How Much Milk Should A 1 Year Old Drink Australia Creating a Wealth Mindset

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Creating a Wealth Mindset

When you consider the primary reason humans do anything, it comes down to two of our purest emotions. The strongest motivation is most often to Avoid pain with a close second being at Gain pleasure.

What do I mean by that? Think of it this way, why do you get out of bed when the alarm goes off in the morning? Is it because you’ve achieved your dreams and have a business, job, or lifestyle that you love and can’t wait to get going with your day so you can have some fun?

Sounds great, doesn’t it, but for the majority of people it’s probably all about avoiding the pain of being late for work, running into traffic on the freeway, watching aside your colleagues and get yelled at by your boss.

Relate this same concept to your wealth mindset and whether or not to buy a home or investment property. Why do some people decide to invest and others not?

It depends on your decision-making process and whether you perceive investing as pleasure or pain.

Understand that we all spend our time and money according to our highest core values. So, if you value family and security, you may view buying a home for your family as a “pleasure gain” and avoid the pain and insecurity of renting. You’ll gain the joy of achievement and pride of owning a home, and you’ll avoid the pain of not having a mortgage-free home in retirement.

If instead you value the freedom and lifestyle, you may perceive owning your own home as a “pain”. You may prefer to rent in order to avoid the pain of a 30-year commitment to a mortgage and enjoy the flexibility to move when you want and the ability to spend your time and money having fun and your immediate lifestyle.

As some of you may relate, I come from European heritage and my father is still to this day deeply ingrained in a mindset of scarcity with all the associated belief systems. He was born in a small town in Italy in early 1931 and was 8 when World War II was declared in 1939 and 14 when the Germans surrendered to the Allies in Italy in 1945. So I understand that in his years of training, his “scarcity mentality” was justified because he came from a large family and food, not to mention money, was scarce. Unfortunately for him and many like him, although his circumstances have since changed, his mindset and beliefs have never changed. He still lives his financial life today as if he were back in wartime Italy.

My mother, on the other hand, was born at the end of 1942 and was just a little girl when the war ended. His family was more enterprising with their agriculture, they grew their own fruits and vegetables, grew grain for flour for bread and pasta, raised chickens for their eggs and meat, pigs, and they had goats and goats. cows whose milk they used for drinking and making cheese. They always had more than enough food for the family and also sold the surplus cereals, eggs, fruits, vegetables and milk etc. for money they used to buy non-food items.

Your earliest beliefs about money come either from your father or mother, or from an important guardian, during your formative years. When you start living your own financial life, you are either modeling a parent’s beliefs or doing the opposite and completely rebelling against their beliefs. However, as you mature, start working, and leave home, you develop your own beliefs about money, which translates into your personal financial situation.

If I look at my financial background, I see that I mostly modeled my mother’s core financial beliefs of “enough and a little more”, but my risk profile is higher than my mother’s, so that’s obviously on a larger scale with my business and properties. However, being raised by a parent with a scarcity mentality has left its mark and I must admit I still find myself having conversations with the “scarcity” demon when my financial goal is to grow my business and my portfolio. . I often have to stop and ask myself “am I withholding this expense because of lack or scarcity or because it makes sense for my current goals?”

So my first question for you is, what financial beliefs did you hold as a child and how has that influenced your current financial situation as an adult?

That doesn’t mean you can live your life indeed and blame your parents for your financial situation and say “it’s your fault you made me like this”. You are an adult, you must be responsible and take full responsibility for your life, your decisions and your own financial beliefs, regardless of their origin. You earned and spent money.

However, awareness is the first step to making a change. If you recognize that certain beliefs you may have adopted from your parents as well as your own beliefs about money are hurting your financial situation, then change them. Model the beliefs of someone who is wealthy, financially successful, and has created the results you want to create in your own life.

