Do You Have a Wealthy Mindset?
Over the last several weeks I’ve done a deep dive into how wealthy people think and realized that there’s a lightening fast way for you to see if you have a wealthy mindset.
Here it is:
What would you do if you were to receive $500 unexpectedly?
Seriously, take a second and think about what you would really do.
This is an extremely important question.
Got your answer?
On a high-level this question only has three possible answers:
- Debt Reduction
The average person would – more than likely – use the $500 for consumption. They’d upgrade their phone, buy something they’ve been thinking about, or they’d use the not-so-big windfall to cover an expense they’ve been putting off (car repair/home repair).
It’s only 500 bucks, right?
You can’t make any major financial progress with 500 bucks, so we might as well enjoy it! YOLO
Well, this is NOT how wealthy people think.
A person who has a wealthy mindset would NOT consume this extra money. They would use this money to increase their future cashflow. This means they’d invest the money or they’d use it to pay down debt. Both moves increase future cashflow.
I selected a small amount (500) intentionally because it gives us the opportunity to “see” how we really think about money.
Your answer shows how you actually use every extra dollar that flows into your life. You’re either consuming it or investing it.
And if you’re consuming small dollars, you’re certainly going to consume big dollars, too. The reality is that you’ll never get to big dollars, if you’re not proactively turning small dollars into future cashflow.
Each and every dollar flowing into your life is a little cashflow machine. You either use it to create cashflow or you don’t.
More importantly, each little cashflow machine gives you the opportunity to improve your skill set around generating cashflow. This skill set just happens to be a Superpower!
Now, I realize most people don’t think it’s possible to create cashflow with small amounts and this is why they’re not creating cashflow. 🙁
You can turn small amounts into a lifetime of cashflow. In fact, you can actually increase you cashflow EVERY SINGLE DAY.
Vince & Mike
P.S. We have created a system to creating cashflow everyday using dividend stocks. It is included in our Canadian Cashflownaire membership.