Your money mindset sooner or later determines your “money" situation. If you have a positive money mindset, you are more likely to win what Tony Robbins calls The Game of Money. But to win the money game, you need to become Money Magnet! You need to up your energy field, start within and then the material world will bring you what you want. It's the Law of Attraction.
I'm French-Canadian, and when I moved to Asia about 15 years ago, I had a little bit of a reversed-cultural shock: I realized that I come from a culture where money is frowned upon. In Asia, money is not only seen in a positive light, money is also seen as auspicious, and as a benefit to one's family. Are you in a similar situation, either due to the environment you evolved in or the culture you were born in? Maybe the people you hang out with?
Since I realized that I had evolved with the wrong mindset, I put myself in a rich mindset as much as possible: I always keep a stack of cash in front of me when I work, and in my desk I have some gold and silver. And before you ask: yes I work from home!
At the end of the blog post I share with you some resources that I use to boost my money mindset.
Money is potential. Money is energy.
I like to say that money is potential. Money is energy. Money is like gasoline in a car, the more you have, the further you can go. I can have fun with 50$US, but I can also have fun with 5,000$US!
What about you?
The interesting thing about money is that when you are able to satisfy your daily necessities like rent, food, electricity, transportation, savings... all the extra money you have can be used to enjoy experiences. Yes you can buy stuff, but in the end, what we remember are the experiences we enjoyed.
Has this ever happened to you? You’re scrolling through social media and somehow land on the page of a famous influencer. You browse their page and feel envious of their lavish lifestyle and all the amazing experiences they’ve been able to obtain because of their wealth.
Do you wish you could be wealthy? Do you feel diminished by your financial situation? How you think about money is the precursor to whether you or not you will be wealthy.
Being wealthy provides opportunities that would not otherwise be possible. We are talking about things such as:
- meeting other money magnets!
- supporting your family.
- better access to medicine.
- affording a bigger house.
- better access to education.
- traveling and gaining unique experiences.
- buying more stuff.
What is the Money Mindset?
The Money Mindset consists of your core beliefs, your feelings, your behavior and your attitude in relation to money.
Your relationship with money starts with how you think of it. Having a positive money mindset leads to better chances of building wealth and becoming financially free. A negative money mindset tends to trap people in poor economic situations, including poverty.
If you think money is bad, then it is what it is. If you think that money is good, then money may eventually find its way to you.
Now money is not the end all be all in life. But having it definitely beats not having it. Can we agree at least on this basic principle?
8 Mistakes that breed money scarcity and lack of abundance
There are 8 mistakes that people do, and overcoming those mistakes is essential to achieve abundance of money:
- You work for a salary. Even if you reach a rate of 100$US/hour, you will realize that it is not enough, inflation takes down the value of money every year! Time is not scalable, but revenue streams are. Personal experience: even after reaching 100$US/hour base salary I realized that it was not enough to live the life I wanted.
- You have negative self-talk and voice negative statements about money. "I don't have the money," "I am poor, too much debt," "The economy is bad, nobody will buy my product or my service... so I'd better not try." You create your own reality. Words influence our material world.
- Nobody around you talks about money. Your environment, friends, family, coworkers... have a fear of money. People around you despise people who have money. Your friends prefer to talk about politics, games, fashion, sports, makeup, men or women... You are the sum of the five people you hang out with. Upgrade people who hang out with.
- Money is inherently bad. No, money is simply the measure of value of what you consume and produce!
- "I cannot handle money, just not good at it." A rich mindset can be developed; you can switch your mindset to be better at the Money Game. Just like you can learn Poker!
- The economy is bad and there is nothing I can do. The truth is, fortunes are created in recessions!
- You believe that "Only the rich make money, I would need money to make money." Read the biographies of Jeff Bezos the founder of Amazon, Steve Jobs the founder of Apple, Oprah Winfrey the TV host... and you will find out that they all started pretty average.
- You do not take action. We live in a material world, and unless you take a massive amounts of actions, nobody will come save you. Sorry to have to remind you of this sad truth.
How to develop a positive money mindset?
Answer: become a Money Magnet. In the material world. In the emotional world. In the mental world.
Of course, numerous uncontrolled reasons may contribute to one’s economic situation, good or bad.
But if you are looking to make a change, your money mindset is one area in which you are completely capable of controlling. A positive money mindset covers everything from your self-talk to your attitude with money while diminishing statements about scarcity and lack of abundance.
The million dollar question is: How to become a Money Magnet and develop a money mindset?
Here are 5 ways to take control of your money mindset and put yourself on a path to a wealthy life that brings abundance.
