Building generational wealth takes hard work AND smart work.
Why? Because hard work alone is not enough. We are limited in our time and physical capabilities. Life is short. You can’t work 24 hours a day, 7 days a week! Maybe you can but you’ll be miserable and it may cause your early demise!
That’s why you need to couple your hard work with smart work so you can maximize your time and resources to build generational wealth.
How do you maximize your time and resources?
It starts with your mindset because what you think becomes your reality. Proverbs 4:23 GNT
Do you have a scarcity or an abundant (growth) mindset?
Having a scarcity mindset makes you fearful about learning new information, trying new things, getting out of your comfort zone and taking risks. Life is full of risks right? Taking the right risks and opportunities will help you maximize your time and resources. When you have a scarcity mindset, you believe that there is not enough resources to go around so you become selfish or self-centered. This limits your growth, depletes your resources and prevents you from getting access to more resources.
Having an abundant or growth mindset means that you believe that there is always room to grow, you’re willing to learn new things and you believe that things happen in life for you to learn and grow. Your mistakes and failures are stepping stones to more success. You see life as an abundance with many opportunities. You are generous and have a heart of service to others.
Thus, you GIVE MORE than you receive and you RECEIVE MORE because you give more.
You see, your life is a reflection of you.
So if you want to build generational wealth, start developing an abundant mindset.
Here are actionable steps to help you:
Self reflect: Do a self-evaluation of yourself. It can be painful and uncomfortable to look within yourself maybe because of the pains and experiences you’ve had growing up. You probably don’t want to remember them because of the pain you’ve felt. But with growth comes pain IF you learn from them. That’s why it’s important to acknowledge your past, your pains, your failures, your mistakes, your upbringing, family background, beliefs, etc. and look for the lessons and opportunities for growth. This way you can learn from those experiences, grow from them and avoid making the same mistakes in the future. Write them down to help you process and reflect on it.
Visualize: Visualization is powerful in helping your mind focus. Why? Because you visualize what you want to be in the future and what you can see can become a reality. A famous quote by one of the greatest boxers of all time, Muhammad Ali, is “If my mind can conceive it and my heart can believe it – then I can achieve it”. Who do you want to be? What type of person do you want to become? Is there a particular person that have traits and achievements you admire? Write down the traits you want to have. Write down your who, what, when, where and why. Who do you want to be? What do you want to achieve? When do you want to achieve it by? Where do you want to be? And why do you want to achieve these personal goals? Answering and writing these questions will help your mind focus to find the solutions and opportunities. Your answers will give you a path to your destination.
Actualize: You need to take action in order to actualize your goals! For you to develop an abundant mindset, you will need to take action in order to make changes to the way you think, shape your thoughts and realize your results. Since you have written down your answers to your who, what, where, when and why it’s time to write down your HOW. Ask yourself, “HOW CAN I achieve these goals?” Do your research, read books and learn from people who have already achieved the goals you want. You’re in the Information Age where information is easily accessible and there are a wealth of information out there. But be careful on the information you consume and refer back to your Ws (who, what, when, where and why) to keep you grounded and focused on your OWN journey and the path to achieving your goals. Remember, the way for you to actualize your goals is to take action! So take action! Why? Because no action no results!
Change is uncomfortable and can be challenging so give yourself grace and be patient with your progress. Change takes time because nothing worthwhile is ever easy. But you and your future are worth it!
Here are resources I recommend you to check out to help you with your mindset and take action:
Build Good Habits for a Growth Mindset
The 7 Habits of Highly Effective People: 30th Anniversary Edition (The Covey Habits Series)
Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones