if you watch this video Until the End you will learn incredible things that will help you in your journey to wealth and you will likely become the first millionaire in your family so pay attention let's get started we will begin with a brief reflection imagine for a moment two people Mara and Lucas both grew up in the same middle class environment attended the same schools and graduated from University in the same year 10 years later their lives are completely different Marta lives in a beautiful house runs her own successful business and travels the world Lucas
on the other hand still struggles to make ends meet lives in a small rented apartment and feels trapped in an endless cycle of debt answer me in the comments who would you like to be like Mar or Lucas comment below but anyway what made the difference in their Destinies the answer is simple their mindset and income generating capacity we will talk more about your income generating capacity shortly but first let's talk about mindset because everything is created first in our subconscious and then materializes in the physical world here's something that will impress you according to
a recent study by Harvard University 85% of our financial success is due to our mindset and social skills while only 15% is due to our technical knowledge this means that your way of thinking has a greater impact on your wealth than any college degree or specific skill in this video we will reveal the top 15 differences between rich and poor mindsets but that's not all we will also equip you with practical and Powerful tools to revolutionize your financial mindset are you ready then comment I'm ready when I see your comment I'll give it a heart
now that you've commented double your attention attitude towards learning and personal growth poor mindset for many with a poor mindset learning ends with formal education Lucas our previous example considers that he has already paid his dues at University and now just wants to do his job and get his paycheck he sees additional learning as a burden something that takes time away from his entertainment or rest according to a study by the US Bureau of Labor Statistics 33% of lowincome adults do not read a single book throughout the year this resistance to continuous learning severely limits
their opportunities for growth and financial Improvement Rich mindset in contrast people with a rich mindset see learning as an investment in themselves Mara for example dedicates an hour a day to reading books about business finance or personal development she regularly attends seminars and online courses to stay updated in her industry Warren Buffett one of the most successful investors in the world attributes much of his success to his reading habit it is known that he dedicates 80% of his day to reading and reflecting as he himself said knowledge accumulates like compound interest practical action start your
own wealth study plan choose a book about Finance or personal development and commit to reading 20 Pages a day in Just 2 weeks you will have finished a complete book additionally subscribe to financial podcasts and listen to them during your commute to work this new knowledge is a foundation for your future financial success perception of money and its function poor mindset for many with a poor mindset money is merely a means of survival they see money as something scarce and hard to obtain Lucas for example sees his salary as something that should be spent immediately
on necessities and occasional luxuries his Mantra is money goes as fast as it comes this mindset is reflected in alarming statistics according to the Federal Reserve 40% of Americans could not cover a $400 emergency without going into debt this demonstrates a lack of planning and a short-term view of money Rich mindset the rich on the other hand see money as a tool to create more value and opportunities Marta doesn't just think about spending her money but about how she can make it work for her she understands that money can generate more money through smart Investments
Robert kosaki author of Rich Dad Poor Dad expresses it this way the poor and the middle class work for money the rich have money work for them practical action change your perspective on money in instead of seeing your next paycheck just as a means to pay bills ask yourself how can I use a part of this money to generate more in the future start by setting aside even a small percentage of 5 to 10% of your income for Investments or to start a side business remember it's not about how much you have but how you
use it attitude towards risk and uncertainty poor mindset people with a poor mindset generally fear risk and un certainty Lucas for example prefers to stay in his current job even if he doesn't like it because it provides him with a sense of security the idea of starting a business or making a significant investment seems terrifying to him this aversion to risk is backed by data a study by the University of California found that low-income individuals are 47% less likely to take Financial risks than those with higher incomes Rich mindset the rich in contrast see risk
as a necessary part of growth and success Mar understands that every investment involves risk but also an opportunity she doesn't fear failure but sees it as a valuable lesson Mark Zuckerberg founder of Facebook said the biggest risk is not taking any risk in a world that's changing really quickly the only strategy that is guaranteed to fail is not taking risks practical action start getting familiar with calculated risk identify a small investment or side project that interests you research thoroughly calculate the possible outcomes both positive and negative and take a step forward remember it's not about
