The financially successful work with a different mindset. They don’t think or act like the rest of us. That’s why they’re not drowning in debt or living paycheck to paycheck.
It’s said, for instance, that the financially successful think long term. They plan ahead. The rest of us? We plan day to day or week to week at best.
The good news, – by thinking differently, by developing a different mindset, we can vastly improve our chances of becoming financial superstars.
Let me give you an example.
How Most of America Goes Christmas Shopping
Most of us get in the Christmas shopping mood as the white snows of December begin covering the ground. Of course, cash flow issues cause us to whip out the credit card.
And since it’s so easy to buy with credit, we give in to the temptation to overspend.
But who cares? We bought that perfect gift for our spouse and our kids will jump with excitement as they open their new video games nestled under the Christmas tree.
All is well with the world ….. until January when the credit card bill arrives. And while we promised ourselves we’d pay off the Christmas shopping ASAP, life gets in the way. The 18% interest rate robs us blind and the balance mushrooms.
Act Differently
Financial success is a mindset more than anything else. Act and think in wealthy ways and you’ll find your road to financial freedom easier to travel.
….. even if it’s for something as simple as Christmas shopping.
Flip the script. Don’t follow the crowd. Copy the people who’ve got tight money game.
Start saving now in the heat and humidity of summer. Put away $30, $40, or $50 a week. Your reward? By December you’ll have a Christmas stash saved up.
No need to rely on the credit card trap.
No more massive January bills.
But….
Times are tough. I can’t afford to save.
What makes it likely you’ll be in a better position in December? Simply save what you can. Even small amounts add up. Then in December spend only the money you’ve saved. Of course some sister-in-law or uncle may have to go without a gift.
But they’ll get over it.
I don’t have the discipline.
Not a problem. Have a small amount automatically deducted from your paycheck and deposited into a separate savings account. You never spend what you don’t get your hands on.
It’s no big deal. I’ll pay off my bill in January.
Of course that’s what millions of Americans tell themselves. Then they end up paying for their holiday shopping well into July or August, with interest accumulating all the while.
Act Like The Financially Successful
Yes, saving weekly for your holiday shopping may sound radical. Yes, few of us do it. Yes, we might have to sacrifice other things like going out to the movies or dinner to save our weekly allotment. But these are the things that separate the well-off from the those that struggle financially.
Act differently. Act with a wealth mindset.
Photo Credit: Mulad
Once we understand the true nature of wealth we can start making our money work for us instead of against us.
Personal finance is about more than math. It's about behavior. Change your behavior and you change your financial situation.
When we spend money we're really exchanging time spent on the job (our life energy) for a product. Understanding this leads to better buying decisions.
Put your finances back on track with Michelle Singletary's twenty-one-day financial fast.
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