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PROFESSIONAL
developing a wealthy mindset
Story by: Sophie Lancaster
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s a Wealth Manager, it’s my purpose to help people achieve their personal financial goals.
Many people want to be rich, however, I would rather be wealthy than be rich. Richness is defined by a number, a quantitative measure. Wealth, on the other hand, is attaining a position that allows you to live your purpose. Wealth is not defined by a number in a bank or investment account, but It is defined by having enough resources to fulfill a purpose. Our perception and mindset determine our behavior. Below are five behaviors that will help you develop a wealthy mindset. 1) Live for purpose and not for people Financial freedom is living a life free from the unreasonable expectations of others. There are many people who buy possessions that they cannot afford for the sake of status. Change your mindset! Don’t strive to wear or drive a number and don’t make sacrifices to buy expensive things that you can’t afford. Think before you buy. Ask yourself these three questions; Can I afford it? Do I really need it? Will it help me achieve my purpose? If the answer is no to any of these questions, then don’t buy it! Asking these questions and being honest SYNERGY MAGAZINE
with yourself will help you reduce unnecessary and impulsive purchases. 2) Be a lender and not a borrower
reducing your spending, take that surplus and split it between paying off debt and building an
Make it your goal to be debt-free. Avoid frivolous spending and be careful not to cosign for debt you cannot afford. If you are already drowning in debt, there is hope. The way out of debt involves discipline, dedication and action. After
emergency fund. Once you have achieved your emergency fund goal, dedicate more of your surplus towards debt. Be diligent and practice selfcontrol and you will see yourself climb out of debt. 3) Live for the moment while saving
