How Do You Think About Money? (Having A Wealthy Mindset)

Send us Fan MailSeason 2 episode #30 of Not Me, But You! How do you think about money? If you are not wealthy and want to be wealthy one day, then how you think about money will affect your results. Do wealthy focus on buying things or assets? Many successful investors do the opposite of the herd. When the herd is panic selling, successful investors are often buying. And the opposite is also true. The Contrarian approach. There is a psychological component to investing. The most successful investors learn to manage emotions and tend to not get discouraged by news/predictions. Having conviction/belief in your investments choices may be more important than being swayed by news reports. There will always be news. There will always be people making predictions. That doesn't mean that they will be correct in their predictions. Remember that predictions are like opinions. Many people have them. The "proof" is in the results. Most of our obstacles in life, are self imposed. Which means that if we "re-train" our brains, then we can overcome those obstacles and turn them into strengths. Simply getting started can be the single most important step. Stop researching and take action. Get started and don't be afraid of failure. Failing is not the worst possible thing that can happen to you life! Learning how to build cash flow may be more important than simply investing for growth. We all need cash flow. When you having income each month, then you can decide how to spend/invest that money. Having income gives you options and choices. What are assets to buy/hold? Bitcoin. Stocks. Real Estate. Do these assets contain risk? Yes they do. But "playing it safe" will likely not make you wealthy! So learn to accept SOME risk. Your dividend stocks are like "dairy cows." Each share of stock represents one cow. Make it your goal to constantly accumulate shares of dividend stocks ("cows"). Keep buying "cows" each month! That will ultimately bring you more cash (income) each month/quarter. It takes courage to become a successful investor. Give yourself the freedom in life to learn and make adjustments. Don't think that you need to get things perfect or having a perfect plan BEFORE you start investing. Simply start. And know that it's OK if you decide to alter the plan as you move forward and learn more. Expect yourself to be successful, BEFORE you ever get started. Picture yourself BEING successful before it ever happens. Each small win will carry you to the next small win etc. Soon you will have a string of small successes. That is what the path to wealth looks like. Not winning the lottery where you get life changing money in 24 hours. Find an asset to buy/hold today! That can the beginning of your journey. Stop researching. Jump in. Get started. Have courage today, to pick one thing, and work on your dreams! I'm not a financial advisor. This podcast is for education/entertainment purposes only. You will need to do your own research and accept responsibility for the results of any money you choose to invest. I love using Schwab.com to buy/sell stocks/ETF's/closed end funds/options. Schwab has a very user friendly app/website and their customer service is excellent. I can easily get to speak to a human being whenever I have questions.