From the course: Financial Adulting

How the consumer mindset holds you back

From the course: Financial Adulting

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How the consumer mindset holds you back

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- So how does this mindset really play out in real life, this consumer mindset? Well, you're probably spending everything you get. If there's money in your bank account, you're going to figure out how to spend it as fast as you possibly can. You'll pay the minimum amounts on your credit cards, your student loans, and your mortgage, why? Because you believe that you'll always be in debt, so you might as well live it up now. You pay the minimum amounts, you transfer balances and you just survive. But the bummer is when you do that, you get hit with fees, 25% interest rates on your credit card, overdraft fees at your bank. It literally becomes a snowball of financial sadness. And I'm here to tell you there's a better way, and it's called the investor mindset or the abundance mindset. So what is that? Well, the abundance mindset rejects fear and scarcity, because it believes that the future can be so much better than the present. People with an investor mindset, they look at the world with excitement, because they see opportunity and they can't wait to create their own future. They take chances and they give generously. And they look at life in a totally different way, because they know the future can be better than the present, but they just have to be willing to work for it. Ultimately they believe they're masters of their own fate. And with the right tools, the right mindset, and hard work, they know they can truly change their own lives. So just to give you a little sense of what this could look like, we had a pastor who was one of our clients some years back. This guy made $40,000 a year. I want you to think about that, $40,000. That's not a lot of money. He had kids, he helped send them to college, and he truly lived a full life. And you know the amazing thing? He retired a millionaire. He designed his cashflow, set his mind to it, and then he execute it. And that's how you're going to become not just a millionaire, but also have abundance and freedom and opportunity. You will be able to use your money, instead of having your money use you. I hear so many people say, "I only make $40,000 a year. I'll never become a millionaire." And I want you to know that right there is the consumer mindset. That's not the investor mindset. It's not coming from a place of abundance.

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