Until a few years ago, I thought relatively small. I had two homes, an ownership mindset, and therefore a full-time job to support them. I didn’t want a full-time job anymore, so my owner mindset thought of “downsizing”. I considered selling my two houses in order to buy my dream chalet on a piece of land with a small mortgage. So I only had to work part-time in search of the lifestyle and balance I wanted.

Thanks to everything I’ve learned from Chris Howard, Robert Kiyosaki, Richard Branson and Donald Trump, I now think bigger, I think “upsize”. Not only did I realize that I had to think big, but I learned that to be financially successful, you had to put aside all negative beliefs about money and think rich. You will never get rich by selling your assets, you will only get rich by accumulating more assets.

Some may wonder if the desire to create wealth is greedy? I think the opposite is selfish. How can you be expected to help others, your family or friends, your charities and the needy in the world if you can’t even help yourself? You cannot help the poor if you are poor.

So 2 years ago I took a huge leap of faith in my dreams and goals and drastically changed my mindset and subsequently my life in profound ways. I let go of the limiting beliefs that previously held me back and took massive steps to build wealth by quitting my job, investing in my education, and becoming both a real estate investor and business owner.

Now, I’m not suggesting that you quit your job to pursue your dreams without thorough financial and business planning, but ask yourself… What is the current financial pain I’m trying to escape and the pleasure I’m trying to escape? ‘obtain. How can I change my results by changing the way I associate engagement with creating wealth with pleasure, not pain. How do I associate pain with my current lifestyle of immediate gratification and overspending. How can I balance living today with planning for tomorrow.

Start your journey to wealth not just by thinking big, but by thinking rich…

Be sure to develop what they call a “millionaire hook” which is the ability to see the big picture and also the know-how to dig into the details. You need to make sure you have a clear vision of your dreams, which will keep you inspired and focused and convert them into smaller manageable goals. Then pay attention to the small details that will become your processes and action steps. Steps without a larger vision will lack direction and a vision without clear action steps is just a dream.

Start early and use the power of compounding to propel you forward. Even if you’re starting from scratch, automatically set aside a minimum of 10% of your earnings to build wealth in a high-interest account. Find out how to earn more income and save every penny you can to pay off your consumer debt and get into your first home to start building your equity. If you can’t afford your own home, consider your first investment and let the tenant and the taxman help you save for your own home.

You need to work smarter, not harder. You need to start making your money work for you, rather than always working for it. You need to build assets or you’ll find yourself trading your time for money in a job for the rest of your life, even if you’re your own boss. Is this what you want?

Once you have a deposit or equity in your own home, borrow the balance and use the power of leverage. Make tax-deductible investment debt your friend. I used to think of a mortgage or a “debt” as something that needed to be paid off and it pained me. I now view “debt” as just a tool in my investment tool belt that helps me build wealth and it gives me great pleasure. I never plan to pay off my investment mortgages, but rather reduce them against the asset against which they are secured. Why would I want to pay mortgages on my investments today when $1 = $1. Over time, the value of my assets will increase and the value of cash and real estate debt will decrease. I will use my money to build my portfolio, my assets, my cash flow and my wealth.

If I have a property worth $300,000 and I owe $300,000 why would I want to pay it off now when I can pay it off in 20 to 30 years when it is worth a quarter of what worth today and the loan to value ratio (LVR) is negligible? that’s to say.

In year 0, the asset is worth $300,000 and the debt is worth $300,000, or 100% LVR

In year 7, the asset is worth $600,000 and the debt is worth $300,000, or 50% LVR

In year 14, the asset is worth $1.2 million and the debt is worth $300,000, or 25% LVR

In year 21, the asset is worth $2.4 million and the debt is worth $300,000, or 12.5% ​​LVR

However, as your money grows, so should your own financial and investment education, the quality and level of experience of your advisers, and your assets themselves.

Only take advice from someone who specializes in your field and with property in particular, someone who has more properties than you. The general belief is that you spend around 1-2% of your portfolio value on your annual training and advisors so you can leverage their knowledge and experience.

This way you will always stay informed, continuously educated and at the top of your game.

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