Building Lasting Wealth: Strategies to Transform Your Financial Mindset

Most people don’t believe what they can’t see, especially when it comes to wealth creation. However, the truth is that creating and maintaining wealth is more than just luck or circumstances. It’s a mindset! Surprisingly, there are more millionaire teachers in the US than millionaire professional athletes. Believe it! My aim is to shift your perspective on wealth, showing you how personal finance is deeply connected to your values and the choices you make.

The Myth of Overspending and Comparison

Living beyond your means and trying to keep-up-with-the-joneses won’t make you rich. In fact, it will likely leave you broke! Instead, the path to wealth lies in mastering planning and budgeting skills. By learning to manage your money effectively, you’ll gain control over your financial future. It’s essential to identify what truly matters to you and why it matters. Understanding the significance of your financial choices will transform your relationship with money.

The Truth About Wealth Creation

Building wealth takes time, patience, and a shift in perspective. Contrary to popular belief, it’s not about flashy lifestyles or material possessions. Remember my teacher/athlete stat? Wealth creation is a deeply personal journey that aligns with your unique values. As you embark on this path, your life will look different from others because your financial goals and priorities are distinctly your own. It’s important to acknowledge that true wealth goes beyond immediate financial gain and instead focuses on long-term prosperity for generations to come.

Strategies for Financial Transformation

I offer practical strategies to help you break free from financial struggles and create lasting wealth! When we will work together, we address your mindset, set meaningful goals, and discover your “why” behind financial success.

By changing your thoughts and beliefs about money, you can transform your actions and ultimately change your entire financial trajectory. It’s crucial to understand that this journey is not about pursuing a large income or accumulating temporary savings. Instead, we will focus on building sustainable wealth that can positively impact future generations.

Your Journey to Lasting Wealth Begins Now

Creating lasting wealth is a personal and transformative journey. It starts with embracing a new mindset, prioritizing financial management, and aligning your actions with your values. By working on your thoughts, goals, and motivations, you can overcome money issues and experience a profound shift in your financial well-being. We love a money transformation!

Remember, true wealth is not about chasing material possessions or keeping up with others. It’s about building a solid foundation of financial stability that will impact your life and the lives of those around you for generations to come.

Are you ready to embark on your journey to lasting wealth? Contact me today and Let’s get started!

My Own Life After Reading “The Millionaire Mind”

In my last blog post, I talked about reading “The Millionaire Mind” by Thomas J. Stanley and I broke down key elements that stood out to me. What I didn’t go into a ton of depth on is how it affected my personal life. You might be able to apply these same pieces to your own life!

I believe that lifelong learning is key to personal growth and fulfillment. By investing time and effort in books, classes, and hobbies that inspire me, I am constantly expanding my skills and exploring new possibilities. And as I grow, I am also committed to helping others do the same.

After reading the book…

I’ve come to realize that true happiness is not all about money. Yes, financial stability is important, but it’s only one piece of the puzzle. When my mind is busy and fulfilled, when I’m pursuing my passions and living my values, that’s when I feel truly alive. And that’s when I’m able to grow into my next-level self.

In my work as a bookkeeper, I strive to take the stress off my clients so they can focus on what they do best. By helping them manage their finances more efficiently, I’m giving them the gift of time and energy to pursue their dreams.

Putting in all the effort

And when it comes to my own dreams, I know that half-hearted efforts won’t cut it. If I’m going to do something, I do it to the best of my ability. I’ve learned that the old saying about doing what you love and it won’t feel like work is true. By immersing myself in my passions and engaging with others who share my interests, I’m able to deepen my knowledge and gain new insights.

But I also know that financial success doesn’t come from striving to build income alone. Rather than focusing solely on earning more money, I’m focused on growing my savings and investments. By studying and learning how to better utilize my income for future passive income, I’m positioning myself for long-term success and security.

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Let’s all manifest this together!

I believe that anyone can achieve financial stability and wealth, regardless of their income level. It’s all about living below your means, paying yourself first, and investing a little every single month. And if you start early, you’ll be amazed at how much you can accumulate over time.

Of course, it’s never too late to start building for your future self. I know this firsthand, as I’ve had to start over again after setbacks. But I’m focused on smart investments and the power of compounding. Every little bit adds up, and I’m confident that I’m on the right track.

Integrity and hard work are key to building success and wealth in the long run. While book smarts and high IQs may help in the short term, dishonesty and lack of integrity will ultimately lead to failure. By living with integrity and pursuing our passions with honesty and dedication, we can build a life of success, happiness, and financial stability.

At the end of the day, I know that honesty and hard work are the keys to success and wealth. I believe in competing with myself, rather than with others, and I always strive to live with integrity. Because in the long run, it’s not the most book-smart person or the person who cheats their way to the top who wins. It’s the person who has a vision, lives with integrity, and stays focused on their goals.

So dream big, live with integrity, and watch the profits follow!

The Millionaire Mind: What It Takes to Build Wealth

Have you ever wondered what sets millionaires apart from the rest of us? Is it their intelligence, their work ethic, or perhaps just plain luck? According to “The Millionaire Mind” by Thomas J. Stanley, it’s a combination of all these factors and more.

In his book, Stanley explores the characteristics and habits of self-made millionaires, based on extensive research and interviews with over 1,000 individuals who have a net worth of at least $1 million. Here are some of the key takeaways from “The Millionaire Mind”:

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#1 They’re frugal

Contrary to popular belief, most millionaires don’t live flashy lifestyles. In fact, many of them are extremely frugal, choosing to live well below their means in order to save and invest as much as possible. This doesn’t mean they’re cheap or stingy, but rather that they’re careful with their money and mindful of their expenses.

