Most of us dream of being financially independent. To be able to go out and buy the things we want rather than worrying if certain bills are going to be paid or not. But for many of us, this remains a dream and nothing more. Why?
Because deep down we don’t believe it’s possible. We look at millionaires and think they must have something we don’t. A special skill, a lucky break, or maybe they’re just smarter than we are.
This simply isn’t true.
In fact, there is only one thing that links all millionaires together. This is the millionaire mindset.
What is a Millionaire Mindset?
Put simply, it’s a way of thinking that stops your fears preventing you from achieving your goals. It allows you to make smart decisions and spot the opportunities that allow you to progress along the path of financial independence.
Great, you might think; Another thing they have that I don’t. But the thing about the millionaire mindset is, anyone can achieve it. You just need to learn how.
First of all, you need to stop telling yourself that you can’t do things. If they’ve been achieved before, then there’s no reason you can’t achieve them to. Then you need to begin developing your millionaire mindset.
How do you do this?
It’s important to note a millionaire mindset isn’t just one mindset, it is the culmination of many types of mindsets all working together to achieve optimal performance. We will go through all of these mindsets and you’ll learn how you can develop each and every one of them in order to gain your goal of financial independence.
The 6 elements of a millionaire mindset include:
1) Warrior Mindset
A warrior mindset is the part of us that doesn’t know when to give up. It stands strong even when the odds are stacked massively against us. Similar to the story of David and Goliath, the warrior mindset allows us to face the biggest challenges and be resourceful enough to find away through them.
The main part of a person that stops the warrior mindset from developing is fear. Fear of failing, of looking stupid, or being hurt. When we listen to ourselves saying we’re not good enough or that we’re going to fail, we’re pushing the warrior mindset further away from us.
You need to start catching the voice that tells you you’re not good enough and question it. Why aren’t you good enough? Why will you fail? So what if you do fail, that’s life and you jump back up and try again. By catching yourself as you put yourself down, you’ll allow your warrior mindset to develop and move to the front. Soon, challenges won’t daunt you as much. As you meet each one and pass you’ll gain a new confidence that will allow you to take on bigger challenges.
This is a development process that takes time, but if you’re actively working on developing your mindset process, you’ll see the results quickly. Start with smaller challenges and enjoy the feelings of accomplishment as you meet them. Soon, nothing will daunt you and you’ll be ready to face anything that’s thrown at you.
2) Champion Mindset
A champion mindset follows on from the warrior mindset, but encompasses the desire to win. To not only achieve your goals, but to master them and do better than the people who’ve tried before you.
Some people might think of this as competitiveness, the burning desire to win. However, when a person with a champion mindset doesn’t win they don’t blame others, or even themselves. Instead they look to see what they need to improve on in order to achieve their goals the next time.
A person with a champion mindset is constantly self-improving. Whether it’s taking courses and learning new skills, reading, or exploring new ways of doing things, a person with the champion mindset knows that the most important thing to invest in is themselves.
To develop a champion mindset you need to learn about perseverance. You need to learn that when you don’t succeed the first time, you reevaluate and try a different angle to make sure you succeed the next. Winning and achieving your goals is everything and you’ll do whatever it takes to get there. A great way to start developing this mindset is to start making commitments to reading more and taking courses/learning new skills. If you do a little everyday it adds up and you’ll be astonished as to how quickly you amass knowledge. It’s also important to identify what you want and start focusing on what you need to do to get there.
3) Business Mindset
To be financially independent it’s imperative to develop a business mindset. That’s been able to think about things from a business point of view. What’s the best way to approach something? What are the pros and cons? How much will you have to invest and how much can you expect to make in return?
This isn’t a mindset that’s kept solely in your professional life but spreads across all areas. It’s about learning what risks are meant to be taken and what are meant to be avoided. The main factors that lead to developing a business mindset are twofold:
- Thinking with head over heart
- Developing a keen emotional intelligence
The first means you’re able to think about a problem logically, identify all the pro’s and cons, and make an informed decision before you act. You will rely on your instincts as well but preparation is key to making sound decisions. Those who act with their heart only usually miss potential downfalls so it’s important to be thinking clearly before any decisions are made. This leads os on to the second factor.
Emotional Intelligence is essential for developing a business mindset. It is the ability to keep your emotions in check and not let them affect the decisions you make. You can see high emotional intelligence in the most successful entrepreneurs out there. It takes time to master your emotions but you cannot think clearly or make the correct decisions when you’re leading with your emotions and not your mind.
All good professional fighters know that as soon as you become too emotional, the fights over. That’s why their opponents spend so much time before the fights trying to get under the others skin. It’s all about being able to be in your head and execute your gameplan to perfection. Business is like this as well. You need to spend the time learning as much as you can and creating a plan that can be executed as you intended.
