Guidelines for Getting In the Mindset of Building Wealth

Guidelines for Getting In the Mindset of Building Wealth

What is wealth to you?

Is it spending more time with family? Is it not ever being stressed about money?

Building wealth is not something that happens overnight. It is a long road of consistency and dedication. You never hear about someone who got told the secret of wealth and prosperity, followed a step by step guide, and was successful as long as each step was followed exactly.

People build wealth in all sorts of ways. They think about wealth in different ways too. Everyone has their own pathway they must follow to be wealthy. You must find what works for you.

You could create a step-by-step guide for a proven system for yourself. People try out different ways of achieving wealth and when one is successful they are able to use that system to generate wealth many times over. This system can be replicated with success.

“Teach a man to make a million dollars, and he will spend it up…then be able to make it back. Give a man a million dollars, and he will spend it up…and then be borrowing money from the first man.”

So how do you find what your system is? More importantly, how do you get in the mindset of building wealth for yourself and your future?

These simple steps can help push you and motivate you into starting your wealth building journey.

 

Feel the pain point

When do most people make a change?

Think about when people make big changes in their lives. Let’s say you are considering changing your cable provider. You usually don’t even think about it until a) the bill gets too high, b) your service starts getting bad, or c) you find another provider with better value.

Many people don’t even consider a change until they are confronted with a pain point.

Think about your pain point when it comes to wealth. What are you not able to do now that you would be able to do if you had more money?

  • Would you like to work less so you can spend more time with your family?
  • Would you like to go on vacation to another country?
  • Would you like to have the time freedom to visit with extended family and stay a few weeks?
  • Would you like to remodel your home?
  • All these things need money and time. If you are wishing that you can be in the position to do something like these, but feel like you can’t because you aren’t making enough or can’t take a break from your job, then you have found your pain point.

 

Get motivated and inspired

Don’t let this pain point get you down. Instead use it for fuel. Get motivated and inspired to build wealth from others who have done it before.

In gaining wealth, quoting Brandon Hawk from the podcast Why Not Now? With Amy Jo Martin says,

To get motivated to build wealth, I love looking at income reports from my favorite bloggers and podcasters. Seeing that someone like Chelsea from HerPaperRoute is making over $9,000 a month gets me inspired to build my own online empire.

 

Forgive past money mistakes

Denise from Get Rich, Lucky B*tch!: Release Your Money Blocks and Live a First-Class Life says you need to forgive yourself for past money mistakes and for views you have about money that are detrimental to you living your best and wealthiest life. Give yourself permission to get rid of the guilt and to deserve money.

 

Make goals that you can track

Having goals is doing more than just jotting down some ideas on a pad of paper. Goals should be able to be tracked and measured or else how would you know if they are productive.

One great system to set up so you can track your goals and make sure that the proper steps are followed to achieve your goals would be organizing them on a system such as Trello. With Trello, you can make lists and deadlines, as well you can prioritize certain tasks over others.

Create financial goals that are realistic and trackable. Track every penny you make and spend. Once you begin to become familiar with your finances you will be able to manipulate them.

 

Realize it takes time

You are not just going to wake up one day and be rich. Building wealth is a process. You will have to stay dedicated to achieving that goal and consistently do what it takes to reach it.

Be patient. It takes time to build wealth. Now of course it is always good to analyze what takes the most time vs. what takes the least time when it comes to building wealth. Then you can spend more time on the things that are beneficial for your future instead of wasting time.

Regardless, as long as you have money that is growing and not just waiting on the next paycheck, then you will be in a better position in the future.

 

Continue to Learn

Knowledge is power. The more you learn about money mindset, saving, and investing, the more you will be able to make educated decisions. Not only that but you will be more confident in making those decisions.

If having money is something that is important to you, you should be knowledgeable of finances and how to manage money. Take classes on Udemy on how to handle personal finances and how to invest your money the right way.

I would also invest in some of these books to strengthen your money mindset:

 

 

Grow your money

Getting in the mindset to build wealth, you must switch your mindset from one of scarcity to one of abundance. What does that mean?

When you have a mindset of scarcity you save money, you are afraid of it running out, you are constantly stressed with how little you make or how much bills are. You maybe live paycheck to paycheck or you only take action when there is an emergency. Whenever you get some money in your pocket, it is quickly spent.

When you have a mindset of abundance, you invest your money. You take calculated risks with your money in order to come out with a bigger return. You are not stressed by money because you know you can always make more. You put aside any extra money and invest back into yourself in the form of a 401K, real estate, stocks, or other type of investment that will make residual income.

 

Take action

Are you ready to take action?

The first step into changing your situation is taking some type of action. It doesn’t matter if the action is small like putting aside $20 a paycheck, it is better than doing nothing.

My grandmother saved $20 out of every paycheck she ever got. She put the $20 in a Ritz tin that sat on top of her refrigerator for as long as I can remember. When she passed my mom discovered $17,000 in that Ritz tin. Wow!

Now I am not saying that putting money in a Ritz tin is the best way to save. But it is an example that can show you just how much one tiny action, done repeatively, can make a huge impact. 

Tony Robbins once said that even if you entered the stock market at the worst time where stock prices were the highest, even that would be better than never putting money there. Whatever you put in there will compound and eventually increase your wealth over time. If it is just money in your pocket the only way to move is out of your pocket.

Imagine if that $20 a paycheck was put into major companies stock when the stock prices were low. She would be looking at a few hundred thousand dollars when she retired and passing the majority of that onto her children when she passed and contributing to their wealth building.

It’s important to look at the long term when it comes to preparing to get financially wealthy. You must take complete responsibility for your life and finances. You must know where your money is going. Get in the mindset to build wealth.

