How to change your mindset about money? Here is a question for you.
Let’s say right now someone was to give you a 1 lakh.
- What would you do with that money?
- What would be the first thing you would spend that money on?
- What would you buy?
- How would you utilize that money?
How To Change Mindset about Money?
Now for most people, that money would have been gone very, very quickly, just like that.
You might say,
- “I would pay off that debt.
- “I would give some to my family.
- “I would buy that house.
- “I would buy that car.”
- “I would invest in the stock market”
For most people, would kind of blow their money very, very quickly.
You see today, I want to talk to you about money, how to get good with money.
I think the biggest problem with most people, including myself when I was getting started, is we were taught to spend.
You think about all the ads, all the stuff that we see on TV, we are taught to be a consumer, we’re taught to be a spender, and I believe in life, there are two types of people.
We either spend our money on something when it comes to money, or we invest the money into something.
Now it’s very easy to be a spender because there are so many things that we want to buy, there are so many things that we want to own.
Don’t get me wrong, I like nice things too, but we are taught to get rid of money very quickly and that it’s normal to live paycheck to paycheck, it’s normal to have very little in the bank account.
Look at most people’s savings, right? In India, most middle-class people have no savings.
They have very little money in the bank account and they have a lot of debt.
It’s very normal, everybody has debt and they don’t think about that in order to accumulate wealth, in order to be good with money, to be a master, not a slave of money, you got to save so that you can invest.
Not save because you’re frugal, you’re being stingy, you’re being cheap, but save so you can accumulate, that’s a better word, so you could invest.
When I say investing, I don’t just mean investing in the stock market or real estate, it could also mean investing in yourself, which is the best investment there is.
You could be reading a book, taking a speaking course, or learning from somebody, but investing in yourself.
So every rupee that comes in your life right now, if you want to be good with money, are you a spender?
You just think about what are you going to buy, what are you going to spend the money on, or are you thinking how could I invest this money?
How could I invest this rupee?
How could I invest this somewhere so the money will grow?
When you make that paradigm shift, that mindset shift, looking money not as a tool so spend, but looking at money as a seed that you can plant that you will grow.
That changes how you deal with money.
So you get your joy and satisfaction and fulfillment from actually seeing that money grow, but not as a spender of just, you just got to spend that money, and then it is gone.
Now you might say, but Shitanshu, I’m not making enough money.
Once I make enough money, then I will invest.
This is a lie. As a human beings, we are very good at deceiving ourselves
because that’s how I used to think.
Think about it.
If you are not right now if you’re not investing INR 200 buying a book or something like that, or doing something, or that INR 500, when you’re making 1 Lakh, 2 Lakh, 3 Lakh, or 5 Lakh a year, what makes you think you’re going to invest thousands of rupee when you’re making,
let’s say 10 lakh, a year?
You won’t because you don’t have the habit of investing.
It is not the amount that counts, it is the habit that counts.
If the little money that you have you’re not investing, even a few dollars, a few bucks, bigger money, you definitely won’t write that check because you’re not writing that check even with the little money that you have.
So it is the habit that makes all the difference in the world.
So my recommendation is just to start small.
Even if putting aside as little as a few dollars, put it in a little jar.
I don’t care, right, it’s just a few bucks. Let it accumulate, get in the habit.
Even though you’re in debt, that’s okay, you got to pay off that debt, but you need to develop the habit of accumulating capital so you can deploy that capital.
In the beginning, maybe you don’t have enough money to buy an investment, to invest in whatever.
Buy a book, buy an audiobook, take an online course get into the habit of investing.
That is truly the key.
And start off by developing the habit of reading, of learning, of growing, and upgrading your skills.
There are so many good books out there and so many of my friends ask what book to read, I recommend them to read a book by Napoleon Hill, “Think and Grow Rich.”
Many friends ask me which are other places to invest money, and I advise them to do some online courses. Learn High-income skills.
If you are interested you can learn digital marketing and other high-income skills from me. Here is a link to know more about my mentorship program. – https://shitanshu10x.com
Well, there are so many ways to become an investor.
But just start somewhere, right, making that paradigm shift, developing the new habit of an investor and not just a spender.
And that’s the very first step that you need to take to change your mindset about money.