Blog | Personal development, Personal Finance

Unlock the Door to Wealth: 7 Mindset Shifts to Achieve Financial Success

Are you looking in the wrong places to find wealth?

the online game that increases your financial iq - play now

Summary

  • Challenge yourself daily and believe in your ability to see opportunity

  • Taking educated risks is not the same as being risky in business

  • Wealth comes from putting in the time and learning from your mistakes

  • Facing your fears means not making excuses to avoid failure and risks


When it comes to achieving financial success, it’s not just about having the right strategy or making smart investments. Your mindset plays a crucial role in determining your financial outcomes. Many people struggle with limiting beliefs and mental barriers that hold them back from reaching their full potential.

The good news is that with the right mindset shifts and knowing where to look for answers, you can overcome these obstacles and unlock your true financial potential.

Below, we tap into seven powerful mindset shifts that can help you break free from limiting beliefs and achieve your financial goals.

Challenge Yourself

Becoming Rich is a Process, Not an Event.

If you desire to become wealthy, you have to challenge yourself every day. This is a key component of developing a growth mindset and achieving financial success. Far too many people view wealth as a means of getting out of responsibilities. A quick ticket to taking it easy. For many, this viewpoint is exactly why they’ll never become rich.

When you make a commitment to push yourself beyond your comfort zone, you'll discover new skills, abilities, and opportunities that you never knew existed. Whether it's taking a course to learn a new skill, setting ambitious financial goals, or simply making a daily habit of stepping outside your comfort zone, challenging yourself every day can help you build the resilience, confidence, and determination you need to achieve your financial dreams. By continuously challenging yourself, you'll be able to adapt to changing circumstances, seize new opportunities, and stay motivated through even the toughest financial challenges.

To obtain wealth and maintain and GROW that wealth, you have to challenge yourself to perform at a level that is higher than the one you were at the day before.

Manage Risk Through Education

Learn the difference between risk and risky.

It is human nature to want to avoid risk, but the wealthy understand that there’s a difference between risk and risky. Everything in life holds a certain degree of risk, but it is a lack of knowledge and a disregard for educated processes that make an investment or activity riskier than it otherwise would be.

Managing risk is an essential aspect of achieving financial success, and one of the most effective ways to minimize risk is by educating yourself. Learning about financial concepts such as diversification, asset allocation, and risk management strategies can help you make informed decisions and minimize your exposure to potential losses. Additionally, staying up-to-date on market trends and economic indicators can help you make more informed investment decisions and avoid common pitfalls. Working with a Rich Dad Coach can help you gain education and experience.

By investing in your financial education, you'll be better equipped to manage risk and achieve your financial goals with confidence. So, whether you're just starting out or looking to improve your existing financial knowledge, take the time to learn about the tools and strategies available to help you manage risk and achieve long-term financial success.

Believe in Yourself

When you believe in yourself, you will see opportunities that no one else sees.

Believing in yourself is an essential ingredient in achieving financial success and managing risk. Without self-confidence, it's easy to make decisions based on fear or uncertainty, which can lead to missed opportunities or costly mistakes. That little voice that tells you to stay in your comfort zone is not helping you but hindering you!

By believing in yourself and your abilities, you'll be better equipped to make informed decisions, take calculated risks, and navigate the ups and downs of the financial markets. Remember, no one knows everything, and it's okay to make mistakes. What's important is that you learn from them and use that knowledge to make better decisions in the future. Trust your instincts, and don't be afraid to take calculated, educated risks in pursuit of your financial goals.

Surround Yourself with Good People

Accept that you cannot do it all alone.

Surrounding yourself with good, knowledgeable people is one of the keys to success in any area of life, including finance. By seeking out and building relationships with people who have experience and expertise in financial matters, you can gain valuable insights, learn from their mistakes and successes, and avoid some of the pitfalls that come with managing money.

Knowledgeable people can also serve as mentors, sounding boards, and sources of motivation and support, helping you stay on track and achieve your financial goals. Whether it's a financial advisor, accountant, or simply a friend or family member who's good with money, surrounding yourself with people who have your best interests at heart and can offer guidance and advice can make all the difference in your financial journey. This is your experienced team, from the smallest role to experienced professionals.

Face Your Fears

Say goodbye to your comfort zone.

Facing your fears is a crucial step in unlocking your financial success. You might fear taking risks, fear failure, or even simply fear of the unknown. These are barriers to your success and can hold you back.