It takes time to develop this kind of control but learn to recognise your emotions as you feel them. Anger, jealousy, excitement etc. Identify them as you feel them and ask why you’re feeling them. Try to keep your mind in control and process the emotions. You should be in control at all times.
4) Giving Mindset
It’s not enough to develop mindsets that are solely about yourself, it’s important to think of others as well. When we’re trying to gain financial independence, it can be easy to forget that there are people in much worse positions than we are. If we’re in the position to help then we should. This help doesn’t have to be in monetary form, in fact your time is often a much more valuable asset.
Try to set aside some time every week to help others. Whether it’s fundraising, teaching skills for free, working with a charity etc. it doesn’t matter as long as you’re helping other people and not getting anything in return. This is really important to keep you grounded and to appreciate what’s important in life. Financial independence is all well and good and is what we’re aiming for, but it shouldn’t be the be all and end all of life.
Develop a purpose that’s bigger than money. One that helps people in a significant way. So if you’re starting a business, instead of thinking solely of monetary goals, think how you’re going to be helping people. What value are you providing? How are you improving people’s lives? Not only will this make you feel great and find meaning in what you’re doing, it’s also a requirement for a successful business.
Why would people buy into you if there’s nothing in it for them?
5) Positive Mindset
There’s nothing quite as energy sapping as spending time around a negative person. You want nothing more to get away from them and time seems to slow down, making it all harder to bear. But what if you’re that negative person? Not even with others, but with yourself? That’s just as energy sapping as being surrounded by external people and provides more of a set-back to your goals.
We talked about how you need to stop telling yourself you’re not good enough before you attempt something, but developing a positive mindset also applies to how you react when things go wrong. When things fail or don’t work out, there’s always a reason behind it and a lesson to be learned. It might just not be your time yet, but it will. It’s important to keep going and maintaining a positive mindset is the only way to achieve this. Eventually you will succeed, the only way you definitely won’t is if you give up.
Pay close attention to your thoughts and catch yourself when you think negative ones. Make sure you’re confronting the negative thoughts and replacing them with positive ones. For example, if you hear yourself think you can’t do something, question that with:
“Why? Other people have who are not smarter than me.”
By challenging these thoughts you’re boosting your self esteem and confidence which is essential for success.
6) Growth Mindset
Mindsets are the beliefs that we each hold in relation to our abilities. They determine how we view the world and ourselves, and determine what actions we do or don’t take. Carol Dweck, in her studies, identified two main types of mindsets, a fixed mindset and a growth mindset. To develop a millionaire mindset it is essential that you have a growth mindset and not a fixed mindset.
A growth mindset makes it possible to achieve all the mindsets listed to achieve the millionaire mindset.
People with a growth mindset relish the idea of progress and embrace challenges. They learn from the people around them and do not fear hard work. They see obstacles as learning curves and believe that their abilities and talents can continuously be developed. People with a fixed mindset, however, are threatened greatly by failure, fear any form of challenge and believe that they can’t expand on the talents or skills they’ve been given.
There is a drastic difference between the two. A person with a fixed mindset is the type of person you know who blames everyone else for their shortcomings. They’re the type of people who always talk about what they wished they’d done, but never attempted doing it. A person with the growth mindset is the person you know who takes responsibility for everything, is always trying new things and working hard to improve themselves.
You enjoy being around the person with the growth mindset much more than you like being around the person with the fixed mindset.
By working on all the mindsets listed here, believing in yourself, and limiting negative self-talk, you will develop a growth mindset that will take you on the path to financial independence.
Millionaire Mindset Affirmations
Many people use affirmations in order to help them change their mindsets. These are short sentences that we repeat to ourselves that affirm our abilities and objectives. They can be really powerful and help you to make the shift in how you’re thinking.
The best time to recite these affirmations is first thing in the morning, or after a meditation session. This is because your mind is active and receptive to these new ideas. You’ll find it much easier to change your thought patterns, but you need to be reciting them every day.
Here’s a list of millionaire mindset affirmations for you to repeat daily. Feel free to tailor them to suit you better and add to this list. The most important aspect is that you’re taking the day to say them outloud every day. You may feel a bit silly initially, but that will soon pass. Eventually you’ll be saying these with confidence, believing every word you’re saying, and changing your mindset.
“Every day, in every way, I am becoming more and more abundant.”
“The more I give, the richer I become. The more I give, the wealthier I become. The more I give, the happier I become.”
“Every breath I take increases my awareness of abundance that surrounds me.”
“I overcome all obstacles that lie in the way of my success and financial independence.”
“I am grateful for all the wealth in my life right now. I am grateful for the wealth that is inside of me.”
“I allow wealth into my life. I allow abundance into my life. I allow prosperity into my life.”
“I am the master of my own success. Everything I want, I can achieve.”
“Having money gives me the power to help countless people and make a massive difference in their lives.”
“I am the master of my money. I am in control of my financial life.”
“I create massive value for others. I am an unlimited being of creative ideas and thoughts.”