See posts:

How to Copy Successful People (and become successful yourself)

How to get over your Fear of Failure (and embrace it)

Superhero Sales: Be a Solution Provider

Superhero Sales: Be a Solution Provider

Don’t sell the product, sell the solution to the problem you solve.

In sales, if you are selling the product you are losing. People mainly buy things or services because they have a problem that needs to be solved and you have the product that is the solution.

As a salesperson, it is your job to find out what that problem is and how you can pitch your product as the solution. When you start solving problems for others that is when you will be sought out as a trusted advisor.

By the end of this article you will have an idea of how to come across as a solution provider. You will be able to help customers identify problems with their current service and be able to pitch your product or service as a solution.

The first step in being a solution provider is finding out what your customers situation is. Getting to know them is key in figuring out how you can help them.

You must ask qualifying questions

Asking a customer specific questions does two things:

First, it shows the customer that you are interested in what they have to say. It helps create the relationship with the customer that you will need in order to give them suggestions.

Second, it qualifies them for your service. It helps you find out if the service is right for the customer and what aspects stand out that you can use in the conversation.

Some examples of qualifying questions are:

  • What company do you currently use?
  • What services do you have with them?
  • What is your favorite and least favorite thing about that service?
  • What are you paying for that service?
  • Is there anything you wish that service offered that it doesn’t?

While these are just a few examples of qualifying questions, you basically need to understand what your customer has, how they feel about it, how your service or product compares, and how you can improve their experience.

Listen to the customer

If you can understand what kind of person your customer is and what fires them up, you have already fought half the battle.

Great salespeople take the time to talk with their customers. They get to know who they are and what their interests are.

For example, you sell TV service with DVR boxes. Your customer is an elderly couple who is not fond of technology or change but likes to save money. How would you pitch your customer?

The interaction should go something like this, “Mr. Customer, I can understand how you don’t want a complicated system. There is complete ease in using the system, and you will keep all the local channels you enjoy so that doesn’t change. We can save you $50 a month on the bill. How does that sound?”

If you didn’t ask the questions to find out that your customer doesn’t like new technology and change, then you could have gave them a speech on how cool the new DVR system is and all it’s amazing features. Your customer would have turned you down immediately.

When you get to know your customer first, and not only that but listen to what they tell you about their lives and pain points, you can cater your solution to their problem. You can cater your pitch to their interests. And close the sale.

But how do you present a solution to a customer?

  • Think about how your product solves a particular issue or frustration, (maybe the issue of price, inconvenience, boredom, necessity)
  • Think about how your product will help your customer or improve their quality of life by giving them value
  • Think about how your product can help them help their customers

Make sure you are providing value to your customer in some way. Pitch them a solution to their problem or an idea that will get them to say “yes, I need this in my life!”

Phrase it like:

“Based on what you told me, I would recommend…”

“Here’s what I can do for you…”

“To solve the issue of A, I can provide B”

“With my product, not only will it help you A but also (provide this value)”

Be a solution provider

Being a solution provider is not about providing a solution to a problem because they may not realize they have a problem. Being a solution provider is about figuring out what that problem is and then offering a valuable solution.

Fear of Change

But what if the customer doesn’t have a problem with their current service?

The initial reaction for anyone when faced with a change is, no, I am happy with what I have. It’s a natural instinct to fear change.

When I sold a service door-to-door, that was the first thing I heard from customers. “No, I am good with my current service.”

That didn’t scare me away. In fact, I took that as a challenge.

Think about it, I had just approached them. They know nothing about the service I am offering. I haven’t done a comparison of their service against mine yet, so they do not know for a fact that they are good with their service, it is just fear of change.

Ask Questions

So I proceed, “What is your current service? What do you have with them?”

I give them a question that is not just a yes or no question. The customer will then have to think what their current service is and what they have. They may still object “I like my current service.”

“Great, what do you like about them?”

Again, a question that is not yes or no. They will have to think about what that company does for them. What do they like about their current company?

Most of the time after these questions are asked, the customer feels a sense of curiosity on whether or not what you have is better.

Pain Points

Recognize the customer’s pain points.

The pain points can be anything that the customer can’t do now with their current service that they wish they could do. Sometimes customers will openly state what they dislike about their current service so you have the opportunity to solve their problem with your service.

Many customers don’t initially state their pain points, or they say they are happy with what they have. In this case, it is your job to find their pain points. Ask key questions about how their service operates and what it offers while mentally taking notes of everything that you can improve.

Once you are able to point out these issues, the customer then begins to see more value in a service that will relieve their concerns or make their life better or things more convenient.

As we have established, pain points make customers take action. A customer is more likely to make a decision if you can show them a problem they have with their current service and then solve that problem with your service.

Be the go-to person for your customer

As I said earlier, when you solve the customers problem you are then seen as a trusted advisor. Take on the customers issue as if it were your own and not only will your customer respect you but they will also trust your suggestions.

Place the relationship with the customer over your sales quota.

In the back of your mind you know you have a sales quota to meet, but the customer doesn’t need to see that. The customer doesn’t want someone who is going to push them into something they don’t want to do or don’t see the value in doing.

As a salesperson, it is your job to make sure you are understood. The customer must see the value in your product or else you risk them changing their mind, canceling, or returning the service.

When you give someone value, the sale is more likely to stick.

Reassure your customer that you are the go-to person for the product or service you are selling. You may not know all the answers, but the best thing you can give a customer of yours is the reassurance that you are there for them and even if you don’t know the answer, you will put in the work to find the answer for them.

Give them your card and invite them to reach out to you with any questions or concerns. In my opinion, this is the most valuable step. The last thing you want is for you to go through all the work of acquiring them as a customer and then a spur of the moment concern leads them to cancel.

By giving your customer reassurance that you are there for them it lowers the percentage of customers that will cancel and make your sales more sticky leading to recommendations and repeat business.