there really is a psychology of success in this video I reveal three secrets of the rich and successful, coming up
Hey I'm Dr. Brad Klontz your financial
psychologist if this is your first time here and you want to harness the power
of psychology to create a life of freedom and abundance start now by
subscribing and clicking the bell so you don't miss anything so I grew up knowing
that we didn't have much money we couldn't afford to have the same things
and the same experiences and the same opportunities as people who had more
money maybe you can relate to that as a kid it hurt not being able to do things
other kids could afford to do and I wanted it to be different for me and my
kids someday I wanted to change my family's financial legacy one thing I
noticed is that the rich seemed to go about life very differently and sure
enough our studies have shown key psychological differences between people
who make it big and people who struggle financially so here are three wealth
mindsets number one hedge your bets one lie you'll hear is that in order to be
successful you got to take big risks this just isn't true most self-made
people aren't big risk takers now go ahead and take some risks but you got to
be smart about it for example if you want to start a business one of the
dumbest things you can do is to quit your day job too soon don't do it it's a
recipe for failure and discouragement have a Plan A and a Plan B. Plan A is
following your passion and taking those risks do that side hustle start that
business shoot for the stars look I believe in you you can do it but
make sure to have plan B in place also plan B guarantees your success save 20%
or more of everything you make invest in your retirement accounts and don't do
anything stupid for example don't raid your 401k to start your business
don't do it so hedge your bet go ahead for Plan A but make sure Plan B is in
place then you can't lose. Does this make sense?
Mindset number 2 focus on process not outcome wealthier people know something
that you don't know they know that their level of wealth is a great thing to have
but that you'll adjust to it eventually in other words it's not going to change
your happiness factor by much at all new toys lose their shine a bunch of free
time actually makes us less happy so live in abundance now by loving what
you're doing for example I love conducting research I love every bit of
it now it's very cool to see my research in print but that joy lasts for just a
day or two and poof it's gone that's how it is for most goals once you've
achieved them it quickly becomes not a big deal
you'll get dissatisfied and you'll want to move on to the next thing it's part
of the human condition so make sure to love the process of whatever you're
doing because that's what leads to happiness mindset number three slow and
grind verse quick and easy there is no quick and easy we see success all over
the place but we don't see the long hours the sacrifice the failures and the
grind if you can't commit to a process you love you'll end up failing you'll be
sucked into the quick and easy mentality for example wealthy people don't invest
in the stock market to get rich no no no they get rich and invest their money in
the stock market for moderate growth if you can get average returns in the stock
market and not do something stupid you're a genius you're doing way better
than most people people crash and burn when they try to go quick and easy it's
a fact of life hitting it big in the first year or even the first five years
for that matter is like getting struck by lightning it could happen to you but
it's not gonna happen and if it did it probably wouldn't end well so don't make
that your goal you'll learn so much in the slow and grind and you'll be better
equipped for success when it happens so question what's one mental shift you can
work on this week write it down and put it into action special thanks to my
partners at YourMentalWealthAdvisors.com and the Heider College of Business
at Creighton University for helping sponsor this channel subscribe if you
liked this video and make sure to check out the show notes in the description
below for links and resources I'll see you next time
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