1.Consume content about building wealth
One of the key steps in changing your money mindset is by learning about how to build wealth.
The first place to start is learning. If you want to be wealthy, learn from as many wealthy people as possible. Start from the beginning and lear about the differences between money and wealth. Then you can go deeper and learn about investment, stocks, real estate, Bitcoin, gold, etc.
Likewise, money and financial gurus have also published useful books that dive deep into the practices of building a positive money mindset. Books like Napoleon Hill's Think and Grow Rich (link to full audiobook) and Robert Kiyosaki's Rich Dad Poor Dad go deep into the subject of wealth building and freedom.
Almost every successful entrepreneur from Steve Jobs to Elon Musk has their life published, whether it be in autobiographies or news articles. Use these resources to gain insights into the specific experiences that led to their success. I personally loved From 0 to 1 from Peter Thiel, but it is a book about building startups.
Learning about people is only part of it, though. You’ll also need to learn and apply the actual skills to build wealth. In today’s digitally driven world, there are countless ways you can make money online. You can run a blog writing about a specific niche, earn from affiliate marketing, sell products on Amazon, or trade stocks.
Wealth is typically the motivation for a positive money mindset. And there are countless resources to help you learn about it. And for every opportunity for making money online, there are equally as many pieces of content that teach you how to do it.
You can access thousands of free videos on Youtube that teach you different ways to make money online.
There are courses on platforms like Udemy and Coursera that teach you skills such as how to build a profitable blog or run a successful FBA (Fulfillment by Amazon) business.
If you are interested in making money blogging or with a niche website, I made something called "The Niche Finder." If you are interested in The Niche Finder to help you find your niche just reach out to me on Facebook.
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2.Change how you think about money
This tip sounds pretty obvious. But I promise there’s some useful advice ahead.
There’s a lot of literature out there that talks about the relationship between quantum physics and the law of attraction. I won’t bore you with the details but one of the biggest takeaways is this. At the quantum level, everything is made up of vibrations.
Vibrations operate at certain frequencies. So any state of being you wish to achieve is simply a vibration. And you can attract yourself to this state by slowly changing the frequency at which you currently vibrate at. The concept may seem foreign, at first. It can even feel like a bunch of b.s. But here are some practical things you can do to help ‘tune your vibration’
The role of affirmations to bring abundance is very important. We would not be able to change our mindset without affirmations. The way we think is often guided by the words we say. Words we say to ourselves and those that we say to others. To tune your mind to think more positively about wealth, you must constantly reinforce this positive mindset to yourself. This is done through positive affirmations and can be done either by saying certain statements to yourself or writing them down. The key is doing it consistently.
I wake up every morning and write these three statements down to reinforce my money mindset:
- I am wealthy
- I am constantly creating wealth for myself and my family
- I have abundance in my life
- I love money
- I am rich
- I have plenty of money
- Money loves me
Visualization is a practice lauded by high-performance athletes as being major contributors to their success. Michael Jordan constantly visualized winning basketball games down to the finest detail. Hitting the game-winning shot, being rushed by teammates, the screaming fans. On top of that, FEEL like you already have everything you desire, a rich mindset, positive ways, an abundance of money, avoiding feelings of money scarcity.
You can use visualization to also help build your money mindset. Imagine yourself living the lifestyle you’ve always dreamed of. In a big house on top of a great neighborhood. Driving a fancy car. Traveling the world on your yacht.
Picturing yourself at the finish line makes your aspirations achievable. When you vividly see what that looks like, you’re more likely to believe in the outcome. And when you are confident of what you can achieve, then it’s just a matter of working backwards and replaying the events that get you there.
So start visualizing yourself making money online and building all the wealth you’ve dreamed of.
A more concrete way to do this is to create Boards with your favorite Pins on Pinterest. My personal Pinterest account has board for plenty of things that I visualize:
- My dream car (a Porsche, I won't tell you the model nor the color haha)
- My dream house (in Kyoto!)
- My dream dog (no, not a Chihuahua haha)
- and so on.
I look at the board at least 3-4 days a day and I visualize myself interacting with the things in the images and feel like I already have everything.
Yes, hypnosis works. I have used self-hypnosis for years. Why? Because the subconscious mind is always on, working in the background. That is not the case with the conscious mind. Even when we are awake, we go through different states of consciousness, all measurable when we look at our brainwaves. Some even say that the subconscious mind influences of 98% of what we do, think and feel. Understanding the role of the subconscious mind is essential if you want to switch mindset.
How to use self-hypnosis?
Record yourself saying 10-20 positive affirmations with relaxing music in the background. Listen to the recording before going to bed while you are drifting away, and when you wake up. Do this for at least 20-60 days.