A great study in this principal is taking a look at how Robert Kiyosaki unlocked his wealthy mindset in his own life. The following is an excerpt from his book, Retire Young Retire Rich, where Robert, his wife Kim, and his best friend Larry started their journey from broke, to rich and retired in less than 10 years. Larry challenged them to create a plan to become financially free.

As I sat there listening to Larry sell me on the benefits of setting such a goal, I could hear the little voice inside me telling me why setting a goal to be financially free and retiring early was unrealistic. It even sounded impossible.

Suddenly, in my silence, I began to hear my rich dad saying, “The biggest challenge you have is to challenge your own self-doubt and your laziness. It is your self-doubt and your laziness that define and limit who you are. If you want to change who you are, you must take on your self-doubt and your laziness. It is your self-doubt and laziness that keep you small. It is your self-doubt and laziness that deny you the life you want.” I could hear rich dad driving home his point, saying, “There is no one in your way except you and your doubts. It is easy to stay the same. It is easy not to change. Most people choose to stay the same all their lives. If you will take on your self-doubt and your laziness, you will find the door to your freedom.”

As I tuned back into Larry talking about freedom, I realized that he was not really talking about freedom. At that moment, I realized that taking on my self-doubt and my laziness was the most important thing I could do. If I did not take it on, my life would go backward.

“Okay, let’s do it,” I said. “Let’s set the goal to be financially free.” - Robert Kiyosaki, Retire Young Retire Rich.

People do not typically run from confronting their fears on purpose, rather they make excuses as to why something cannot be done. They argue against themselves to avoid failure, risk, disappointment. Recognize your excuses for what they are, avoidance. You’ll find the motivation to face them and plan to move through them with confidence.

Put in the Time.

If becoming rich was easy, everyone would do it.

Unlocking your wealth and financial independence is rewarding but it does not come without hard work, sacrifice, and effort. There is a saying that helps put this principle into perspective:

Being broke is hard, becoming rich is hard. Choose your hard.

We crave instant gratification, but to become truly wealthy you’ll need to understand that is almost never going to be the path of least resistance. You have to put in the time and effort to get there. Build a portfolio of investments to create positive cash flow. It takes time but with continued and persistent effort, the results will come. Educate yourself daily. Surround yourself with smart, trained people. Utilize all of the Rich Dad tools at your disposal consistently and build something. Don’t just wish for it.

Those who have unlocked their wealthy mind have mastered their craft and it didn’t happen overnight. Prepare to put in the time.

Learn From Your Mistakes.

Your first mistake is thinking you won’t make any.

Mistakes are learning opportunities. The quicker you learn the lessons of past mistakes, the quicker you put yourself in a position to grow. This is a crucial aspect of achieving financial success. Everyone makes mistakes but it’s how we respond to them that makes the difference.

Whether the mistakes are overspending, making the wrong investment choices, making poor financial decisions, or disregarding important education that could help avert risk, these mistakes can make you a better, more resilient success in the future. If you learn from them, of course.

By adopting the mindset of ‘fail fast and fail often’ you begin to leverage the power of iteration. This is the process of repeating and refining a process or plan in order to meet and exceed goals.

The first step in unlocking this mindset is to stop being afraid of making the mistakes and embrace them as part of your ongoing education. Learn from them. Dissect them and figure ways to avoid them. The get up and try again. This is where you find success.

If you desire the success and freedom of the wealthy, you must understand that you have to change the way you think in order to get there. Challenges are goal posts, confidence is earned through effort and education, fear is nothing but a door you must open and pass through, and mistakes are a crucial part of your journey. Use these tips to map your way to unlocking your wealthy mindset.

Original publish date: June 28, 2023

Recent Posts

Three Investment Values
Personal Finance

The Rich Dad Guide to Investing Values: Defining Your Path to Financial Success

It’s important to know which core values are most important to you, especially when it comes to the subject of money and financial planning.

Read the full post
Risky vs. Safe Investments
Paper Assets

Smart Investing: Understanding the Difference Between Risky and Safe Options

What you may think is a “safe” investment, I may see as risky. For example, many financial planners advise their clients to get into so-called “safe” investments — such as savings plans, mutual funds and 401(k)s.

Read the full post
Mastering Money
Paper Assets, Personal Finance

Mastering Money: The Key to Achieving Financial Freedom

Begin the path to making money work for you today, not the other way around.

Read the full post