2 mindsets of building wealth - Deepstash

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Your Goals Are Overrated

2 mindsets of building wealth

2 mindsets of building wealth
  • Spending mindset: People who stay poor or middle class see money as something to be spent.
  • Investing mindset: People who become rich see money as something to be invested.

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Identity-based habits

The beliefs you have about yourself can drive your long-term behavior.

You could trick yourself into going to the gym or eating healthy once or twice, but if you don't shift your under...

3 layers of behavior change
  • A change in your outcomes
  • A change in your processes
  • A change in your identity.

Most people start by focusing on outcome-based goals like “I want to lose 20 pounds”. But these are surface-level changes.

The root of behavior change

... and building better habits is your identity.

Each action you perform is driven by the belief that it is possible. So if you change your identity (the type of person that you believe that you are), then it’s easier to change your actions.

Force yourself to do things

Our mind has muscles. It memorizes patterns. By doing this over and over, you're building your willpower and self-discipline. 

Forcing yourself to do things...

"People often say that motivation doesn't last. Well, neither does bathing - that's why we recommend it daily."
"People often say that motivation doesn't last. Well, neither does bathing - that's why we recommend it daily."
Focus on the emotional reward

Focus on the feeling you feel after doing something that you know is good for you.

  • The adrenaline rush.
  • The feeling of being fit and healthy.
  • The relief you feel after having finished a big project.
  • The pride you gain from an accomplishment.
  • The confidence you feel after having faced your fear.

How To Choose Good Habits
  • Envision your ideal end result. What are you going to achieve?
  • Write it down. It will serve as a powerful motivation, especially if you include why you want it.
Good Habits For Health and Fitness
  • Regular Aerobic Exercise: Great for both your physical and mental health. Increases the production of dopamine and boosts creativity.
  • Preparing Your Own Meals. It’ll take some getting used to, but it’s a habit that’ll boost your health, wealth and productivity. 
Good Habits For Finance and Wealth
  • Create a Household Budget: the best habit to help you save money. A household budget helps to encourage frugality and discourage impulse spending. You’ll feel more motivated to engage in other good financial habits once you’ve got this in place.
  • Financial Audits. This involves frequent checks as to whether you’re spending your money as wisely as possible.