Yikes! When the newspapers and talk back radio stations cover incessantly news about the impending recession you can pretty much safely say that we have reached the bottom of the cycle and it's just a matter of time before we bounce up.
You see there's no point in focusing on bad things anymore.
They’ve happened and even if they continue to happen you need to play a different game. In fact, today I want to talk about how you can play a different game with a piece of knowledge that I hope will change the way you look at the money world around you forever.
I want to introduce you to what’s called the Rich Money Mindset. A very powerful way of thinking that only a very small percentage of the world's population use. Not because they are the 'chosen ones' or are the bastions of society but because they have have been taught to think about money in a completely different way. It's actually not the amount of money that is the key but more like ones approach to it and how it is handled that makes the difference.
Let me explain. A person with a rich mindset doesn’t let sudden shifts in the economy affect them. Sure, they too get affected in some way but generally they run their own race. In fact, they usually run in the opposite direct direction to the rest of the pack especically during slower economic times, for example:
1. Instead of pulling back from spending altogether they spend smart and rather than buying the cheapest item they focus on quality. Two things happen here, for items like food they buy smart and look for quantity and value for money. For items like clothes and other durable items they will pay a little more and buy a brand that will last.
2. Instead of putting their head in the sand and hoping that the economic downturn will pass they do their homework, keep good budgets, have a plan and seek the advice of professionals.
3. Instead of selling assets they can be found buying. Heard of the old buy low sell thing?
4. Instead of being afraid of their banks they take control. They bargain and demand better deals.
5. Instead of just following what the media are telling them they are busy reading through multiple sources of research information so that can make informed decisions and not be a proverbial lemming at the mercy of the media.
See the difference?
A rich mindset will therefore give you the freedom to break out of the doom and gloom mentality and run your own race. Have a think about it. Is your mindset holding you back?
Let me know where you are at and I'd love to be able to help. Send me an email to greg@lifestylemoney.com.au
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