being Reckless but being willing to step out of your comfort zone for a potentially greater benefit focus on Solutions versus problems poor mindset those with a poor mindset to focus on problems and obstacles Lucas when facing a financial challenge often complains and looks for excuses the economy is bad I never have luck are common phrases in his vocabulary this mindset is reflected in society a study by Stanford University found that people who focus on problems are 31% less likely to achieve their financial goals Rich mindset the rich on the other hand focus on Solutions when
Marta faces an obstacle her first question is how can I solve this she sees problems as opportunities to innovate and grow Elon Musk known for tackling seemingly impossible challenges said I think it is possible for ordinary people to choose to be extraordinary his focus on Solutions has led him to revolutionize multiple Industries practical action the next time you face a financial problem instead of complaining grab a piece of paper and write down five possible solutions it doesn't matter if they seem far-fetched at first this exercise will train your mind to look for opportunities instead of
obstacles remember every problem has a solution your task is to find it saving and investment habits poor mindset people with a poor mindset often live paycheck to paycheck spending everything they earn Lucas for example finds saving impossible because he barely manages to cover his expenses when he gets a raise or extra money he spends it immediately on luxuries or entertainment this mindset is reflected in worrying statistics according to a go banking rates report 69% of Americans have less than $1,000 in savings this leaves them vulnerable to emergencies and without the ability to seize investment opportunities
Rich mindset the rich in contrast prioritize saving and investing Mara for example lives below her means and automatically sets aside 20% of her income for savings and investments before spending on anything else Warren Buffett sums up this mindset do not save what is left after spending spend what is left after saving practical action start with the 1% challenge this week save 1% of your income next week increase it to 2% continue this way until you reach a comfortable savings level ideally 20% or more use technology to set up automatic transfers from your checking account to
a savings account on the day you receive your payment remember the habit of saving is more important than the amount at the start as Buffett once said the best investment you can make is in yourself attitude towards time poor mindset those with a poor mindset often see time is something to pass or kill Lucas for example spends hours every day watching TV or aimlessly browsing social media he sees free time as an opportunity for unproductive idleness a neelen study revealed that the average American watches more than 4 hours of TV a day this equals more
than two months a year wasted in front of the screen Rich mindset the rich on the other hand see time as their most valuable asset Marta carefully plans her day ensuring that each hour contributes to her long-term goals even her leisure time is designed to be productive whether it's reading learning a new skill or networking as Jim ran businessman and motivational author said time is more valuable than money you can get more money but you cannot get more time practical action conduct a Time audit for a week note how you spend each hour of the
day at the end of the week assess how much time you dedicated to activities that bring you closer to your financial goals how much time did you waste identify at least 2 hours a day that you can redirect to productive activities such as learning financial planning or skill development remember time is your most valuable resource invest it wisely networking and relationships poor mindset people with a poor mindset tend to limit themselves to their immediate Circle Lucas for example socializes mainly with his co-workers and childhood friends he sees networking as something fake or intimidating this limitation
in connections can have a significant impact according to a LinkedIn study 85% of jobs are obtained through networking by limiting their Network people with a poor mindset are closing themselves off to countless opportunities Rich mindset the rich understand the power of connection s Marta constantly seeks to expand her network by attending industry events joining professional groups and seeking mentors she sees each new connection as a potential opportunity or source of knowledge as Porter gaale author and entrepreneur said your network is your net worth practical action challenge yourself to expand your network aim to meet one
new person relevant to your financial goals each week this can be through LinkedIn local events or even asking your current contacts for introductions remember each new connection is a potential door to New Opportunities attitude towards Financial education poor mindset many people with a poor mindset consider Financial education boring or too complicated Lucas for example avoids reading about Investments or financial planning because it's not for him he is content with the Bas Bic Financial knowledge he learned in school this lack of interest in financial education has consequences according to a finra study only 34% of Americans
