that “you compare yourself now to yourself two years ago.”

By John Rampton

The Epoch Times Copyright (c) 2022 The views and opinions expressed are those of the authors. These opinions and information are for informational purposes only. They should not be taken as solicitation or recommendation. The Epoch Times is not a source of investment, tax or legal advice, nor does it provide financial planning, estate planning, and other personal finance advice. The Epoch Times is not responsible for any errors or delays in the information.

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