In this episode, Tax & Wealth Strategist, Justin Maxwell talks about the benefits of having a financial mindset. Learn why you should shift your mindset and take steps towards financial freedom. Tune in and take notes!
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Justin Maxwell is a husband and father. Who helps business owners transform their largest expenses into assets. But what he is really known for is helping business owners bridge the gap between the money they make, the money he helps them keep and the things in life that really matter. His mission is to collectively put back one billion usable dollars into business owners pockets.
Read the episode summary below!
The Benefits of a Financial Mindset
Having the right financial mindset is vital when it comes to scaling your business and having personal financial freedom. In this post, Tax and Wealth Strategist, Justin Maxwell, shares the benefits of an effective financial mindset, as well as, some insight on how to be successful in using this mindset to scale your business.
What is a Financial Mindset?
The definition of financial mindset can differ from person to person, depending on your business needs and goals. Good financial mindset is not to view your money’s outcomes on other people’s views or assets.
Do not try to compare your financial situations and goals with other people. Your business needs are different from those around you. Maintaining an effective mindset can help keep you on track. For example, assuming that you don’t earn well enough because you realize that your family or friends earn more than you in a given situation is not the type of mindset that will help scale your business.
When you realize that you are your most valuable asset, it turns on your potential because you see your worth.
Start by calculating your income throughout a lifetime and think of ways to reach your goals. How can you increase your wealth (side hustles, business, etc..)
Next, think about what you can do with extra income. Start small and add zeros to that number. Once you realize a certain amount can change your life, your potential gets boosted to work that much smarter and harder.
What are the Immediate Benefits of Having a Financial Mindset?
As Connie mentioned, an immediate benefit from shifting her mindset into an effective financial mindset, caused her to increase her savings and lessen her spending. How? Imagine you’re getting a raise. If you continue to live within the financial parameters you had in place with your previous paycheck, you can shift anything over and above into savings!
Parkinson’s Law states that the more that you earn, the more that you will spend.
Once you know your financial potential, start working on a system to control your spending and then focus on increasing your income. Try an automated approach where you don’t need to decide at the exact moment how much you want to save or how much you should spend. For example, you can decide on how much of your paycheck goes into savings by setting it up at your bank.
Can Having a Strong Financial Mindset Hurt You?
Depending on your point of view, too much of anything can hinder your success. For example, in trying to save money and increase your savings you might begin to notice you’re being frugal. While having a tight hand on spending is a great approach, you also limit your growth as an individual.
The key to developing an effective financial mindset is to keep a balance between building wealth and being able to live a certain lifestyle day to day. Planning for the future shouldn’t impede your growth today.
How Can an Automated System Help Your Financial Mindset?
Imagine a water flow where your goal is to save water in a reservoir. Increasing your wealth is just the same. Instead of having your money flow directly into your bank account for spending, you want an automated system, such as investments, savings, 401k, etc… where your money will shift into before trickling down into your account. This way you don’t have to make decisions every time you get paid. Think of it this way, if it’s not available to spend, you won’t spend it.
Shift your mindset into paying yourself first (savings) and then using what you have left for expenses.
This requires control as well. For example, if you get a raise, do you choose to increase your savings amount or your spending?
Keeping this financial mindset throughout your career, or business, you will save more than 4 times the average person. Building wealth is not about limiting your lifestyle, but instead about understanding the balance of savings and necessities. What do you need now to improve your life? What can you do without?
About the Author
Sonal Gadkar is a freelance writer for hire, based out of Long Island, New York. She writes long and short-form blog posts, provides content for social media (specifically for Instagram) and more! Need a writer? She’s your gal!
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