Changing Your Financial Mindset is Key to Creating Wealth

Share

Question:

Do you know anyone or have you heard about anyone who seems to be financially sound or rich (has lots of money, has lots of valuable assets, living his/her dream life) only to lose it all later on?

I’m sure that you have heard about people who have won the lottery for millions of dollars only to lose it all mainly because of overspending and poor financial decisions. This just goes to show you that a poor person that suddenly becomes wealthy will just be a poor person with money, especially if that person has the wrong financial mindset. In order to create wealth and to maintain it, your financial mindset must be either adjusted or changed.

How do you change your financial mindset?

Your financial mindset can be changed by learning how to increase your financial intelligence.  I started increasing my financial intelligence by reading several books on the subject, one of which is Rich Dad, Poor Dad by Robert T. Kiyosaki with Sharon L. Lechter.

 

Here is a brief video discussing the main points I picked up from reading this book:

 

 

How I am applying what I’ve learned from Rich Dad, Poor Dad:

1. Minding my own business

  •  I am constantly paying myself first, such as investing in self-directed IRA’s and my job’s 401K plan. My money contained in these assets are working for me 24/7.

2.  Building my assets and eliminating or decreasing my liabilities.

I am making a concerted effort to put in the time and money it takes to make my online  affiliate business, such as Wealthy Affiliate, successful.

  • My Asset:  Wealthy Affiliate– a program that provides training and support in starting and maintaining a successful online business
  • My Liabilities: Home based opportunities that haven’t worked for me as well as Wealthy Affiliate. Therefore, I’ve decided to stop wasting time and money on these so-called opportunities

3. Increasing my financial intelligence.

My boyfriend and I have started playing a board game created by Robert Kiyosaki called Cashflow. The object of the game is two-fold:                                                        

a. To get out of the “Rat Race” (defined as living paycheck to paycheck, never getting ahead financially) by investing in things that create passive income.  In order to get out of the Rat Race, your passive income must be greater than your total expenses.

b. To get onto the “Fast Track” (defined as being financially free to buy just about anything you want) where you can afford buy your dream or earn more than $50,000 in passive income.

If you are interested in making money online and/or starting a business but have no idea of how to get started, I highly suggest that you consider beginning with Wealthy Affiliate.
With the training and support provided with a Free starter account, you will have a strong foundation on how to build a successful online business.
Also, read the book Rich Dad, Poor Dad for more information about increasing your financial intelligence.

Please feel free to comment or ask questions; I will be happy to help.

To your success,

Deidre

 

 

Share

16 thoughts on “Changing Your Financial Mindset is Key to Creating Wealth

  1. Renee says:

    Hi Deidre,
    I really like your take on Rich Dad Poor Dad – to learn to be financially literate. It does take education to be able to mind your own business to get more out of life. Thanks!

    • Deidre says:

      Hi Renee,
      I think that people could do so much more to help themselves if they commit to increasing their financial intelligence. Achieving financial
      intelligence is a journey, not a destination. Thanks for commenting.
      Deidre

  2. brad says:

    Thanks for the reminder on this book. I’ve heard it’s a life changer! Maybe it’s time I stop putting it off. And just read the dang thing already.

    • Deidre says:

      Hi Brad,
      By all means, get the book, it’s a quick and fast read. Once you have read it, I would be happy to discuss it with you.
      Thanks for your comments.
      Deidre

    • Deidre says:

      Hi Ben,
      Yes the Cashflow game is a lot of fun, once you get the hang of it. I think playing the game has helped me better understand the principles taught in the book. Thank you for your comments.
      Deidre

    • Deidre says:

      Hi Terry,
      Having a successful mindset is really important for just about anything you want to achieve in life. By all means, get the book; I will be happy to discuss it with you when you are done.
      Thanks for your comment.
      Deidre

  3. Rich dad,poor dad changed my perspective about creating wealth. We grew up believing that wealth runs in certain families but now we all know what those families know. Thanks for this site.

    • Deidre says:

      Hi Zimkhitha,
      Thank you for your comments. I think it’s important to let people know that creating wealth is not just for those who were born into it. Just about anyone can create wealth if they have enough financial intelligence to do so.
      Deidre

  4. Chris says:

    Hi Deidre

    I totally agree with everything you stated here in this post. And I know plenty of people that have had financial freedom slip through their fingers.

    It’s funny you should mention Rich Dad, Poor Dad, I am currently listening to the audio version. Great stuff I’m lovin it.

    • Deidre says:

      Hi Chris,
      Once you finish listening to the audio version, I would recommend you listen to it again (or even buy the book) so that you can catch any tidbit you might have missed the first time around. I’m glad that you have enjoyed my post; thanks for your comments.

  5. I love this. your website caught my attention right away. I can really use the information. I hear a lot of people following the “rich dad poor dad” strategies. I think I will definitely purchase it myself since i do have a new investment.
    you are so right about the getting rich but still being poor. It a shame and i dont want to fall in that category so I will be taking a lot of advice from you.

    Thank You,
    chalotte

    p.s. its no coincidence that i was just thinking about this earlier today. I have come across large lumpsums of money and lost it all w/o having anything to show for it and i was telling myself that this time around i want to have my mind financially adjusted. I will be following you. Please stay updated 🙂

    • Deidre says:

      Hi Charlotte,
      Thanks for commenting. Like you, I had a large sum of money at one time, and I blew most of it on affiliate marketing programs that were mostly scams. I made a promise to myself that once my WA affiliate marketing business takes off, I will follow the Rich Dad strategies outlined in the book. I will try my best to keep my posts updated. 🙂

    • Deidre says:

      Hi Ayrean,
      Thanks for your kind words. I really do try hard to put out quality content on my site that I feel will help people. As for starting a training course, I’m not really ready to do that, as I am still learning things.

Leave a Reply to Zimkhitha Cancel reply

Your email address will not be published.

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.