3 Mind Hacks That Can Help You Get Rich Faster, According to Experts
Written by
Marc Guberti
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Rebekah Evans
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Making money isn’t just about working hard. It’s also about developing the right mindset. The way you think about money will impact how much you save, how hard you work to earn more money and what strategies you use to boost your income.
Brad Klontz shared several mind hacks you can use to get rich faster. He’s the author of “Start Thinking Rich,” a book that draws from the author’s more than 20 years of experience in financial psychology. These are some of the mental shifts you can make to strengthen your relationship with money.
Make Your Money Work for You
What would you do with $1 million? It’s a simple question that can reveal whether someone has a rich mindset or a poor mindset around money. People with poor money mindsets think about how they can spend $1 million. They list luxury clothing, vacation destinations, fancy cars and other expensive items until they end up with a $1 million bill.
People who have rich mindsets take on a different approach. Instead of spending $1 million, they would invest it into assets like stocks and real estate. Wealthy people put their money into assets, so their cash works for them. They eventually hope that the cash flow and returns from their investments can replace their full-time jobs.
According to Klontz, you can receive millions of dollars and still burn through all of it if you don’t have the right money mindset. Investing your money now will give you more options later in life. Getting started now can put you on the path to long-term financial success. The way you manage $1,000 is a good indicator of how you will manage $1 million.
Focus on What You Can Control
There are a lot of variables that we can’t control. People aren’t able to control who their parents are, where they are born, their neighborhoods, stock market movements and a bunch of other details. Instead of giving the uncontrollable forces too much room in your thoughts, Klontz recommended focusing on variables that you can control.
Everyone has control over how they use their time. You can use your extra time to develop new skills, grow your network, learn more about investing and pursue other productive activities. People can also move to areas with lower living costs to get more mileage out of their nest eggs. Remote workers can also relocate to save money on everyday expenses while receiving the same paycheck.
Klontz also suggested living below your means and investing the difference. Following that strategy will help your portfolio grow at a faster rate. While it may involve some short-term sacrifices, it’s better to have flexibility during your retirement years than to spend lavishly when you’re young and end up with nothing when you’re older.
Accept That You Will Have To Make Sacrifices
Living below your means and investing the difference isn’t the only sacrifice you’ll have to make to achieve long-term financial goals. Klontz explained that becoming rich requires making some sacrifices and you should accept it as a part of the process.
You may have to pick up a side hustle and work extra hours to reach your money goals. Not everyone wants to work extra, but it’s often a prerequisite for building long-term wealth. People with good money mindsets may look for other short-term sacrifices to save and earn extra money, such as getting a roommate or using public transportation instead of buying a car.
Walking away from drugs and alcohol will save you money as well, but that’s a good health practice in general. People who abandon those substances end up with more energy that they can use to approach their money goals with more vigor.
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