Does the thought of developing a successful money mindset conjure up visuals of your inner Jerry Maguire shouting, “Show me the money!” repeatedly until you are blue in the face?
If so, you should know there are more practical habits you can use today to get in the right mindset for financial success – minus the couch jumping, unless that tickles your fancy.
In this article, you will gain some tools to help get you in the right frame of mind for financial success, and you will learn how investing in real estate syndications can help you reach your personal goals.
What is a Money Mindset?
In a nutshell, your money mindset is your personal belief and attitude toward money.
We all have unique experiences that shape the way we feel about money. We often fall into a cycle where we expect things to stay the same. You may tell yourself lies such as, “I will never get out from under my debt,” or, “I’ll never live a life free of going from one paycheck to the next.” Stop right there!
There is hope for people who feel down on their luck regarding money.
When you change your mindset through practiced behaviors, you can transform your relationship with money. Once you do, you will start seeing money come to you with ease and abundance.
But how do you achieve a successful money mindset?
The answer is simple. Copy others.
People with a successful money mindset:
- Understand the things in life that they find the most valuable (time with family, hobbies, travel, freedom, etc.).
- They are generous in giving to causes they believe in.
- Enjoy using their money for enjoyment, but know when to stop.
- Believe in their ability to achieve their financial goals.
- Accept personal responsibility and learn from mistakes without resentment.
Know What is Most Valuable to You
When you focus first on the things in your life that matter most and you structure your money mindset around them, you allow yourself to look at money as a means to serve your greater purpose.
In an article for Forbes, contributor Joel Johnson highlights how financially successful people value time over money. While hiring a professional for mundane tasks may seem counterintuitive, it frees up one of our greatest commodities, time.
A successful money mindset is as much about gaining money as it is about letting it go.
We seek financial freedom because we crave more of the things that ignite our souls, whether that be travel, time with family, beloved hobbies, or material comforts. Money is a tool to gain more access to those things we love. Understanding what brings you happiness will help you find purpose and longevity in your pursuit of financial success.
Conversely, try not to let negative news affect your mindset. It’s easy to read the headlines, spouting doom and gloom, and feel pessimistic about your financial future. But the truth is, we have weathered storms in the past, and the pendulum always swings back the other way.
Educate Yourself on Investment Options
Educating yourself is one of the best things you can do to feel more empowered. Let go of the tendency to brush off opportunities that feel ‘over your head’ and start learning about them instead. You can find a treasure trove of free information if you know where to look.
Some great resources financially savvy investors turn to include:
- Podcasts
- Industry-specific books
- Facebook groups
- Google Search
- Online chats
- Magazine and new articles
- Talking to friends, family, and colleagues
The more you know, the more informed you will feel about financial decisions. With knowledge and confidence, your money mindset will blossom and flourish.
Don’t Reinvent the Wheel
Education is an integral part of having a successful money mindset because it helps you not feel alone in a sea of unexplored opportunities.
You aren’t reinventing the wheel. You are learning how money can serve you and deciding on the options that best fit your needs. With the information left by those who came before, you can see what they learned from their mistakes. Knowing what they did may help you gracefully manage your financial mistakes with less anxiety and more hope.
Practice Gratitude and Open Yourself to Abundance
One of the most important practices you can start doing today is expressing gratitude. Actively acknowledging what you are grateful for will keep things in perspective and open you up to receiving even more.
In addition to helping you have a more positive mindset toward money, gratitude also helps with the following:
- Better health
- Stronger relationships
- More grit
- Having a positive outlook
Focusing a daily gratitude ritual around money will help you grow in each of these areas with how they relate to you financially. You can keep a money journal and jot down a few things you are grateful for each day related to money, meditate, or write a letter to someone who inspires you to achieve your financial dreams.
Why Real Estate Syndications are a Great Introduction to Investing
Part of having a successful money mindset is taking steps to realize your personal money goals.
Investing in a multi-family real estate syndication is a great place to start your investing journey for several reasons.
- They are more resistant to inflation than other types of investments.
- They provide an opportunity to own a physical asset.
- They allow you to act as a passive investor.
- They free you from the headache of managing a project, giving you more time to focus on developing a successful money mindset.
Ready to invest in your future with a real estate syndication?
If you would like to learn more about how investing in a multi-family syndication may help you build a thriving financial future, we’d love to hear from you!
Contact us today and connect with industry professionals to get all your questions answered.
