Do you want more wealth in your life? I’m not talking about money or riches, I’m talking about wealth. Richness measures the amount of money in your bank account; wealth measures your assets (property, investments, cash, etc.) minus your debts. You can make $30,000 a year and be wealthy. I highly recommend the book Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth by T. Harv Eker. I’ve said it before and I will say it a million times more, the first step to wealth (and any endeavor) is changing your mindset. What your mind believes your body believes and the Universe believes. This leads me to the first secret of wealth creation, mindset.
- Mindset not only tells every cell in your body what is about to happen it also tells the Universe. If you believe you’re poor or broke you will always be. Don’t confuse this with the reality of your situation. In this economy people are certainly struggling especially those who have been un- or under-employed for years. Monetary resources may be low but this should not be allowed to permeate your thoughts. You are not broke, you are in need of more resources. Do you recall when Donald Trump went “broke” years ago and filed bankruptcy? Well now he’s back to being a millionaire. This is because his mind (or his financial thermostat) is set to rich and wealthy. He had cultivated multiple streams of income and came up with some fantastic ideas such as the hit television show “The Apprentice”. It wasn’t long before he was back on top. You’ve heard the story time and again, people losing their fortunes and getting them back through perseverance. You’ve heard of people losing their fortune and living in a shelter. The primary difference between these two people…their mind. Martha Stewart was thrown in prison and has rebuilt her wealth and prestige. MINDSET!
- Create multiple streams of income. Hello! This one is in the Bible as well as other religious doctrine. The Universe says you’re supposed to have an abundance. Warren Buffet, Oprah, Donald Trump and others do this. We are taught to go to school, get a good job and work until we retire. We aren’t taught in school to grow up and create our own. Or we see entrepreneurs as special people in our society who were blessed with brains to create novel ideas. The fact is we have intellectual property…our experiences. I read an article about a family plumbing business where the son wrote a book on how to spot a dishonest plumber. It wasn’t a fancy book published by Harper Collins. It was a small book that he marketed well and soon he was on the news. He made a product recommendation one day and voilà he was approached by the company to consult for them and join their board. He merely capitalized on his knowledge. What knowledge are you keeping from the world that they are dying to know?
- Attract wealth. Yes, simply attract it to yourself. It may sound like science fiction, but it is actually science fact. Everything is made of energy. Energy is generated through vibration. The law of attraction states that like vibrations will be pulled toward each other. Those who vibrate rich will be united with their money, those who vibrate poor will be separated from it. One small change you can make to see this principle at work is to change your environment. Because people are naturally drawn to others who are like them poor and rich people hang around with poor and rich people. If you want to change your mindset, learn how to create multiple streams of income and attract wealth change who you’re hanging around with. I don’t mean dump your friends, but do venture outside of them to see what you’ve never seen before.
- Financial planning tells the Universe and yourself you’re serious. The Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth lays out a jar system to organize your money. I use it and it works. You do need a plan and you need to work the plan. Create a financial plan for yourself and stick with it. You’ll start to see results over time. As your finances improve the plan should evolve. Once you create your wealth you want to protect it.
- Learn. You have to constantly be learning. A basic education is key to many jobs with most companies, but it’s also key to learning. You have to be able to stretch yourself in order to achieve anything. I had no idea how to make a website, but I did it. If you didn’t graduate high school sign up for that GED, if you didn’t go to college find out how you can get an education. For black people a formal education of some type is key for being able to greatly alter the path of our lives. This education can take the form of a community college, 4-year college, trade school, etc. There are so many options for schools these days. If you have a formal education, keep learning. I’ve taken 10 courses in the last year that have increased the size of my brain I’m sure. You must continue to learn.
- Give. This one doesn’t require much explanation. The Bible is not the only religious doctrine that espouses this. Give and it will be given unto you. The purpose of having wealth and knowledge is to share it with those that don’t have it. If your sole purpose for giving is to get you will get what you give. The key is to find your purpose in life and give that. It doesn’t always have to be about giving money, give your time, give your knowledge, give your kindness.
A blog post from Huffington Post stated that African Americans still trail their white counterparts in personal finance but the trend is moving in the right direction. Be a part of that trend. The statistics for black women are not necessarily in our favor but the good news is we have the power to change that. So change it!
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