The investing mindset: Do you want to be rich or poor?

When it comes to financial wealth, one of the most common misconceptions is that the
term "rich" can only be used for those with millions of dollars in their bank accounts. But
the reality is that this statement could not be farther from the truth. Why don't you try
doing this: If you ask four different individuals to define wealth, you will get four different
meanings. If you want to become rich, you must embrace the mentality of those who
already are wealthy. Figure out how much money you intend to have within the next
year as your first step in achieving your financial goals. So, what do you see in exactly
three to five years? Do you already have a number in mind? Great. So, if you would like
to see even a single dime of that wealth, you are going to need to develop a rich
mindset.

Hi! I hope you enjoyed my previous video and are happy to be back. Welcome back, or
if you're just joining us: we're Finance Bureau, your one-stop destination for all things
cryptocurrency and finance. I'm happy you could make it. For this video, I will talk about
developing an investing mindset. At the end of this video, let me know which mindset
you are going for.

The human tendency for wealth is unmatched to any other motivation, whether it be the
pursuit of material pleasures, the achievement of self-sufficiency, financial
independence or the fulfillment of the leisure that comes with having large sums of
money. The path to financial success is rocky and plagued with misconceptions. With
that being said, let’s get right to it shall we?

Most people's mentality is rooted in achieving either wealth or remaining poor. Your
starting point in life is determined by chance, but your ultimate destination is determined
mainly by the ideas, beliefs, and attitudes you cultivate throughout your life. I hate to
break it to you, but your actions and decisions are solely the reason for your current
situation, whether good or bad. Your relationships, wealth, and the foundation of most of
your actions depend on how you think about those things.

Most people think that the real gangsters are on wall street or are working for the
government. Because of what we have been taught and seen, we always associate
money with evil. We think some people are rich because they have done something
sinister to get there. Some of us probably believe that in order to get that rich, we need
to backstab someone or drag others down. It sends the message to others, "I have to
engage in some immoral behavior if I want to get rich." Then we judge others by saying
“those people who have a wealthy amount of money in their bank accounts probably did
something wicked to get there.” This kind of mindset is very harmful and
counterproductive. Having a poor mindset teaches you to resent those who are wealthy
and successful, and that everyone who is rich is probably a con artist, right? Because
having this poor mindset teaches you to envy those who are at the top. However, is
there any use in dragging others down? Ask yourself: Will it really make you happier or
wealthier? If you’re answer is no, then we need to get rid of that toxic mentality, since
being envious of other people and always comparing ourselves to them will stop us from
progressing.

Another thing is that, most of us earn just enough money to cover our expenses, and
once we are sick of paying our expenses and feel miserable, we say to ourselves, "you
know what? I need to treat myself to something." They probably think, "I don't care if I
have to go into debt or if it goes beyond what I can afford; I need to buy something nice
to keep my mind off this misery." You decide to reward yourself with something that is
beyond what you can afford at the moment, but it makes you feel good right now, and
since it makes you feel good, you get addicted to that feeling and continue to do it again
and again. You say that if you know what I'm experiencing, what I’m doing is a relief
from the daily struggles. But what if everyone shares the same struggles? What if no
one comes up with a solution and just keeps doing the same thing over again, and if
one doesn't change anything, we will all just end up like everyone else. Don’t get me
wrong, we all deserve something nice once in a while, but I want you think it thoroughly:
do you want short-lived happiness or long-term financial gains? What do you think?

There are many people who are born into poor circumstances who go on to achieve
great fortune, and there are many people who are born into wealthy situations who go
on to waste their resources and end up where they were before: poor. Your frame of
mind may take you in a different direction regardless of where you are in life. A person
might be surrounded by endless possibilities yet still have a poor mentality even though
they have those advantages. Regardless of the external situations, the main symptoms
of a bad mental attitude include being envious, being negative, and having a narrow
world view.

Tom Bilyeu, a Wallstreet Trapper once said, "If I'm going to make a change, I need to
make the hard choices." It's difficult for people to make sacrifices because you must
now go against the things that give you instant satisfaction and live without them. "Ah,
that's what keeps you alive, that's what keeps you going. You simply need to go on
vacation or buy this pair of shoes that may cost you a thousand dollars, and you know
you can't afford them. But you keep saying to yourself, "I've worked so hard I need that
just to keep giving me something to look forward to." However, you should be aware
that any income that is made should be turned into capital in order to be used for
investing or trading in assets.
That same Wallstreet Trapper, who is a successful investor, said that what you can do
to stand out is to gain information. So, let’s equip ourselves with knowledge that some
people don’t have. So, how do the rich do it? In order to accumulate much wealth, the
rich often invest first in stocks, then in businesses, and finally in real estate. Stock
ownership is similar to being a shareholder in a profitable company. For starters, you
are not getting where you want to be (becoming wealthy) because you do not own any
assets to safeguard your money. You only have your money lying around in cash. In the
most realistic sense, the key to wealth is ownership, not simply having the money sit in
a bank account and doing nothing.

The attention of those who are rich is on growth, while that of those who are poor is on
the potential for financial loss, or risk. When you deposit your money with a bank, you
are not contributing to its growth in any way. It's possible that inflation is eating away at
it at a pace of 2% to 4% per year. Therefore, if your bank is offering you an interest rate
of 1% per year, you are also experiencing a loss of value of your money at a rate of 1%
per year.

