Poor Man’s Mindset That’s Keeping You From Building Wealth

building wealth

Do you know that the road to financial independence doesn’t start from proper money management? And neither does it start with a great business plan or financial genius?

Financial independence starts first and foremost in our mindset. We believe financial independence comes with a lucrative career or business, or being able to invest in the best time of the economy. There are of course, real life examples of these scenarios, but the real fountainhead of financial independence is the person’s mind.

Many of us remain broke because we possess a poor mindset. Do you ever wonder why so many lottery winners and athletes who used to earn millions go back to being poor in a few years?

Below, we list down some beliefs that exhibit a poor man’s mindset. See if you have any of them and how you can change them.

#1. Money is the root of all evil

Do you believe that money is evil so it’s better to be poor? If yes, then a mindset of a poor man is living inside your head. This belief probably stems from observations that people tend to change when they become rich. Relationships fall apart because of money; siblings squabble over inheritances and forget they are a family– all because of money.

But money is just that — a piece of paper or currency yet an effective acid test for your character. Money does not change people, it merely magnifies what you already are. If you are kind, then you’ll be more kind when you have more money. If you are greedy, you’ll be insatiable when you have more money.

Money is just a tool for you to achieve your aspirations. By itself, it’s neither good nor evil. It’s your purpose for having money that defines it.

From now on, think of money as the root of all good that’s going to come in to your life. It will help you enjoy more time with your spouse and kids. It will give your family a sense of freedom and security.

Free yourself from the guilt of having money and you’ll be able to start building wealth.

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#2. Justifying your situation

Do you believe that rich people have more problems and are less happy than the poor? It’s a common misconception that more money means more problems and strife. Is that because they have too much money to worry about? But the problem of having too much money is better than the problem of having no money at all. Do you feel that building wealth is too much work so you’d rather stay the same despite a recurring financial problem?

These are just some of the justifications we make when we think about being wealthy. Justifications strengthen our mental positions which makes us avoid solutions.

If you have more reasons to stay broke than to be wealthy, then you’d naturally be broke more often. You will not seek ways to build wealth because, as you have justified, wealth will only create problems and strife for you and your family.

That’s the poor man’s mindset. A wealthy mindset believes that you can both be wealthy and happy at the same time.

#3. Money is not important

Don’t get me wrong. There are indeed more important things than wealth. These include your relationships, your health, and your solid integrity as a person.

However, that doesn’t mean you shouldn’t give any importance to wealth.

If you think your spouse is not important to you, do you think he or she will stay with you? If you think something is not important, you will not take care of it.

Same thing applies to wealth. If you think it’s not important, it will not stay in your life — although a few cents might.

#4. Acting like the rich but not doing what they do

Building wealth is actually very easy– you simply have to imitate what the wealthy people do. But the tricky thing is that you will only see them spending money on expensive items and restaurants and concerts as publicized in the media. You don’t see how they create wealth.

You cannot build wealth if you have an expensive taste but have no other means to generate income.

Wealthy people not just work for money. They make money work for them. How? By investing their money in assets and limiting their liabilities. They create passive income which earns them money even while they’re asleep.

If you also want to build wealth, you have to do what the rich people do: buy assets and limit liabilities or debts.

#5. Income equals wealth

People with poor mindset think that their level of income readily determines their level of wealth. While income is a factor in your ability to build wealth faster, it’s not the only thing that counts.

Income is not wealth.

It’s the amount you keep that will generate wealth.

In fact, there are a lot of people who have prestigious careers with big paychecks but keep nothing at the end of the month. They think an extravagant lifestyle should match their paychecks. They may have a big income, but they are still broke.

A person with a wealthy mindset keeps a part of his income consistently, unlike the lottery winner who splurges as soon as he gets his prize, and come full circle after a few months.

#6. Thinking too small won’t help you in building wealth

Would you rather aim big and miss the mark or aim small and hit it?

People with a wealthy mindset choose the former, while people with poor mindset choose the latter.

If you want to build wealth, you have to set big expectations. How much net worth do you want? If you set thousands or millions of dollars, that’s what you’re going to get. If you want just a few hundred dollars, then you can always postpone wealth-building because a few hundred dollars is just too easy.

#7. Scarcity mentality

Many of us feel that we have so little, that the world is unbelievably generous to others yet a tightwad to us. Sometimes we would even dwell on that mindset too much that it already becomes our reality: Life is tough and there is just too little available for us.

When you keep on thinking that there are so little resources available for you, then that is exactly what you are going to have.

On the other hand, a wealthy mindset exhibits the abundance mentality. If you think of the world as an ocean of opportunities, you will be able to identify opportunities better than the others.

You will not be afraid to fail because there are still other opportunities available. You will be able to give, and not feel deprived at all because you know there’s a lot more out there.

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