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How to Millionaire Mindset Your Way to Financial Success

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Thursday, March 28, 2024

Nothing affects a person’s mentality and inner peace quite like financial wellness. Let’s discuss financial success secrets and why you should start now. First, a few fiscal truths:

  • Financial success looks different for everyone. It’s not always about having millions in the bank.
  • What you do with that money is more important than how much you make.
  • ​Money can’t buy you happiness.

Millionaire Mindset

Adopting a millionaire mindset can boost your success with money. Financial success equals a better, more confident you.

How do you reach such a desirable state? You educate yourself and develop a plan. And it isn’t a destination but a path you’ll continue on for the rest of your life.

Financial success equals financial literacy and healthy money habits. Money (earning it, spending it, and saving it) has a lot of moving parts. While you may need to learn more about investing in cryptocurrency, for example, financial literacy is the ability to locate the answers or resources to make the wisest decisions.

​Let’s look more into why your finances should matter and how to get yours in working order.


What Money Can Buy

It’s true that money doesn’t buy happiness. There have been some miserable Scrooges with plenty of money to their names. However, having a good handle on your finances does lead to:

  • Freedom to spend time and money in a way that aligns with your values. Examples include more family time, travel, and charitable causes. Also, it could be affording college tuition for your children or grandchildren, covering in-home care for an elderly family member with ease, and more.
  • A more meaningful existence driven by purpose and not desperation.
  • Fewer worries over lack of money for necessities.​
  • ​More opportunities to strive for your desires because you can afford to take the risk. One example is leaving an unfulfilling career to pursue entrepreneurship.

Handle Finances Like a Millionaire

Millionaires honor themselves, their resources, time, and effort with respectful conduct. Once you learn their secrets, you can follow in their footsteps and see similar financial success.

Does that mean you’ll bring home as much income as them? No. Income is very job-dependent, but as stated in the second fact above, financial success is more about what you do with your money than how much you earn.

​Let’s learn from the mindset of some millionaires…


Understand Earnings and Expenses

Calculate how much money you bring in monthly from different sources (job, child support, side gig, etc.). Then, list your bills (housing, average cost of groceries and dining out, utilities, gas, cell phone, etc.). Subtract your total expenses from the total you bring in.

​If you end up with $0 or more in the above calculation, you are adequately covering your expenses and “living within your means.” If it’s less than $0, you must find costs to cut (Do you really need those TV subscriptions when your income is below your expenses?) or find new ways to bring in more money.


Save and Invest

Any money above your expenses should go into savings until you have at least three months of living expenses. (If your total after subtracting expenses from income was $0, you have more work to do cutting costs or bringing in more money.)

When you get to three months, your next goal should be six months, then 12 months of living expenses. This money is for a “rainy day” when, say, your car breaks down, you have an unexpected hospital bill, or your water heater dies–something of significant expense.

​Don’t forget to start a retirement fund. Put at least 10% of your income into a retirement account for your future, like a Roth IRA or Roth 401k.


Protect your assets

Millionaires prepare for worst-case scenarios as best they can. That includes insuring their assets. Health, home/renters, and auto insurance are your top priorities.

​Life insurance protects the loved ones you leave behind who depend on you to live. Money in a savings account also acts as protection against unexpected expenses.


Borrow Wisely

Look for the best loan deals. Don’t borrow more than you can repay; only borrow when you are sure the outcome is worth the debt.


Use Resources

Millionaires don’t have magic crystal balls to tell the future. Instead, they possess a willingness to learn and an ability to find intelligent people to help them. Education tools and management resources are at your disposal, too.

You don’t need all the answers or a master’s degree in accounting to achieve financial success. Approach what you don’t know with a willingness and curiosity to learn.

Additionally, accept help–hire or partner with someone who has more in-depth financial knowledge than you.

​How do you know how to find a financial advisor you can trust? That’s where educating yourself yields dividends. Not only do you learn how to handle your money wisely, but you also become wiser in deciding who to bring on board with you.


Give Back

It’s unexplainable (actually, it’s the law of attraction), but what you put into the world comes back to you and then some. Giving a percentage of your excess to help those less fortunate does good in the world and your personal life. Not only does the good come back to reward you, but you gain feelings of gratitude, satisfaction, and purpose (which further boost your successes).


Good for Business

These fundamental principles can be applied to any business dealings, too. Business owners can boost employee morale and productivity by assisting their employees with financial success programs. Programs like retirement savings, life and disability insurance, and finance planning/coaching improve job satisfaction, decrease employee stress, boost office productivity, and raise retention rates.


Mindset Training

Everyone can focus on at least one aspect of their finances to improve. What you focus on allows you to modify your behaviors to steer you toward success in your goals.

​However, it’s easy to lose focus in our loud world. You must continually fill your mind with the right information to refocus it daily. Find success and mindset resources to help keep your head in the game so you can enjoy the growth, freedom, and other perks that come from financial wellness.


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