Wealth and Mindfulness

 Poor Mindset

A fairly large part of society focuses heavily on materialism. They love to spend their money on consumer goods and gravitate toward external pleasure. This consumption will give the poor mindset the belief that by buying new purses, shoes, cars and so forth brings more happiness.

The poor mindset also believe in the idea of working hard for their money. They prefer to remain in safe jobs which give them a consistent paycheck since it feels more comfortable. With that consistent paycheck, the perception becomes fearful of saving for the long term and the focus towards short-term spending habits. It really is all about instant gratification; that way you buy as much as possible quickly enough to keep up with trends and social status.

Wealthy Mindset

The wealthy or rich way of thinking makes up a smaller part of society. This philosophy believes money should work for the individual instead of slaving to work for money. This mindset's more positive traits include:

• high focus on investing; like in stocks, real estate, and royalties
• belief in delayed gratification thus being patient with investing and spending later on.
  
• more risk tolerant where long-term gains will outweigh any short-term losses. A wealthy frame of mind thinks that even if they lost all their money they could re-build it easily.
• spending money is more strategic based more on quality rather than quantity. A quality item will be less expensive in the long run and give more happiness.
• investment in personal learning and growth is at the forefront. The belief in constantly educating oneself will pay its dues in the long run.
• avoidance of the dreaded social rat race

Getting out of the rat race

The rat race is a way of life in which people are caught up in a competitive struggle for wealth and power. We have been conditioned to believe that one goes to school to get a good education. That education will bring the promise of an amazing job. Once that job starts making money for us we start spending on consumer goods. 

As we accumulate we want more so we strive for an even better job to make more money. That higher pay equals higher expenses like bigger house, more cars, clothes, etc. We start to work longer hours with no end in sight. This vicious cycle continues since people have started to characterize themselves as living a life based on competition and comparison.

So how do we escape the rat race? 

Being mindful of the way we view wealth is the key to building the life we desire. Always remember that our current financial condition can be fragile where you can lose your job at any time. The sooner we take command of our finances the better. Our relationship with money will affect our relation with others in our life. Keeping a good balance in our lives means keeping a good balance with money. 

The conclusion is very simple. The old-school method of working the standard 9-5 job to pay bills and go on that occasional vacation just does not cut it in modern times. Having the wealthy mindset will expand our horizons of thinking differently towards money, taking more risks and investing better with our money. 

The internet today has become a hallmark of information on how to achieve better passive income or even running your own business. Be vigilant of course of get rich quick schemes, however the possibilities are endless. With the right shift in mindset we can definitely lead happier and more productive lives. Always learn and try new things since better choices in life will lead to better results. A great quote by Albert Einstein was 

"If you want different results, do not do the same things"

Please seek the advise of a qualified financial advisor before making any financial decisions. This blog post is for information and entertainment only.

Recommended readings: Rich Dad, Poor Dad by Robert T. Kiyosaki

                                        The Wealthy Barber by David Chilton