Building generational wealth from the ground up is no easy task… but the benefits that you can gain from putting the time in make every single effort worth it. As financial strategists, we know a large part of wealth building comes down to mastering your mindset and aligning your efforts to meet your goals, making a series of financially savvy decisions that will have the end result of reliable, passive and generational wealth to ensure your family’s financial security. The question? How can families continue to build wealth that you can count on, especially if you’re the first in your family to do so?
That’s a great question – and it’s one that hundreds of family leaders like you are asking.
Below, we’re covering the first step in the process of building complete and strategic family wealth: mastering your mindset.
How does mindset contribute to your ability to earn and secure wealth?
Our worldview dictates everything that we do. For many, financial security and growth are kept “under wraps” until they hit adulthood if it’s covered at all! It’s evident that this has happened when people begin to struggle with fears surrounding money or fears surrounding financial growth as a whole. We cover this in our recent interview with Keith Whitaker, author of Complete Family Wealth. You can take a look at the replay here.
If you aren’t sure about the current state of your “money mindset,” It may be time to take a few minutes and consider how you feel about earning. Ask yourself a few questions, like:
- What is the first emotion that comes to mind when you think about money? Why do you think that’s the case?
- Have you taken the time in the past quarter to realign your financial strategy? Why or why not?
- Do you feel like there are any barriers to your potential to grow your wealth at this moment? What are they?
Staying in the loop with yourself is key to refining and optimizing your mindset to grow your wealth.
If you identify fears, it’s important not to “run” from them. Instead, acknowledge and examine them. Is it resulting in procrastination or avoidance when it comes to completing your financial strategy or optimizing your spending habits? What is the root cause of this fear? After you identify what your fears are and why they are present, you can work with your financial success team to build a strategy to overcome them.
Looking for help in building your wealth?
The team at Money Insights has had the privilege to help hundreds of clients find financial security and success. If you’re a high income earner who is looking to move to a more strategic place of high net worth, we encourage you to reach out. We would love to connect with you and learn more about how we could help. Visit our website today for more information!