#2 They’re self-disciplined

Self-discipline is a trait that many successful people share, and millionaires are no exception. They’re able to stay focused on their goals and resist temptation, whether it’s a new car or a lavish vacation. This self-discipline extends to all areas of their lives, from their careers to their personal relationships.

#3 They value education

Education is another common denominator among self-made millionaires. They recognize the importance of learning and constantly seek to improve their knowledge and skills. This doesn’t necessarily mean they have multiple degrees or attended Ivy League schools, but rather that they’re always open to new ideas and willing to invest in their own development.

#4 They take calculated risks

While millionaires are generally conservative with their money, they’re also willing to take calculated risks in order to grow their wealth. They’re not reckless gamblers, but they do understand that there’s no reward without risk. They carefully evaluate potential investments and business opportunities, weighing the potential benefits against the potential downsides.

#5 They’re resilient

Success is rarely a straight line, and millionaires understand that setbacks and failures are simply part of the process. They’re able to bounce back from adversity and learn from their mistakes, rather than getting discouraged or giving up altogether.

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These are just a few of the many traits that “The Millionaire Mind” identifies as common among self-made millionaires. Of course, there are always exceptions to these generalizations, and becoming a millionaire isn’t necessarily the only or even the most important measure of success. However, if you’re interested in building wealth and financial security, adopting some of these habits and mindsets could certainly help you on your way.

Read my next blog post to see how this book has affected my life specifically!

Take your own advice

My best piece of advice is: take your own advice! Trust your intuition. The knowledge from the experience is valuable insite!

I’ve spent much of my life learning from trusted advisors. I have then helped others apply these lessons to their lives with modifications for sucess but got stuck in the lesson myself. Following old, outdated advice is not the wrong way towards progress but it is the slow way! There is so much value in listening and trusting ourselves.

The help and guidance we give to others on a similar journey can apply to our lives as well. Sometimes we hold on to old advice that doesn’t serve us while giving great advice to others and then literally watch them reap the rewards.

Learn and Let go!

One day I woke up and figured out that my advice can work for me too. Slow learner but feeling a huge impact already. The old adage, when we know better, we do better, would be great if I wasn’t so stubborn about sticking to what I know! Don’t hold onto things that won’t serve you. Process the lessons you’ve learned, keep the things that work, and make changes in the areas you’re already directing others to make changes.

This path, though long, gave me time to work on my goals, raise my daughters, live by the sea and have some great adventures. It was familiar and safe so I was free to be a little reckless. 

One bit of knowledge that has helped many is the credit score game. It’s a lesson I have to teach myself oftentimes.

Where you are now is no indication of where you can be. Most of America has trouble with this money pit. However, where you are today is not necessarily where you will be in a year with some strategy.

As an entrepreneur, my score is wild sometimes. When I take my eye off the ball and get distracted by family stuff or something more shiny and fun, I lose the game and start over.

To rebuild a credit score doesn’t take long when following a few basic rules.

The 30% credit usage applies to each card and is not an overall percentage for your entire available credit. Use the cards so that you don’t lose your availability but give each of your credit cards a purpose and stop at the 30% usage limit. 

To get a quick jump in your score, pay your balance to zero on a card that you are paying off before the due date but not before the statement closes..

This is a little trick for using the calendar to your advantage. I have seen a 10-12 point jump with this strategy.

With a credit score of 730 or higher, you are in a better place for receiving future credit at great rates! The lower the credit score, the higher the interest rate and so much more money will be spent towards this financed item (car, house, rent) Yikes! We can start where we are today to do better using these few strategies to win the credit score game.

Not backwards, only forwards

Let’s never look back and wish we would have paid closer attention and never wake up feeling old and defeated. Instead, feel ready for the future with all of the knowledge and ideas we have been holding onto. Finally applying them to ourselves. 

I am inspired that the knowing is within me and that it is pouring out every day into my life on this new path. Stay tuned for more knowledge and adventure to come. And please share your experience. The stories are motivating because we are all in this together!

Increased 401(k) and IRA Contributions for 2023

I do my best to keep an eye on the calendar and make sure that we are up to date on the most current and helpful news around money. My last post regarding the 10/30/30/30 plan, was another idea I had my eye on and sharing it with you was hopefully a helpful tax planning strategies.

The IRS has announced that in 2023, the contributions to your 401(k) and IRAs were increased by almost 10%. That’s a big jump! This year you are now able to contribute up to $22,500 to your 401(k) and $6,500 to IRAs which is great news. Strategies to keep more of our money and spend less on taxes are my favorite!

How does this affect you?

Please contact your CPA to find out how this affects your 2023 money plan. My suggestion is to contribute what you can to a retirement plan like this, especially if you’re at a company that matches any sort of contribution. You want to max out those opportunities because it’s free money! According to the Bureau of Labor Statistics, only 69 percent of private industry workers had access to a 401(k) and only 52 precent took advantage of it. Make sure that you are savvy and take advantage of this advantage so that your money is working for you!

You have the money!

If you have not been contributing to your retirement plan, either because you lack the knowledge or the skills to do this on your own, today is the day to make these changes and gain more knowledge. Reach out to me for information on creating the life you want today and for your future. I can help you set up and follow a budgetary plan where we work retirement planning funds into your budget so that you are reaping all the benefits available to you. Let’s start today by making a plan to figure out what your goals are and how to get there!

I want you to be as financially healthy as possible! With a little guidance and support, it is not hard to do. When you work with me, we put the budget to work for you so that your retirement opportunities are fed and healthy. Everyone has to start somewhere so, reach out and start the conversation with me today!