There is a difference between rich and wealthy. Rich is someone who has a lot of money, Wealthy is someone who has freedom. Freedom of time and choice.
For example, Ram works in an M.N.C. as director, he gets a good salary. But he spends most of his salary and does not have any other source of income. He needs to stay in a city where his office is, as he needs to commute to the office daily. Cost of living is higher in the city. He has a good house, a big car, fashionable clothes and costly watches. All of these he purchased on Loan, Due to his job he do not have freedom of location, he has to live in the city. He does not have the freedom to choose when he wants to retire as he has a lot of loans to repay. The most important he needs to always worry about job security, if he loses his job it can have major consequences. Ram is for sure a rich person as he earns a good amount of money.
Now let’s talk about Sham, he is a business owner who runs his business online, he makes a decent profit, he spends moderately and invests his saving in the investment options he understands. He has a decent house and a small car. Along with his business, his investments also pays him, but all the reinvest his income from investment as he does not need that money. Sham has the freedom to live any place he wants as he can run his business from anywhere. He lives in a small town where the cost of living is low but the quality of life is better. His investments can acts as another source of income if his business is down for a few weeks or months. The best part is he can scale up his business by employing or outsourcing some of his work. So we see Sham has freedom of choice of the place where he wants to live. When he wants to work or when he does not want to work.
Below we will see how we can create a WEALTH mindset.
1. W – Write Down What You Want:- You need to write down what you want, first write down all your expenses and then calculate how much money you will need to meet these expenses. Write down the ways you can earn this money passively. You need to write down multiple ways you can earn this amount of money.
2. E – Envision Your Future:– Envision yourself accomplishing your goals, Envision how your life will be when you will have passive income or an income stream which gives you the freedom to choose what to do when to do and from were to do. How you will spend the time when all your expenses are covered by your passive income.
3. A – Affirm Your Desire:– Affirm your desire to be wealthy, affirm your desire to achieve financial independence, Talk to yourself and see how you are doing. Talk to yourself and see you are moving in the right direction.
4. L – Listen to Your Inner Voice:– Having money or time will not make you happy. What makes you happy is the inner peace, You need to listen to your guts. You need to do what you really want. There are people with a lot of money and a lot of time but they are not happy as they do not know what they really want.
5. T – Take Action:- Once you know what you want to do, once you know how much money you need to live the life you want. Once you have the list of income stream you want to develop, it’s time to take action, the first 4 steps will be useless until you take action, you need to do anything and everything needed to build the passive income streams, to build the future you envision.
6. H – Hold the Vision:- Getting wealthy takes time, sometimes situations will not be in your favour, but you need to hold the vision, you need to believe you can do it and you going to achieve your goals. When things are not working as you were expecting to introspect the plan and improve it. Keep going and do not stop until you live the life you envisioned.