Making money is a skill, and like any skill, it can be learned
But you need to change a lot of habits and things you used to do to create financial independence. We see a lot of people who quickly rise then quickly fall into bankruptcy, and that is not something we want to have in our lives.
I think the main issue here is ignoring the importance of financial skills. Once you get a little taste of money you feel like Bill Gates and think you’re unstoppable. Been there, done that and fallen from that.
Nowadays the financial skills of the person are the greatest survival skill. Back in the days, survival meant to know how to hunt and build a fort, today it’s all about making money on a consistent basis. Finances should be taught from kindergarten if you ask me. Think about it. The first thing I regretted when I learned to save money, to value money and to make money was that I didn’t know that earlier.
If I have to select the number one asset any financially successful person have is the money-making mentality
Let me give you an example. I was born in a poor country that has strange spending habits (that’s why the country is poor obviously) . I mean here, people work in foreign countries for a few years to get a new car, that usually catch dust in the parking lot for they don’t have enough money for gasoline. Don’t get me started on how often we refurnish our houses and what feasts we have on parties or holidays. It’s absurd. But as a young man trying to get my place into the business world, I was thinking this was normal. But then, I went for a time to Italy. And I was amazed to see how much people care about money there. How great financial skills they have. I mean, people who have 5 times more money per month on average than my country citizens, picking out all the cents from shopping. I never saw that before. Or people with more than 10000 € saving accounts to drive 1000 – 2000 € cars. I have to tell you I was shocked. Their mentality was so different. The same things I’ve seen in Spain too when I visited that lovely country. Now it makes perfect sense because thank God I’ve learned, but back then I was shocked.
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How simple things like collection cents left from shopping, into a piggy bank and going with them to the bank, can make a huge impact over time. This is just an example. You see these big difference when studying any financial successful people compared to poor people. Most of the times the poor ones spend much more than they can afford, while the rich ones, that normally can afford to spend how much they want, they calculate everything and try to get deals and save money as much as they can. They say entrepreneurs are ‘calculated’ risk takers and I agree with that.
What I am trying to say is how much the mentality influence your banking account. If you are a spender you will never have financial freedom. No matter how much money you have. Because for rich spenders, there are rich sellers too.
Try to switch things up. Think like an investor, not a spender. Think like a seller. I am not telling you something new and I know that; I am just reminding you and myself that we have all the information in the world that we need, but the mentality is the foundation of making money. This changes everything.
So if you are struggling financially the first thing that you need to change is your mentality. Get a making money mind. I challenge you to keep track of your expenses and see where all your money goes every month. Is there something you can save? Something you can remove? Start with a small step to get a productive mindset. What changes will you make? Share it with us in the comments.