In this blog, I want you to get better clarity on how to become wealthy and the power of mind that the wealthy use smartly.
Before diving into the content. I would like to introduce you to four words that most people confuse.
Those four words are rich, wealthy, poor, and broke.
You do think that rich and wealthy are the same as well as poor and broke are.
But they are not the same.
Rich is just about having money with no financial literacy.
Once, the rich lose their money, they can’t regain it easily.
But Wealthy people are the ones with knowledge about finance.
They can earn money even if they lose it.
Because the key to being wealthy is not just about earning money but about keeping money with you.
And, the Wealthy do know how to juggle their health, family, and money.
As the quote goes
Life is a marathon, not a Sprint.
The above quote even applies to money.
You may have heard the term frugal living and I know some of you may be frugal, but for those who are not frugal. I wish to say a thing.
The harsh truth.
If you don’t live frugally, you can never be a millionaire or a billionaire.
You may be like
But If I earn more, I can save more and they would make me wealthy.
Frugal Living is not an option for me because I want to enjoy it.
Well, my friend, I don’t say live your life counting pennies and spending very little.
If you increase your income, your expenses will also grow.
That is where Frugal Living comes into play.
Frugal Living is not like living very meagerly.
It is just about having an eye on the expenses and take control of the expenses rather than leaving it on its own.
Spend on your daily needs and spend it on your ideas or others Ideas.
What I mean in the above sentence is try and test it on your idea or invest in others’ ideas in the Share Market.
I believe that spending and failing in a business is better than buying unwanted stuff.
Let us get into the blog post. Let us dive into the two emotions.
The Greatest Killers of our Financial Genius
So, what are those emotions?
I want you to be a little patient as I am going to talk about a topic that relates to the two emotions and that is Desire.
Who does not desire?
Everyone wishes they get more money or better health or good relationships.
Even the wealthy desire to get more of it.
We heard the saying,
When you get a taste of success, you want more and more.
No one likes failure.
But, then why doesn’t everyone get rich.
Because there is a quote that we are taught in school and that is
Money is the root of all Evil.
I agree with it sometimes but every time it is not true.
If it is evil, are the millionaires and billionaires out there are evil?
So, a desire has to be framed by you.
As this article is about money, set a desire or a goal what you want to achieve in monetary in the next five years.
All people have the want to get wealthy but they don’t have the desire.
What I mean by desire is to have a specific goal like I want to have a hundred thousand dollars in the next five years.
And then we have to break it down into years and months of how much money we should keep.
I also want your goals to be focused on the amount you keep and not be focused on the earning.
But keep track of the money that comes in and goes out.
The first emotion enemy and that is What If.
The biggest thing that holds most of the people out in the world is What If Aka Fear.
What if my friends and family think badly about me?
What if I don’t have my respect in society?
And a long list of What if
What do you think the Wealthy do with the fears that they have?
No one can overcome their fears.
But, how do the wealthy have wealth?
They find fears that are scarier than these fears.
Now, I hear you screaming in your mind, why should they fear?
I too thought they were brave.
Later, I found that the braveness came from the fears.
The wealthy are not only good at money but they are also good at controlling their minds.
They use their fears to their advantage.
They create much scarier fears like: –
What if I stay like this and don’t afford to get what I want?
What if I can’t be on the wealthiest list?
What if I was to work an 8-hour day job?
They have used their fears to work for them instead of dragging them down.
The second emotional enemy is Greed.
Greed is not bad and I’m not saying greed is good either.
It lies in the middle of Bad and Good.
It is like fear.
They are double-edged swords.
I mean greed not as desiring a lot but buying a lot of things.
You will have this question; I desire to buy a thing but why are you saying not to buy it.
It is because the rich buy their desires from the money that came from their company or stocks or real estate.
They purchase their desire after their money is invested and the money which the money brings in.
I always believe in passive income as the best source you can and you should earn.
Passive income is a type of income where you have put your money or effort in the first and you keep on reaping the results after a long time.
But Active Income is exchanging money for time and once you stop working, the money stops coming in.
The wealthy never put their hard-earned money into buying luxuries.
They make passive income out of the money they have and then they buy luxuries with the results reaped.
For Example, When I was scrolling through Instagram, there was a post that caught my eyeballs.
There was a man who wanted to buy a pair of shoes worth $60 and he had $120.
What would you do if you were him?
I would have definitely bought the $60 shoes with my $120.
But the man there purchased 3 used games that were sold to him for $40 each (Those Games were in High Demand).
And, then he sold them for $60 each and made $180.
And he bought his shoes that were worth $60 and still had $120 with him.
This being just a small example that I saw and wanted to share with you.
He bought his shoes for absolutely free with just the effort that would probably take him 2 hours or so.
With the Internet, you could do it much faster with 10 minutes too.
But, the non-wealthy spend on buying luxuries on their hard-earned money.
Another Example for That
How to Control
Emotions are like a bicycle.
If you wish to learn them without failing even once, that is like riding a bicycle by getting no hurt.
That is impossible according to me.
If you want to be successful, ride a bicycle.
You have to keep the balance.
The Balance between your Greed and Fear.
If you do so, then you can live the lifestyle you want.
The number 1 tip I recommend is reading Financial Books or watching Finance Masterminds speaking or read a blog on finance.
When, you want to take a decision financially, think that you are them.
Think what they would do if they were in your shoes.
Role Modelling is a perfect way to make better financial decisions
I usually read many websites about finance.
I love the content on this page My Personal Finance.
Check out their blog by clicking here.
The number 2 tip that I recommend is to take risks.
Whatever you do is risky.
If you eat food outside, you have a chance of getting food poisoning and sickness.
But that does not stop us from eating outside.
The same applies to money.
Financial Knowledge is not optional; it is a necessity.
Every Investment or business has a risk but the risk can be 80% eliminated if you know the idea of the business and the business they are in.
However, there may be any unpredictable change in the market like the coronavirus that can change the world upside down.
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