Find some relaxing music. Record yourself. Add the music in the background using a tool like GarageBand if you are on Mac, reduce the sound of the music a little bit so that your voice is clear. Then, slow down the BPM (beats per minutes). Et voilà!
Why not have a look at our 177 Money Affirmations? They can be useful for self-hypnosis and self-talk.
3.Eliminate self-defeating patterns
Much like performing positive affirmations to yourself regularly, remove any negative language from your vocabulary about wealth. Words are energy. Use the power of words to up your mental, emotional and physical energy. Go and get it!
Avoid statements like:
- I am poor.
- I'm broke.
- I cannot pay back my debt.
- I'm a loser.
- I wish I had more money.
- I can’t afford this.
Only focus on positive statements. Feed your mindset with positive statements.
Constantly saying these types of statements to yourself and others reinforces what you lack, rather than motivating you to achieve more.
But identifying these types of patterns in yourself isn’t easy. It requires a commitment to self-reflection and constantly feeling uncomfortable as you try to rewire your mind.
Every time I have negative talk, I make the voice in my head dim, a bit like if I turned down the volume using a know inside my head... and I repeat 5x a positive affirmation.
When I hear people who are close to me say negative statements, I ask them to transform the statements in positive statements and say the out loud. Try it! It really works.
4.Learn about finance and create multiple streams of income
To have a positive money mindset, you also need to equip yourself with the tools and knowledge needed to build wealth.
Learn about and practice basic personal finance strategies.
- Do not spend more than you earn. (I have a friend who makes 2x the amount of money I make... but his brother had to lend him 1,000$ the other day!)
- Save for a rainy day but don’t keep all your money in savings. Invest your money in assets that give you a return (a company, stocks, real estate, crypto, gold, etc.)
- Stock trading is a great way of making money online. But it also requires a deep understanding of finance to be successful (and not lose your life savings). Being in the right frame of mind is great, but you need the knowledge and skills to make things happen.
Multiple streams of income, if possible PASSIVE streams of income
Learn how to create multiple streams of income. I am not talking about driving for Uber here (duh.) I am really talking about multiple streams of income.
As our time is limited and we cannot be at two different places at the same time, your multiple streams of income should, ideally, be passive. We wrote an article 14+ Ideas How to Monetize your Blog or Website. Have a read!
5.Practice behaviors of abundance
Behaviors and actions mold how we think. So a great way to develop a positive money mindset is to behave in ways that someone with a positive money mindset would. Beliefs and thinking are not one way. Our mindset affects our behaviors just as much as our behaviors affect our mindset.
People with a positive mindset who have built wealth operate from a place of abundance.
Conversely, people with a negative money mindset operate from a place of limitation. They scrounge for every dollar and hang on to their money with every last breath. This type of behavior does not breed wealth. It breeds stagnation. Here are a couple of ways to act with abundance rather than scarcity.
Give to charity
This one may seem counterintuitive, especially if you don’t have much money to give in the first place. But what do people living in abundance do? They give and share with those who do not. I’m not saying you should donate your life savings. But if you give a portion (big or small) to a worthy cause, you are operating from a space of abundance. And when you do, you will get the same feelings of altruism that wealthy people do when they make donations of their own. And for those looking to build a positive money mentality, this is one feeling they must experience.
Charity is not the only place you can give. You can also give to your relationships. You need to give in order to receive. This can be as straightforward as throwing a surprise party for your spouse or hosting a generous holiday dinner for your friends. You can also spend your time visiting your parents or relatives, especially if this is not something you do often. When you can spend your money and time cultivating your relationships, you are operating from a place of abundance.
I also wrote another article called "What is Manifesting," have a look if you are interested.
6. Have a look at resources for your money mindset switch
Youarecreators You will find affirmations, abundance, money abundance, and plenty of videos about the power of words, and how you can become a money magnet.
Joseph Rodrigues Book reviews about personal development, mindset switch, the power of words, etc.
Vybo Great looking videos and affimations about success, motivation, money, persistence, etc.
Even Carmichael Motivational videos, great series about successful people.
Earl Nightingale The link is not a channel, you can look at other videos of Earl Nightingale. His voice is beautiful!
Think and Grow Rich This is a VYBO video narrated by Earl Nightingale, the book is OK, but I prefer the audiobooks.
The lifestyle you desire is attainable, provided you have the right money mindset. It’s going to be difficult but well worth the effort. Tune yourself to this frame of mind by learning different skills to build wealth and about financial strategies. Create a belief system built on positivity through regular affirmations and removing self-defeating tendencies. Finally, use your behaviors to enforce the mindset you desire.