Our relationship with money usually begins from an early age.
By the time I was 7 I knew I wanted to be rich.
I also knew that if this was ever going to eventuate, I needed to be the one to make it happen. My father worked hard and had a stable job but we were never wealthy growing up. He was (and still is) a great budgeter, which paved the way for a secure childhood, which is all one can really ask for, but the truth is, I had my sights set on bigger things.
Your money mindset rules your decisions.
As humans, we subconsciously take on a certain money mindset, usually derived from our early experiences surrounding money and whether there was enough, too much or very little.
I know in my case, the stability my father brought to our family instilled a “there is always enough” mindset but at the same time, knowing that Homebrand was our staple household item for things like toothpaste and cleaning products made me feel like money was something that was scarce and needed to be managed carefully.
Refusing to settle for Homebrand.
Words like budget, homebrand, and lay-by were frequently uttered around our household and I grew up knowing that although we were comfortable and had more than the housing commission kids down the street, I wanted more for myself as an adult.
I have come to believe that a middle-class upbringing typically brings about a scarcity money mindset and I knew that if I was ever going to be wealthy, like really wealthy, I would need to change the way I viewed money and the wealthy.
Switching from scarcity to abundance.
But switching my head from scarce to abundant was no easy task. And learning to accept that rich people were not all pretentious assholes who drove ferrari’s and spent their weekends on motor yachts was also an interesting journey.
Yes, I always believed there was “enough” money to be comfortable, but that’s not what I wanted to be. I wanted more than just comfortable. (And I certainly didn’t want people judging me for having money.)
I wanted freedom of choice. Nice things.
Luxury experiences.
And I wanted friends who shared these values and had the same level of abundance so we could enjoy it together.
Financial stability is one thing but being wealthy and having an abundance of options brings an almost euphoric excitement of possibility, especially to a person who has grown up in a household where “we can’t afford that” was a common phrase.
Breaking the family financial mould.
Breaking through the financial status quo of your family unit is also a fulfilling experience in and of itself.
Both my mother and father have openly told me how proud they are of my achievements and I am grateful for their support (despite their lack of understanding why on earth I would spend $5K on a handbag)!
Hey, I get it.
But in honesty, the most unexpected takeaway I’ve had in my quest for wealth has been the shame from others. The tall poppy syndrome that is rampant in countries like Australia has certainly reared its ugly head on several occasions throughout my journey.
Standing up to Tall Poppy Syndrome.
When you start to break away from what your social class considers “normal” - it gets very real.
You lose friends you thought you’d have forever and the judgement begins to weigh. I say this because I’ve experienced it first hand and sadly, I’ve had to part ways with certain friends and even family members because I’ve felt they simply weren’t happy for where my life was taking me.
It’s a blow but if you really want to reach that financial milestone, you will need to accept that not everyone will be cheering for you along the way.
6 Important Factors you need to consider in your journey to becoming wealthy.
It’s easy to stay small and keep yourself comfortable and accepted by the status quo, but if you’re like me and want more than just basic stability, here’s what you need to seriously consider:
How are you leveraging your money?
In other words, what things are you doing so your money is working for you? Are you investing a good chunk of your earnings or are you spending everything you make? Wealthy people understand that money makes money and so they do everything in their power to make their money work as hard as possible through smart investing. It’s simple really. Spend less than you earn and invest the rest.
Who are you taking on this journey and who must you leave behind?
There will be cheerleaders who will support and encourage you, and then there will be tall poppies who will try to keep you small by using shame and other tactics that will trigger your scarcity mindset. Decide who stays and who goes. Be ruthless. The key is to surround yourself with likeminded people headed in the same direction with similar values around money and wealth. PS - this will be one of the greatest challenges you will face on your wealth journey, especially if you come from middle or poorer class like I have.
Getting comfortable with Risk. (Learning to play the bigger game.)
Without risk, there is no reward. Your risk appetite plays a huge role in how wealth plays out. I’m not saying be a financial risk-taker and gamble your way through life. Consider calculated risks where the likelihood of financial success outweighs the downsides. Wealthy people have learned to play the bigger game, well.
Building your A-Team is a necessity.
These people are your trusted advisors. They are professionals who share your values around wealth and are smarter than you in their particular field so when you align with them, you benefit from their expertise and the financial payoff falls in your favour. Trust me - you need these people in your life. Make it your mission to find them and invest in their services. It will be worth it.
Changing your vocabulary will reshape your mindset.
You need to get comfortable with words like Leverage, Assets, Value, Investments, Strategy. Be a part of the higher-level conversations and you will automatically begin to adopt a mindset of a similar nature.
Believing there is more than enough.
When I started to really believe that I could earn that amount of money, it began to happen. Not straight away, and not without a lot of BST (blood sweat and tears), but I intuitively know that when I really started to believe it was possible, the universe responded accordingly. It might sound a bit woo-woo but don’t underestimate the power of belief. Give yourself permission to be wealthy, do the work, and see what happens.
I genuinely believe that no matter where you start, anyone can become wealthy and thrive financially. I’m not saying it’s easy, but I do believe it’s possible. If I can do it, then anyone can.
Mindset and environment play a crucial role.
For me, mindset played the defining factor (and continues to do so), as well as having the right environment that supports and continues to champion my quest for financial abundance.
Wealth wise, I’m still yet to achieve my ultimate financial goal, but I sure as heck have an action plan to get there - and it encompasses the 6 points I shared with you above.
ABOUT THE AUTHOR
Wendy Russell writes about Property, Career and Success. She is a self-made woman and Independent Buyer’s Advocate based in Brisbane Australia, representing busy professionals in luxury home purchases.