It's either having their money lying around in a bank or they own depreciating assets,
which is what money is. Cash is a depreciating asset since the more money is printed,
the more value that money loses. The reason the bank wants you to keep your money
there is so that they can take it, use it, and invest it so much, and then turn around and
say, "Hey, it's just sitting here; I'm going to give you 50 cents on whatever you had in it."
Therefore, the concept of ownership is that you can simply start owning anything
regardless of whether it is just a stock." Now, that's powerful because if you can begin
holding a share of the companies you currently use daily, you have the power to
transform a one-time purchase into a lifetime of profit. Your attention should be directed
on purchasing assets that provide positive cash flow rather than purchasing consumer
goods, which are assets that decrease in value over time.

It is a one-time transaction if I go to the shop, purchase a pair of Nikes, and then leave
with them. In order to finally acquire anything from them again, I had to go back and buy
another pair of Nikes. However, if I own the Nike stock, then for as long as I own it, it will
be a profitable avenue for me. Because of this, a single transaction can potentially turn
into a lifetime of profit if I own that business. If I'm going to buy an Apple product, if I
already use Apple products like I already have the iPhone, the Air Pods, the MacBook,
and the PC. I get excited when Apple is about to release a new product, then there's
really no reason why I shouldn't try to own as much of Apple's stocks as I possibly can.

What makes a wealthy mindset different is that it is focused on producing, constructing,

and multiplying its wealth. The vast majority of millionaires either have their very own
company, which they either started on their own or with other people, or they have a
significant income that they routinely invest in assets such as real estate or stock
portfolios. Millionaires generate more wealth than they use up, and their passion for
their profession transcends their pleasure of leisure pursuits and material possessions.
Their occupation is also their hobby. Their primary pastime may consist of accumulating
wealth by managing their own finances, investment portfolio, property holdings,
company, or cash-flowing resources.

Many things may go well, and many things can go wrong when considering whether to
save or invest money. Individuals often make illogical decisions when it comes to their
financial resources. You have a responsibility to yourself to uncover alternative paths
when the ones you've been taking haven't been producing your desired financial results.
And a better way may exist, even if it's not the most popular.

Instead of spending most of your time, consuming products, you should focus on
generating value for other people. You must maintain a mindset that accompanies the
growth of wealth and the management of one's finances. Having a wealthy mindset is to
be well aware that to maximize one's income, one must first increase one's abilities and
worth. One must put the extra time and effort into expanding their worth to their
employer, customers, and the community. One must also put time into developing their
skills, not believing income is static and that the only way to raise it is to work more
hours; we know otherwise.

The stock market supports the first steps toward understanding how the world functions.
It's not about how powerful you are; it's about what you can learn and how you can
actively use it. I know it sounds cliche, but knowledge is power. Knowledge gives us
leverage in life; it's not about how strong you are in every situation you are faced with.

Some people are afraid of success because it brings so many responsibilities, right? But
unless you can conquer the current reality that you're living in, you won't be able to go
forward. Once you have established a level of comfort in a particular environment, that
environment will seem ordinary to you. Anyone can live a mediocre life; everyone can
live in mediocrity, right?

There are those who are fine living in fear and what-ifs. Then there are the misfits,
people who never stop trying to better themselves and go to the next level. Which one
are you? Let me know in the comments!

Here’s the thing: If you believe in yourself and what you're capable of doing, the human
mind and body will go as far as you think they can. You are absolutely right when you
say that the only belief that counts is what you think you can do. There's nothing you
and I can't do; it's all about having an impact while also achieving goals and feeling
fulfilled. You will feel like the money is just an unintentional byproduct of everything else
once you focus on improving yourself.

You should not be afraid to face challenges front on; in contrast to a poor mindset, one
would prefer to remain in their comfort zones. Having a wealthy mindset means being
aware that there will be obstacles to overcome along the way to get to where you want
to go, and as a result, you are prepared to meet these obstacles head-on. Because if
you don't want to go out of your comfort zones, you tend to remain in the same position
and maintain the same lifestyle year after year, right up to the point when you retire from
the same place where you began.

A wealthy mindset often reflects on the long-term implications of their decisions. You
don't let yourself get caught up in the "present." You need to have clear goals and
clearly see yourself in three, five, or even ten years from now. Do you live in the now, or
can you imagine yourself in the future, say, ten years from now?

Just to be clear, this video is just a handbook. You have the potential to either be
wealthy or poor. You may end up sharing characteristics with both the wealthy and
poor. To tell you the truth, it is not a problem. What you do need to do is make an
assessment of your current situation and choose how you want to go.

In what way would you characterize your mindset? Do you want to invest your money
so that it can work for you, or do you want to work for money? You are responsible for it.
Nobody will worry about your financial situation as much as you do at the end of the
day. Developing an investment mindset is the only best way to release yourself from
trading your time for money. Now, if you want to know more about investing, I have
another video just for you; it is about when is the best time to invest. Feel free to check
it out on my channel.

Here in Finance Bureau, we are a big believer that one should "be the change one
wants to see in the world." It’s never too late to start making changes.

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