In our quest for financial freedom, the part we most often forget is forging the correct mindset. Truthfully, your mindset is the most critical factor in obtaining great wealth.
As much as I love to talk about dividends and rental properties, I continually make it a point to return to a financial mindset.
Once I have enough articles covering financial mindset, I put them together into longer books. This is the third of such books behind “Become CEO of Yourself (Amazon)” and “Become CEO of Yourself 2 (free pdf).”
With that short introduction, let’s jump into 40 plus articles on building a winning attitude so that you can become financially free.
SELF MINDSET
Working out your body may be just as important as working out your mind. Fitness and finances do correlate with your wealth-building journey. You’ll need to keep your mind, body, and soul in top shape on your quest.
We all love dressing up and looking the part; however, being cute can’t mask the truth. There is nothing cute about being broke. If you are struggling with your finances, you’ll have to correct your spending habits and mindset.
I am 41 years old, and there is no way I am working another 25 years to retire fully. I choose to speed up the process by aggressive saving and investing.
Being thankful is one of the essential elements of obtaining wealth and happiness. Grace and passive income go hand in hand. I am grateful for each dividend and royalty payment.
Having core values is necessary on your path to financial freedom. My seven principles of wealth are more technical rules for building wealth that goes along with my core values. What are your core values and principles of wealth?
Many men feel as if women only want them for their money. Well, aren’t we supposed to be providers? If you think someone is using you for money, you don’t understand the dynamics of a relationship.
Lifestyle inflation is the greatest destroyer of wealth outside having a crazy vice (gambling, alcohol, drugs). To combat lifestyle inflation, we must live below our means. Ideas such as renting rooms, driving used cars, and starting a garden come to mind.
EDUCATION MINDSET
The top passive income ideas are dividends, rental income, and royalties. You’ll have to choose your passive income adventure to understand which of these income streams you can build. I decided to leverage all three.
Old age comes for everyone, so you don’t want to gamble with your retirement. You want to work hard and have your money work even harder.
Speaking of working hard, don’t work hard for money. As you receive paychecks, invest in income-producing assets like dividend stocks. Eventually, you’ll have enough assets to fund your lifestyle—making you financially free.
When you do become financially independent, you can remain at work. Who says you have to quit your job when you have enough money to walk away? When you’re rich, you can do as you wish.
Most people fail to accumulate a lot of money because of limiting beliefs. These limiting beliefs can cause self-doubt and prevent us from investing in the stock market. To overcome this, we must first understand their origins.
I would have never thought I would release a book over 300 chapters and 100,000 words. Then I did it again with “The Biggest Book on Passive Income 2!”
Cash flow is the difference between your income and your expenses. The more cash flow you have, the wealthier you become. Cash flow is the heart of your business, household, and lifestyle.
I have read 115 books over the last two years, and they have helped me overcome my limiting financial beliefs. I narrow down my top 15 financial books of all time.
LIFE MINDSET
I accomplish most of my work during the magic hours of the night. This is the quietest part of the day, allowing me to tap into my inner workhorse.
To achieve a work-life balance, you need a creative or entrepreneurial outlet. This outlet will probably not be at work but in your downtime. Creating an income stream is the best way to understand where your job fits your life.
Part of fighting lifestyle inflation is reducing possessions. If you don’t need “stuff,” you can increase your wealth by investing in assets instead of liabilities.
You hear people talk about the F.I.R.E. movement, but what is financial independence? Simply, it is when passive income from assets can support your lifestyle. You are no longer a servant to the workforce.
Finances are a massive part of getting (and staying) married. Here are ten financial questions you and your future spouse can discuss to financially get on the same page.
I hear people saying they want to always “be happy.” However, let’s remember that happiness isn’t free. It takes hard work, and it is fleeting. It is more achievable to be content and satisfied with your existence in this life.
Putting both parents in the workforce seems like a great idea. But, the chances of a divorce or bankruptcy are much higher in households where both parents work. So what can you do about the situation?
As we move to a future where women retire alone, they must start early retirement planning. Thus I ask, “Single Ladies, what are your retirement plans?”
MONEY MINDSET
Many people believe a high-value person makes $100,000/year from an earned income job. My definition states that a high-value person earns $100,000/year from passive income. This level of passive income shows their understanding of the games of money and life.
My wife and I started with zero dollars and now have three homes and $200,000 in our dividend portfolio. How did we go from zero to zeros? It takes hard work, dedication, and self-education covering wealth accumulation and passive income.
I was broke for an extended time. The bad part is I didn’t understand I was broke because everyone around me was also broke. However, once I paid off the debt, I could sleep easy while earning money 24 hours a day from passive income.
Why do we struggle with our finances? Most of us blame our financial woes on society, race, or gender. However, we must take personal accountability and use the massive advantage of living in America!
Speaking of the United States, the American Dream costs $5 million. Don’t even think about getting married until you understand how to achieve this amount of financial responsibility.
We look back at the days of bondage as if they were days long gone. However, most of us are In-debt-ured servants to debt. If you cannot quit your job tomorrow and be financially free, you are a servant to your debt or spending.
We all love to see Clark Kent turn into Superman in his off time. However, we must become our own Passive Income Hero by building income streams in our free time. Don’t worry; Netflix can wait until we become rich.
How much passive income do you need to be free? I like to use big numbers because they protect me from the unknown. My personal number is $20,000/month in passive income to be truly free. What’s your financial independence number?
BOOK TAKEAWAYS
Dave Ramsey gives us a look at some of his “Baby Steps Millionaires” in this motivational book about average people achieving great wealth.
If you are a male struggling on your journey towards becoming a man, read this book. “Free Agent Lifestyle” is a great way to gather your bearings in life and aim high.
Dating life is tough in the age of online apps and quick hookups. “How to Not Die Alone” walks us through our dating habits and how to combat these negative traits to find love.
We all have limiting beliefs, especially when it comes to money. “Know Yourself, Know Your Money” helps us reflect on our childhood and other memories that prevent us from becoming friends with our money.
Not every woman wants to get married. “Otherhood” is a story of a woman who strives to have it all and is okay if she doesn’t find what she wants.
My favorite author, Robert Kiyosaki, can do no wrong. “Rich Dad’s Guide to Becoming Rich” gives us simple ideas on how to get rich without cutting up our credit cards.
“The 4 Stages of Building Wealth” simply ask questions about the direction of life we are taking. If you don’t like your answer, then a change is in order.
How much stuff do you really need? “The Life-Changing Magic of Tidying Up” shows us how to organize and remove things in our home. It is not just a physical journey but an emotional and spiritual one as well.
Do you believe you can accumulate $100,000 in your bank account? “The Psychology of Money” is a great book to read if you answered “no.” You may have limiting beliefs preventing you from accomplishing your financial dreams.
CONCLUSION
That is a lot of information on financial mindset. We must take our attitude seriously. Without the proper perspective, we can lose everything we accomplished. Good Luck!
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing
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