can correctly answer four out of five basic personal finance questions Rich mindset the rich on the other hand see Financial education as a crucial investment Mara regularly dedicates time to learning about different investment strategies tax planning and econom IC Trends she understands that the more she knows about money the better she can make it work for her Benjamin Franklin sums it up perfectly an investment in knowledge pays the best interest practical action start your financial education Journey today choose a financial concept you've always wanted to understand such as compound interest index funds or diversification and
dedicate 30 minutes to researching it use free online resources YouTube videos or podcasts make it a weekly habit remember each New Concept you learn gives you more control over your financial future perspective on work and income poor mindset people with a poor mindset often see work as a necessary evil and their salary as their only source of income Lucas for example counts the days until the weekend and sees his job only as a means to pay bill Bill s this mindset limits opportunities for financial growth according to a bank rate study only 27% of Americans
have an additional source of income besides their main job Rich mindset the rich see work as an opportunity to create value and constantly seek ways to diversify their income sources Mar for example not only strives to excel in her main job but has also developed multiple sources of passive income through Investments and side businesses Tony Robbins renowned life and finance coach says the key to wealth is not having a single source of income but multiple sources of income practical action identify a skill you have that you can monetize outside of your main job it can
be something as simple as teaching a language online creating digital content or offering consulting services in your area of expertise dedicate 5 hours a week to developing this additional income Source remember each new source of income brings you closer to Financial Freedom attitude towards debt poor mindset many people with a poor mindset see debt as a tool to get what they want now without thinking about long-term consequences Lucas for example regularly uses his credit card for impulsive purchases and considers it normal to have debt this mindset is alarmingly Comm according to the Federal Reserve the
average household debt in America is over $557,000 including mortgages student loans and credit cards Rich mindset the rich on the other hand understand the difference between good debt which generates income or appreciates in value and bad debt which decreases in value Marta for example avoids Consumer Debt and always uses borrowing for Investments that can generate returns greater than the cost of the debt David Ramsey personal finance expert expresses it this way debt is a tool like a scalpel in the hands of a surgeon it can save a life in the hands of a murderer it
can take it practical action take an inventory of all your debts classify them as good investment property mortgage loan for a lucrative business and bad credit cards Consumer loans create a plan to eliminate all bad debts as quickly as possible starting with the one with the highest interest rate at the same time educate yourself on how to use debt smartly for future Investments abundance versus scarcity mindset poor mindset people with a poor mindset often operate from a scarcity perspective Lucas for example believes that for him to win someone else has to lose he sees opportunities
as limited and fears that others will take away the little he has this scarcity mindset can be paralyzing a study published in the Journal of Personality and Social Psychology found that people with a scarcity mindset are 35% less likely to take calculated risks that could improve their financial situation Rich mindset the rich in contrast operate from an abundance mindset Mar believes that there is opportunity for everyone and that others success does not diminish her own chances of success this mindset leads her to collaborate more share knowledge and seek win-win situations Steven cvy author of The
Seven Habits of Highly Effective People wrote the abundance mentality flows from a deep inner sense of personal worth and security it's the Paradigm that there is enough for everyone practical action practice gratitude daily every morning write down three things you are grateful for in your financial life no matter how small this will help you recognize the abundance that already exists in your life additionally when faced with an opportunity ask how can I make this benefit not only me but also others this abundance perspective will open new doors and collaborations attitude towards failure poor mindset those
with a poor mindset see failure as something definitive and shameful Lucas for example avoids taking risks or trying new things for fear of failure if something doesn't go as planned he sees it as confirmation of his inability this fear of failure is a significant barrier to financial growth according to a University of Michigan study fear of failure is the main reason why 33% of people do not start a business Rich mindset the rich on the other hand see failure as an opportunity for Learning and growth Mara understands that each failure brings her closer to success
