Here’s an opportunity to check your mindset about wealth and poverty. We share summarized examples from Creighton University’s financial psychologist Brad Klontz.
Poor mindset
1. “The poor mindset says this: ‘I have N1million. I did my best to gather every kobo. Now how I can make it N10 million in 30days or get 30% ROI?”
Wealth mindset
1. The wealth mindset is not bothered about taking that huge sum. Instead, he or she has a philosophy or goal approach toward wealth. “Where can I put N100, 000 per month so that by 5 years I’ll have my home?”
Three mistakes people make about Getting Rich Quick
1. Their motivation to get rich quickly is stronger than their will to do research or even invest in verifiable assets.
2. They try to outsmart the market by placing bets on unbelievable returns.
3. They test their hard-earned wealth on high-risk speculative assets. They don’t mind using life savings, rents, and even retirement funds.
maybe this is the prophecy you need to listen to your risk appetite. If you can’t afford to lose your money at all, why not start with minimal-risk assets like real estate? No one will move your land and house from its location you know, right?
we can talk more about this real estate stuff on www.investmentlight.com/realestate