Lifestyles of the Wealthy Mindset

Folks in the wealth system are frugal.  They spend their money on things they deem fulfilling, which leads to Lifestyle Freedom.

Those who are truly wealthy are less likely to live in expensive neighborhoods or drive luxury cars. Those who accumulate wealth believe that financial independence and personal freedom are more important than displaying social status.

Lifestyles of the UN-Wealthy Mindset

Middle classers use their money to put pools in, buy leased cars & upgrade the family lifestyle, which leads to living pay check to paycheck with no savings.  

Ryan Blair, in one of his interviews, talks about his thought processes while growing up in an urban community:

The urban community, where I’m from, when you get money you where on your wrist, around your neck, you put it in your car, you spend it.

His mother ended up marrying a man, a real estate investor, who taught Ryan a better perspective:

He taught me how to determine what my value was and what I wanted it to be and to only do things that were at that value and above.  ~Ryan Blair from the Ice House Entrepreneurship Program

Many of the people who appear wealthy – those who live in expensive homes and drive luxury cars – do not actually have much wealth. They work hard to achieve success, yet they often spend much of their discretionary income on things that create an outward appearance of wealth. And by doing so, they often choke themselves with debt, undermining their ability to create true wealth.

According to the authors of The Millionaire Next Door, the accumulation of wealth is more often the result of hard work, perseverance, planning, and most of all, self-discipline.

Wealthy Is A State Of Mind, FIRST

A person with a moderate income may have more wealth than a person with a high income.  Why?…

Because the ability to create wealth begins with a wealthy mindset.  The amount of one’s income does not necessarily translate into their ability to create wealth.  Fact is, those with lesser income and less debt, may be in a better position to invest in things that are conducive to creating true wealth.

Example of a wealthy mindset:

Buy used cars, NOT new one’s.  Do not lease and only buy used one’s that are 100% at YOUR price or nothing.  If the seller will not come down keep shopping around looking for the best deal.

Those making decisions from an un-wealthy mindset spend their way into debt on things that produce no return.  Whereas, the wealthy, although they may accumulate debt, they understand credit is a tool to increase income and invest in things that create wealth.

Mindless Consumption vs Mindful Investment

The term “spend” is defined as “to consume mindlessly or to squander” while the term “invest” is defined as “to make use of our time, effort or money in ways that are conducive to creating wealth”.

Credit is a tool; a lever that enables us to increase our income and invest in things that are conducive to creating wealth. Yet for others, the use of credit leads to a “buy now – pay later” pattern of spending that often lures us into an endless cycle of working harder and harder just to pay our debts – a kind of credit trap that leaves little room to invest our time and resources into things that will enable us to create wealth.   ~The Ice House Entrepreneurship Program

If you desire to be wealthy learn to cut back your expenses while seeking opportunities that will increase your income.  One way to do this is to have CLEAR GOALS.  Clear goals help diminish the temptation to spend mindlessly.

It is not the lack of money that prevents us from prospering. More often than not, it’s our lack of understanding about money and how to use it as a tool.  A life principle that should be included in our education system but is not.  Rather than spending discretionary time and resources on outward appearance, entrepreneurs are driven by their vision and an internal desire to succeed.   ~The Ice House Entrepreneurship Program

Each of us has the ability to be wealthy; no matter our starting point.  It begins by learning how to operate from a different perspective.  One that begets new behaviors and a new approach which leads to different results.  Be driven by your vision vs social status, instant gratification, etc.

Questions to ask yourself:

Am I spending or investing my time, enrgy and money?

Am I ok with being limited by salary or hours in a day?  Learn to get paid for you effort vs your time

Am I doing something that influences people or am I bound by work that lacks meaning in my life and others?

Do you feel trapped in a low paying job or unsatisfying career that you cannot afford to lose?

Question I ask you:

Has your work become something you MUST do, in order to pay the bills, rather than something you find satisfaction in or enjoy?

Are you willing to sacrifice, now, in order to live The Plan B Lifestyle later?  If yes click here

Ryan Blair, in the video above talks about the importance of having a mentor…join our circle of mentors, NOW!