I think one of the most important things is understanding the difference between a consumer mindset and a wealth-building mindset.
So what is the difference between wealth mindset and consumer mindset? Well, a consumer mindset views money as something to be spent for instant gratification wealth-building mindset views money as tool that'll is that is used to build wealth or put more money back in your pocket. For example, tax Seasons coming up so you get a three thousand dollar return on your taxes a consumer mindset would take those taxes out and buy a TV or go on a mini weekend vacation (but what you deserve it) well mine set is taking that three thousand dollars in fines.
In a way to invest it to make more money, correct? Yeah, it's absolutely right you it's really all about the way that you view money. If you see it as a tool that can be used to build more money or to put more money in your pocket. That is the wealth building mindset. If you see money as something that you need to spend to feel better or feel good or have fun. You may be in the consumer mindset trap.
So right now I'm reading Secrets of The Millionaire Mind by T. harv Eker and because I'm in that consumer mindset trap and I am working my hardest to get out of it said that that book it really helps. I'm only I just finished part one. There's two parts to it and the part one talks about where where you came from and your past and how money was traded by your parents or any adults that you are around and it really makes you think well, okay. Well if my parents were sit in there and complaining about money. Well, then when you're older, that's all you're going to do and every time you get money you're going to end up spending it because you don't want to complain about it. So I really liked that book because it's actually helping me become a millionaire mind. A book I really like it serves really practical information, you know process is the book Set For Life by Scott trench and he really breaks it down and gives you tools you can put in your tool belt to change your mindset because it doesn't happen overnight. It doesn't even happen in a year. It's something that you need to work on and change but one day you will realize that you think differently than everyone else, you know, and you'll wonder why they think the way they do and it's something you everyone needs to work on is their mindset and how they be wealth and creating wealth and it's something probably that is the least addressed in our country right now money is a taboo subject. It's not discussed at dinners not discussed between family members and I think that it needs to be on the Forefront of our what
We teach and what our families talk about because most people don't get the financial education that you need to become wealthy. So which ones that would you say that you are I would say that I'm working on my wealth building mindset. I do love you money as a tool to be used and deployed to make more money. Yeah. I think you have more.
Wealth mindsets and I do he's always telling me not to spend money. But in reality we actually don't spend that much money on different things. For example, we both have older phones. We don't go out and buy the new phone. We just wave had to buy a new car because our other car broke down but we buy it brand-new we bought it used so that's another and paid cash.
Big thing that everybody else has or can you just get by with what you already have and spend that money on something else? How do you keep your mind focused on the well-known mindset? It's actually a funny thing because once you change your mind.
How it works and how you need money. There's no keeping is that it is like it's like opening your eyes for the first time you you'll never see it differently. For instance. I if I see a large number in my bank account, I cannot look at it. Literally. I cannot look at money in my bank account trip.
It's closed when doing renovations because then you'll just end.
Outline all of your budget on all of the nice things in your rental and and rentals you don't need to have marble countertops mention that let's get into that. So is constantly actual rent your than gonna get from that investment you spent in the rental a big
Mission that he's the Indigo on and everyone needs vacations. I'm not saying don't vacation justification smart, but what if you could turn the vacation into a business trip getting a hundred percent tax write-off then actually increasing what your profit at year end because of the vacation for writing off a hundred percent of your vacation. Be sure to talk to your accountant. So the having it is
Mindset is it's less as much of a tangible thing as it is something that you will you will grow and nurture through your education and experience, but I would argue that you can't build wealth without it.
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John is the owner of Bugay Investments Group. He loves Real Estate Investing and wants to share his thoughts and knowledge with you!