Want to Multiply Your Money? Master Your Money Mindset
Do you have financial patterns which are not getting you to your financial goals as fast you want? You are not alone. Unhealthy money patterns are unconsciously formed based on repeated exposure to unhealthy ways of thinking about money related matters. This can create a limiting “mini money mindset” which can unknowingly master us.
Instead of being mastered by our limiting money mindset, let’s develop a ‘money multiplier mindset’ by changing our focus, so we can achieve our goals.
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The “Mini Money Mindset” Focuses On… |
The “Money Multiplier Mindset” Focuses On. . . |
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Expenses - Money spent on necessities and luxuries that do not increase your wealth.
You may think of ways to reduce expenses. However, to multiply your money you still need to do more. |
Investments - Money spent on assets, which generate income and increase in value. Think: How can you decrease your expenses to afford more investments and convert assets into even more assets?
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Loans - Loans often symbolize that we cannot afford to purchase the item cash. So the loan can feel like access to purchase something that you cannot truly afford and should be avoided and/or paid off quickly. |
Leverage - This is using debt to finance assets that generate a higher rate of return than the interest rate you are paying on the loan that finances it. For example, buying an income property or adding a rental unit to your existing home. Think: Which investments/assets will generate a higher rate of return than the loan rate?
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Being Risk Averse - Avoiding financial risks maybe motivated by the fear of losing. |
Calculated Opportunity Taking - This involves taking strategic risks to generate higher returns. Think: How can I equip myself with additional knowledge and expertise to take calculated risks?
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Retirement Savings - Savings set aside, in a retirement scheme or pension plan, during your working years to provide you with a pension or ‘income’ in your ‘golden’ years. |
Financial Freedom - This is where your passive income is greater than your expenses. This will give you the option to stop exchanging time for money, so that you can retire with peace of mind, knowing you have passive income and are financially secure. Think: How can I create a business portfolio that will provide me with passive income in later years? It will also supplement your pension and National Insurance Scheme (NIS) income.
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Are you ready to be a ‘money multiplier’? Take action by calling (876)998-5662 today.
Written by: Michelle Sinclair-Doyley, Corporate Manager, Group Financial Partnership Support & Financial Education