Community//

Why You Need To Foster A Moneymaking Mindset

What is the number one thing that determines your success or failure in life? Your mindset.

The COVID-19 pandemic has left many people in a position where they are spending a lot more time at home. Since we all have more time for pursuing passions and exploring pastimes, why not try to monetize your hobbies by turning them into a small business?

Modern society fundamentally teaches us to be poor. It forces people to spend years of their lives studying in order to get a job, upgrade their lifestyle and consume more, and eventually fund their lifestyle with debt (mortgage, credit cards etc.)

Millions of people follow this ‘default’ path. This happens mainly in countries where consumer buying is funded largely by credit. They blissfully participate in this rat race, unaware of its implications and consequences. What people do not realize is that it deters them from taking calculated risks. They fail to educate themselves on the essential financial matters like investing or networking with powerful people that could change their lives.

Amid the corona virus pandemic, take stock of your skill set. Now is the time to sell your skills! “If there are any skills that you have – if you’re an amazing chef, if you’re great at decorating, whatever you can do from home – you can sell Zoom lessons,” says Financial coach David Lester.

Mindset Shift: Increase your tolerance for taking risks of a new venture, investment or partnership. If you learn to trust your judgement, your confidence will grow. With every experience, you only get smarter!

Anyone who has ever set money goals knows, implementing those rules is a lot more complicated. The stories we tell ourselves limit our ability to make changes in our financial lives. We often stress about things that should be a non-issue (there is no harm in it, just by the way – unless it gets excessively bad.) Nevertheless, money needs direction. If you do not have a plan for your money then you will never really shift your financial situation. Structure your life in order to maximize your chances of success.

Mindset Shift: Saving is important. However, you have to set an example for your kids by emphasizing the importance of knowing how to grow your money, too. Show them that investing can be fun, and that it is okay to spend their earnings on things that make them happy. Because, yolo?

The question is how is a positive money mindset formed?

Many of our core beliefs about money are formed in early childhood by observing and internalizing what we learned from our parents, friends, relatives and the community itself. Regardless of that, use your logic and inference to dictate your financial strategy, and use your emotions to motivate yourself to stick to it.

Whilst understanding your money mindset and where it came from helps you change it, try paying attention to your thoughts, behaviors, and actions around money. Your thoughts about money influence your feelings. In addition, your feelings affect your behavior.

Myth Buster: Formal education does not guarantee success or wealth. If you love sales, for instance, take an online course that will strengthen your skills in that field. Ask a money guru to teach you about investing in stocks.

It is your attitude about money that shapes what you believe you can and cannot do with money. How much money you believe you are allowed, entitled, and able to earn, how much you can and should spend, the way you utilize debt, is all in the mind.

According to David Lester, corona-virus-induced changes to society will require new products and services. This will create opportunities for anyone who sees a niche need coming, whether it be in online education, delivery or another sector of the economy. This will eventually lead people to support local businesses. This itself is motivation, so gear up.

Mindset Shift: It is possible to do what you love and get wealthy doing it. Find a rich and successful person who is passionate about their job. Ask them how they got there. Get inspired.

Do you like to make crafts? Try selling them on Etsy. Like gardening? Create an online store for your produce. Who knows? Maybe you will be able to turn your hobby into a full-time job one day.

Now what is holding you back from earning to your potential? See now as a good time to start a new business. It’s now or never.

The Thrive Global Community welcomes voices from many spheres. We publish pieces written by outside contributors with a wide range of opinions, which don’t necessarily reflect our own. Learn more or join us as a community member!
Share your comments below. Please read our commenting guidelines before posting. If you have a concern about a comment, report it here.

You might also like...

Community//

Too Dumb To Bail

by Phil La Duke
Community//

How to Run Your Business Amid Covid-19 Pandemic

by Kimsea Brooks
Wayne Shulick
Community//

A Conversation with Wayne Shulick About Managing a Business and Taking Care of Your Family & Yourself

by Joey Claudio

Sign up for the Thrive Global newsletter

Will be used in accordance with our privacy policy.

Thrive Global
People look for retreats for themselves, in the country, by the coast, or in the hills . . . There is nowhere that a person can find a more peaceful and trouble-free retreat than in his own mind. . . . So constantly give yourself this retreat, and renew yourself.

- MARCUS AURELIUS

We use cookies on our site to give you the best experience possible. By continuing to browse the site, you agree to this use. For more information on how we use cookies, see our Privacy Policy.