as long as she learns from The Experience she doesn't fear trying new things because she knows that each attempt successful or not makes her wiser and more capable Thomas Edison one of the most prolific inventors in history said I have not failed I've just found 10,000 ways that won't work practical action adopt the failure rule aim to fail at least once a month at something related to your finances it could be asking for a raise proposing a business idea or making a small investment after each failure write down three lessons you learned each failure brings
you closer to success if you extract the right lessons consumption habits poor mindset people with a poor mindset are often impulsive consumers Lucas for example buys things to feel good in the short term without considering the long-term impact on his finances he often falls into the Trap of buying things he doesn't need with money he doesn't have to appear and not feel inferior to others this behavior is alarmingly common according to a slick deal study the average American spends $5,400 a year on impulse purchases Rich mindset the rich in contrast are strategic consumers Mar carefully
evaluates each significant purchase considering its long-term value and and how it aligns with her financial goals she doesn't get carried away by Trends or status but invests in things she truly values or that can increase her wealth Warren Buffett known for his frugality despite his immense wealth said if you buy things you don't need soon you will have to sell things you need practical action implement the 24-hour rule for all non-essential purchases before making a purchase wait 24 hours if after that time you still feel it's a valuable purchase go ahead this simple delay can
significantly reduce impulse buying additionally before each significant purchase ask yourself how does this contribute to my long-term financial goals perception of time in relation to money poor mindset those with a poor mindset often have a short-term view of money Lucas for example focuses on immediate gratification and rarely thinks about how his financial decisions today will affect his future in 5 10 or 20 years this short-term mindset can have devastating consequences a study by the University of Oregon found that people who Focus primarily on the short term are 43% less likely to have retirement savings Rich
mindset the rich on the other hand have a long-term perspective on money Mar understands the power of compound interest and how small decisions today can have a huge impact in the future she is willing to sacrifice some immediate Comforts for greater security and Financial Freedom in the future Albert Einstein supposedly said compound interest is the eighth wonder of the world he who understands it earns it he who doesn't pays it practical action conduct the 10-year exercise take a sheet of paper and draw two columns in the first write down your Current financial habits spending saving
investing and where you will be financially in 10 years if you maintain these habits then identify a small change you can make today for example saving an extra $100 a month and calculate how this would affect your situation in 10 years this exercise will help you visualize the long-term impact of your Current financial decisions attitude towards financial responsibility poor mindset those with a poor mindset often blame external factors for their financial situation Lucas for example blames the economy his boss or bad luck for his financial problems this mindset makes him feel he has no control
over his financial situation this lack of personal responsibility is more common than you might think a study by the National Endowment for financial education found that 63% of adults attribute their their financial problems to factors outside their control Rich mindset the rich on the other hand take full responsibility for their financial situation Marta understands that while external factors can influence her decisions and actions are the most important factor for her financial success this mindset gives her a sense of empowerment and control over her financial future Jack Canfield author of the success principles sums it up
you are responsible for your life you can't keep blaming somebody else for your problems it's amazing to have a problem and know that you can solve it practical action conduct a financial responsibility audit for a week each time you face a financial challenge or decision ask yourself what role did I play in creating this situation and what can I do to improve it keep a journal of these Reflections at the end of the week review your notes and identify patterns this exercise will help you shift from a victim mindset to one of financial empowerment the
most important lesson is that mindset is not fixed it can be changed and improved with conscious effort and consistent practice remember change doesn't happen overnight it is a gradual process that requires patience and perseverance but every small step you take towards a wealth mindset brings you closer to the Financial Freedom you desire start today choose one or two of the Practical actions and commit to implementing them in your daily life over time you will notice how your perspective on money success and your own potential begins to change as Henry Ford said whether you think you
can or you think you can't you're right so choose to think that you can choose the wealth mindset your financial future depends on it are you ready to take the first step towards your Financial transformation the journey of 1,000 miles begins with a single step take that step today if this video brought you value like it and share it with someone who can benefit from this message and don't forget to subscribe to the channel for more strategies to help you achieve your financial goals thank you and see you next time
