We talk a lot about self-fulfilling prophecies, how expecting or dreading a negative outcome can somehow cause it to come about. There’s something about our thoughts that can contribute a lot to our success as much as our failure.
I think we can use our mindset to our advantage. It’s one of the greatest assets we can have. The mind is so powerful and offers us so much potential. Why not use it?
These are just a few ways you can transform your thinking into a growth mindset that leads to financial success.
8 Principles That Guide a Successful Growth Mindset
1) Live within your means.
Someone with a mindset for growing wealth knows the value of good money management. They understand that sacrifices now—delaying gratification, focusing on savings, making careful purchases, and living within or below their means—will ultimately help them achieve their financial goals much more quickly. They don’t waste their assets on extravagances but instead invest in what they need and what gets the job done.
2) Due diligence always matters.
A growth mindset doesn’t let its guard down. It knows how important it is to do due diligence each and every time there is a financial decision to be made. They seek financial counsel, research all of their options, weigh each one, and carefully choose which path to take and how to protect their assets. Every investment, purchase, and asset are carefully considered and protected. If you have a growth mindset, you don’t play fast and loose with your financial future!
3) Guard your reputation.
What does your reputation have to do with finance? For professionals in virtually any career, your reputation is paramount to your success. Whether that’s your reputation as a professional (like your work ethic and work quality) or as a person (personality, warmth, and charm), your reputation can help or hinder future success. Guard it. You never know how it might encourage or deter future connections when you need them.
4) Value personal development.
If you have a growth mindset, you invest in yourself as much as you do in anything else. Personal development matters. You know that, at your core, you’re a lifelong learner. You read, listen, and learn constantly from others. You want to know what you don’t. You want to be better personally and professionally. You want to grow not just your wealth, but your mind. And with that, you know you’ll be better equipped to make decisions for your financial and professional future.
5) Learn to lead well.
Leadership makes all the difference in the world when it comes to financial success. Leaders chart the course in forming good relationships with clients, solving problems, dealing with change and shifting dynamics, and jumping up to the “next level.” Leaders aren’t content to wait on others before they start down the path to success. They’re the first to go.
6) Accept long-term growth.
Financial success doesn’t come quickly to the most successful among us. Why? Well, nothing worth having is earned easily. We can’t expect that success will come overnight any more than we can expect it will come in one year or five years.
Let me put it in perspective. Statistics from Stanley and Danko (The Millionaire Next Door) show that it takes a self-made millionaire an average of 22 years to build their fortune. Getting there takes time: once you accept it, you’ll be better equipped to make wise decisions.
7) Invest in worthwhile relationships.
Success in life really comes down to our relationships with people. We can talk a lot about finances and money, but relationships are at the heart of it all. When we surround ourselves with successful people who want the best for us, who give good advice, who we love and respect, we’re going to do better. We’re going to succeed. Are there relationships in your life that drag you down? It’s something to think about!
8) Know what’s truly important.
Money matters, but it’s not the most important thing. The growth mindset isn’t so obsessed with finances that it forgets about the things that are truly important: family, happiness, love. Simple pleasures in life, enjoying being alive. After all, what’s the point of building a financial future if you can’t enjoy it?