Bill Gates once said “If you are born poor, it’s not your mistake. But if you die poor it’s your mistake.” Indeed, many of us often commit some mistakes that end up making us poor. And as it turns out, your mindset has a lot to do with your success story than you might have thought.
Today, we’d like to specifically talk about the mindset of success and particularly how to ditch some habits that are associated with perpetual poverty.
Start Focusing on Building Passive Sources of Income
Stop making the mistake of entirely focusing on linear income. You see, most people focus purely on salaries, allowances, and one-off payments. And that's a big mistake.
In order to develop the mindset of success, you want to consider developing passive income streams. Think about royalties, profits, interest rates, commissions, and so forth.
Spending your entire life chasing after salaries and handouts is similar to carrying water in buckets. On the contrary, focusing on building passive income is similar to digging a pipeline.
The former is easy to get started on but not sustainable in the long run especially as you age and lose strength. The latter might be difficult to get started on, but once the pipeline is completed, everything becomes easier and scalable.
Start Doing, Stop Procrastinating
One common habit that is responsible for almost all cases of poverty across the world is procrastination. If you would like to embrace the mindset of success, you need to start getting things done.
Don’t worry about making mistakes. Even Thomas Edison made thousands of mistakes. Fortunately, he never gave up. And today, we continue to reap the benefits of his innovations e.g. the lightbulb.
So, to begin your journey of success (<a href="https://fitsmartyou.com/">fit smart you</a>), you have got to remain bold. Don’t worry about making mistakes. You can always fix those as you forge the path ahead.
Earn More, Spend Less
Most people make the mistake of spending more when they earn more. When they get a raise, they move to a more expensive apartment. In some cases, they buy more expensive vehicles and some even book expensive holidays.
There is nothing wrong with doing any of those. But if you are looking to jumpstart your journey toward success, you have got to spend less even when you earn more.
Put otherwise, learn to live below your means. That way, you'll save a lot more resources which you can, in turn, invest productively.
Invest in Your Wellbeing
To be ready for a life of success, you need to be in good health. In particular, you need to ensure that your brain is getting the brain nutrition it needs. Remember, to succeed you need to have a strategy.
There is no way you are ever going to be a part of the 1 percent of the extremely successful people in our society if you are always doing what the 99 percent are doing. And, therefore, you need to make sure that your brain is firing on all cylinders. That way, you can plan way ahead of everyone else, outsmart the competition, and above all, be the best you can ever be.
Being successful or prosperous has a lot to do with your mindset. As such, if you dream of owning a successful business, a beautiful home, an expensive car, and so forth, you have got to start by improving your mindset. Hopefully, the tips provided above will help you a lot in that quest.
About the author
The author also blogs for American Lenders (<a href="https://americanlenders.com/">american lenders</a>), a personal finance platform.