It is said that wealth creates wealth. But there is something which is even more important. And that is a wealthy mindset.
But unfortunately, most people fail to pay attention to it.
According to a quote by Bill Gates, the founder of Microsoft and world\’s second-richest man “If you are born poor, it is not your mistake, but if you die poor, it is your mistake”.
This is so true. Most people dream about being wealthy but hardly do anything or set their mind to fulfil that goal.
Here are a few simple steps which anyone can follow to change their mindset and develop the right one for becoming wealthy:
Develop a wealthy mindset
Your mindset is a collection of your thoughts and beliefs that shape your thoughts and habits.
A wealthy mindset means spending wisely, creating multiple source of income and choosing the right investments which can grow your wealth, and looking for ways to improve your overall financial position while avoiding unnecessary risks.
Do you know that Robert Kiyosaki, the author of Rich Dad Poor Dad book, once found himself completely penniless and in deep debt of over $1 million?
Even under those circumstances, he proclaimed he was a rich man. He knew he had the option to give up building wealth again. But he didn’t.
“I am a rich man — and rich men don’t do that!” he declared to his wife with baffling confidence.
Despite nothing in his bank account, his mindset of wealth remained stronger than ever. He has since gone on to create a huge fortune through his Rich Dad Poor Dad curriculum.
So, you see, building massive wealth only happens when you have a firm belief that you can do it. Developing a wealthy mindset will help you stick to your financial goals and find ways to increase your earning potential.
Stop wasting your money and instead start investing
Today in our country, if you look around, you will see many people driving around in the latest BMW\’s, Audi\’s and Mercedes. While many of those people driving these cars would probably be ultra-rich, many are those who buy these cars simply to act rich with an intention to show off that they are wealthy.
This is a huge mistake which many non-wealthy people make in an attempt to imitate the lifestyle of ultra-rich people. In the process, they end up spending their money, which could have been invested for a better future.
So, instead of wasting your money on buying things just to act rich, spend your money wisely on things which make you happy and invest the rest with a long-term perspective.
Invest your money in the right instruments
Wealthy people don’t invest in fixed deposits, property, gold or bonds. Instead they invest in businesses because
they know that it is one of the best and the quickest ways to multiply their wealth.
But you actually don’t need to start a new business to create wealth. You can just buy a portion of an existing business which is doing well by investing in its equity.
Among the thousands of companies listed on Indian stock markets, how do you select the right business to invest in?
That is why we are here to make things easier for you. As an independent research advisory with an in-house research team, Research & Ranking can help you in wealth creation through long-term equity investing.
Be patient with your investments
It is no secret that building great wealth requires a lot of patience and time. Every rupee that you invest wisely has the ability to grow each year.
Most self-made wealthy people around the world have multiplied their wealth by harnessing the power of compound interest, which Albert Einstein described as “The greatest power in the universe.”
Majority of people who become wealthy, over a long period of time, have also attributed the phenomenal growth in their wealth to the art of remaining patient.
Developing a wealthy mindset is the key to becoming wealthy. Studies in neuroscience have proved that human brains continue to develop and change even as adults. So, it’s never too late to start developing a new mindset.
Cultivating a wealthy mindset could be the single most important thing you can ever do for achieving your goal of becoming wealthy.
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Read more: How Long-term investing helps create life-changing wealth – TOI.