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Having a Millionaire Mindset

April 14, 2021

MILLIONAIRE MINDSET Gaining financial independence goes beyond just talking, it is a mindset.  The millionaire mindset is the foundational step in changing one’s fortune. First, we need to realize that attaining a millionaire’s mindset is not just about sitting and daydreaming about how life can be if you have a million naira in the bank. […]

By TRJ

MILLIONAIRE MINDSET

Gaining financial independence goes beyond just talking, it is a mindset.  The millionaire mindset is the foundational step in changing one’s fortune. First, we need to realize that attaining a millionaire’s mindset is not just about sitting and daydreaming about how life can be if you have a million naira in the bank. This is hard work because it changes everything about how people perceive money, think, act, perform at their jobs, habits, and personal life. 

WHAT IS THE MILLIONAIRE MINDSET?

The millionaire mindset is a series of empowering beliefs and principles that can open the mind’s potential to achieving financial independence.

The main purpose of achieving the mindset is to be one of those people who are truly rich, rather than living a lifestyle of spending more money with little in the bank. In the book, The Millionaire Next Door by Thomas Stanely and Williams Danko, it explains that most wealthy people and self made millionaires do not drive new cars, live in suburban neighborhoods, or wear standard clothing and watches. This mindset is also achieved by letting go of behaviours that are unhealthy, negative and paralyzes the mind by developing discipline, creativity, focus and general well being.

DEVELOPING A MILLIONAIRES MINDSET

Focusing and working hard to become a strategic thinker usually leads to a change in perspective when it comes to dealing with life. Habits of setting goals, planning how to achieve those goals, giving yourself realistic timelines, working hard and letting creativity guide the goal are developed. 

Genuinely wealthy people develop the habit of getting rich slowly rather than a quick solution. This is rooted in the notion that when the mindset begins to permeate into every thought, pleasure is often gotten from the process rather than achieving the goal. According to research, the average self made millionaire uses 20-30 hours per month strategizing their finances in comparison to the average adult who spends 2-3 hours per month only when it involves payment of bills. This very mindset of focusing on your money, will drastically change how you deal with it. Investing more time into strategically planning one’s finances will improve decisions, help you learn from mistakes, have better results and in the end lead to financial independence.

The rules to guide in regards to money. Rule number one: DO NOT LOSE MONEY. Rule number two: if you ever feel tempted, reference rule two.

DEVELOPING HABITS OF THE WEALTHY

During the cultivation of a millionaire mindset, a vital financial habit to gain is the habit of getting solid financial advice before getting involved in any investment. The most important factor of this habit is finding a financial advisor that has already achieved financial independence by requesting for recommendations based on their financial experience.

Develop the habit of investigating before investing. The guide principle is to spend as much time investigating and researching about any investment as one spends making the money which is to be invested. Poor financial results are a product of fast financial decisions. 

Also, cultivate the habit of trusting the process and taking it slow. It is important to be informed about every detail that involves any business or investment before releasing funds. Never be pressured into any investment or financial decision. There is a saying that goes “Investments are like buses. There’s always another one coming”.

In some financial cases, the best investments are the ones that were not made. Inculcate the habit of thoroughly understanding an investment. Any investment that slightly seems complicated or has so many unanswered questions should not receive any of your hard earned money.

In your life, there will be people who will support the new mindset or drift away. This is a good thing because it is strenuous to cultivate a mindset of financial independence in an environment where investing one’s life into so many wasted efforts is encouraged. The silver lining to all this is as much as one would lose people, more beneficial minds will become attracted to your mindset. These are minds that understand hard work, strategic thinking and life are so much more than just spending money.

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