What sets the wealthy apart when it comes to mindset?
In today’s episode, I share some of my mindset hacks that I have observed from wealthy people to give you tips to create a wealthy mindset for yourself.
In this Episode:
01.39: Work out what is important and spend money generously on that
03.00: Remove the attachment and emotions around money
03.43: Reprogram your mindset that you can make money with ease
06.38: How being in the company of rich people elevates your mindset around money
09.05: Work on your worthiness around wealth
In today’s episode, I am sharing some of the mindset hacks that I have observed in the people that I know that are quite wealthy. Hopefully, there’s some tips in here that can help you to start to develop a wealthy mindset yourself.
Hello, and welcome to The Clare Wood Podcast, where myself and incredible guests share about money mindset, financial successes, and how to manage your money in a fun and practical way, to create wealth and abundance in both your business and your life. I’m your host, Clare Wood. I’m a business coach and a money mentor. I strongly believe that money has the power to positively change the world. I can’t wait to help you transform your mindset around money, create a love of numbers, and build the business of your dreams, so you can live a life of financial freedom, giving, and global impact.
I am very blessed that lately I am spending and more time with people who have money. And there are some things that I’ve noticed around people with money. And I wanted to share these with you on the podcast and see if there are some things in here that might be able to help you to attract more wealth into your own life. Now, before I dive into this, I really want to stress that this is from a relatively small sample size. And I do recognize, of course, that not all wealthy people are like this. These are just some common things that I’ve observed in the people that I’ve been spending time with.
Work out what is important and spend money generously on that
So the first thing that I’ve noticed is that they work out what is important to them and they spend money generously on that. So a lot of the people that I know that have a lot of money aren’t showing it across all the areas of their life. For example, they might send their kids to a really good expensive school, but they might live in a relatively humble home. Or conversely, they might live in an absolutely gorgeous mansion, but rarely eat out or travel. In fact, a lot of the wealthy people I know are actually mostly pretty careful with money. I have to admit, I’m more one of those people who is the first to shout drinks at the bar. And when it comes to travel, I never seem to have a limit when it comes to my budget. But something that I’ve noticed from hanging out with people who are actually generating significant amounts of wealth, is that they actually are quite mindful with their money. It’s not that they aren’t generous. In fact, some of the most generous people I know are people with money, it’s just that they aren’t sloppy with their money. They identify what’s important to them and they spend money in that space.
Removing the attachment and emotions around money
The next thing that I’ve noticed is that money isn’t a big deal. Something I have noticed about people who have a lot of money is that there isn’t a lot of emotion around it. One of my friends mentioned that she was flying business class with the family to Europe. And doing some of quick sums in my head, I realised that she would’ve spent like $60,000 on return of flights. And when I said, “Wow, that’s a bit of money,” she sort of shrugged it off like it wasn’t really a big deal. Money has a lot of emotion when you don’t have much of it. But when you do, you can enjoy your money in a way that feels good to you.
Reprogram your mindset that you can make money with ease
This next observation actually comes from one of my brothers. And he spoke about how true wealthy people control their emotions around him. So he actually used to work in one of the big banks as a trader. And he said that when they’d get new clients, they would sit down and have a talk about their investment strategy. And one of the investment fundamentals is if you want to build wealth over time, you have to just keep it there, stay calm and ride the storm. And his clients would often, in that initial meeting, say, “Yes, absolutely, totally understand.” And then if the market crashed or something was going on, they would jump on the phone and say, “Sell, sell, sell.” And he noticed that it wasn’t the truly wealthy people who were doing that. It wasn’t the people who had generational wealth that were the ones who were freaking out. I think there is so much power in learning to control your emotions around money, and learning to control the stories that you have around what is going on. If, say, the market crashes, some people could have a perception, “See, I knew buying shares was a waste of money. It’s all a disaster, I’ve lost all my money.” Whereas some sophisticated investors could look at that situation and say, “Yeah, the market does that. It goes up, it goes down. I’m not going to sell right now, I’m going to hold.” And see how there’s two very different emotions around the same exact same situation? This is something I’ve definitely worked on a lot myself. And I’ve shared here on the podcast about how in the early days of launching, I would have big stories around what it meant. And now, if a launch doesn’t go as well as I’d planned, I’m just like, “Oh well, what’s next?” I’m less and less letting the emotions around what is going on control me when to money. And I think it’s something really powerful that I’ve learned and observed from others who are acquiring really big levels of wealth. The next thing I’ve observed about the rich is that they believe it’s easy to make money. So friends or family of mine who have earned big before or owned significant amounts of assets before, even if they have hit hard times, they usually just approach the situation like, “Okay, cool. I’ll make more money or I’ll borrow more money, or I’ll make it some sort of other decision that will help me get back into that position.” Money isn’t a big deal. And I guess it comes back to that last point about emotion. They don’t say stuck in the story of doom and gloom, they come up with a solution to get things back on track.
How being in the company of rich people elevates your mindset around money
The next observation, rich people hang out with other rich people. You become who you surround yourself with. And the conversation is different in different rooms. Now, this doesn’t mean that they don’t hang out with people who have less money than them, obviously, because they’re hanging out with me. It’s just that a lot of their friends also have significant amounts of money as well. And there’s a reason for this. Something I’ve noticed is that if friends are at different income levels, it can get quite comfortable. I remember a few years ago, one of my girlfriends wanted to go away for a weekend, and she sent me a link to a place that was going to be $5,000 in accommodation just for the weekend. Now, at the time, I literally did not have that kind of money to spend on a weekend away, let alone what I would’ve needed for flights, food and drinks. And similarly, I’ve been on the other side of the coin when I’ve hung out with friends who don’t have the same amount of money as me. In fact, one of my friends that I went away with on a trip had no money. And we ended up staying in this absolute dive of a place as she couldn’t afford to stay anywhere nicer. And then the whole trip she didn’t want to eat out, and it actually ended up causing quite a bit of conflict between us on this trip. Of course there are more important things in life than money, but people tend to hang out with people who are making similar amounts of money to them because it’s just easier in situations like this.
Sorry, I know I’m rambling a bit here, but the point I’m trying to make is that sometimes it’s easier to spend time in the company of people who have similar amounts of money. But if you are wanting to create more wealth in your life, I would really encourage you to spend more time in the company of people who do have it. It truly starts to expand your thinking around what money means, how it can be enjoyed, and you get to be part of the conversations around the mindset around money, and investments, the things that they do, it really is a great way to a up level of how you think and feel about money.
Work on your worthiness around wealth
My next observation around the wealthy mindset is that wealthy people believe they are worthy of wealth. Now, this has been a big thing I personally have been working on for years in the space of my money mindset. I knew that people could be wealthy, but in my mind, I just didn’t think it was for people like me. I’m just a normal girl who isn’t very well spoken. Why do I deserve to be rich? But the more that you believe that you are worthy, the more that you start to make money. You attract what you believe you are worthy of in your life.
One of my favorite sayings is from my coach, Suzy Ashworth. And she says, “What is in your life right now is what you are an energetic match for. And if you don’t have something in your life that you desire, it’s because you’re not yet an energetic match for it.” And I love that saying. A lot of times, I’ve observed that people who grew up in wealthy households got on to become wealthy quite easily themselves because it’s just normal to them that they would be making six or seven figures a year. It’s just normal to them that they get to drive nice cars or live in nice houses because they’ve grown up with that. They think, “Yeah, of course, that’s just normal.” But if you’ve come from a background where perhaps wealth isn’t normal, then you need to consciously do the work to start to change how you do feel about money. What you have in your life is what you are an energetic match for. And if you want to attract different things, you need to start to believe that you are worthy and deserving of having a different experience in life. Let me share some example around this. So at the time of recording, I feel very comfortable in receiving nice experiences. I travel to beautiful places a lot, I eat amazing food at beautiful restaurants, I enjoy drinking nice wine and going out for cocktails. And I don’t feel a single sense of guilt around it at all. I’ve built a successful business and I feel really worthy and deserving of having beautiful experiences in my life. But something I feel really uncomfortable with, to this day, is having material possessions. I really struggle to buy myself nice clothes, handbags, and jewelry. In my mind I think, “What’s the point? I’ll probably just ruin it or break it.” Or I think, “What a waste of money, what’s the point in spending so much money on a dress?” So it’s really interesting, huh? And this is something that I’d really love for you to start to think about when it comes to your own perceptions of what you are worthy of. I know one of my friends bought herself a pair of shoes for $1,000, and I thought I would never spend that much money on a pair of shoes is. And so there’s obviously something in me that still does not believe that I am worthy of owning something like that. But yeah, I know that I can very comfortably spend $100 on a pair of shoes just by wandering by a shop and grabbing them, and I think nothing of it. So I feel really in energetic alignment with that level of investment, at the time of recording. Perhaps these examples are triggering all kinds of things in you. Maybe you are thinking, “Well, that seems extreme.” Or maybe you’re thinking, “$1,000 on a pair of shoes isn’t even that much money. What’s the big deal?” Just start to observe what’s coming up for you.
Something else that you might be noticing through this episode is that you might have stories about rich people that are rearing their head when you start to think about it. And I really want you to continue to challenge your stories around rich people. If you think that wealthy people are arseholes, you’ll probably subconsciously sabotage becoming rich yourself because you don’t want to be an arsehole. But from the wealthy people that I know and have met, some of them are the most lovely and generous humans. I know. Some aren’t of course, but I am building a positive story around what rich people are like, and the kind of wealthy person that I want to be.
So to sum up today’s episode, some mindset hacks to increase your wealth:
- Start to remove the attachment or emotions that you have around money.
- Reprogram your mindset that you can make money with ease. And even if something doesn’t go to plan, no big deal, I’ll just make more.
- Get in the company of rich people. The conversations will be different.
- Work on your worthiness around wealth. Remember, that you are creating what you believe is possible. So start to consciously change that story.
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Thanks so much for listening. If you loved this episode, please share it with your audience, and don’t forget to tag me on Instagram, @clare_wood_coach. And also make sure you hit subscribe so you never miss an episode. Have an abundant week, and I look forward to talking to you again next week.