EP256: How to Fix a Broke Mindset and Unlock Lasting Wealth

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The future of America is…broke!

Yep. It’s the unfortunate reality of what younger generations are headed for – less financial education and independence, with much more fear and uncertainty. But the good news is it’s not too late to flip the script and change our approach to wealth! 

What we really need is a money mindset makeover to shift the trajectory of the future from broke to bright, and it all starts with the 5 simple steps we’re sharing today. 

Now, we can proudly say we’re the first self-made millionaires of our family – operating a $300 million multifamily apartment portfolio.

Before we dive in, let’s talk about how we got here in the first place – where broke mindsets run rampant and most young adults lack even basic financial education.

Older generations tend to blame the younger ones for being lazy or unmotivated, while younger generations say they weren’t adequately prepared for real world responsibilities. 

In truth, it’s more the latter that has led us to the state we’re in now, along with the fact that the world has done what it does best…it has changed.

What helped people find financial stability in the past simply doesn’t work anymore, especially in the current economy.

So, sticking to the old model of going to school, getting a good job, and hoping to retire after 30 successful years in the workforce just brings about debilitating debt and devastating disappointment. 

Why?

Because the education system is broken. Instead of equipping young minds to face the challenges of adult life and plan for a solid financial future, the most formative years are spent memorizing dates of past wars and calculating the circumference of a circle! 

We don’t know about you, but we have yet to find any use for that bit of knowledge. 

So, it’s time to take your financial education into your own hands and transform your money mindset.

As former broke mindset holders, we can say that it is possible to change your future and overcome limiting beliefs with financial education. 

We didn’t follow the traditional rules that keep so many people stuck in a financial rut forever.

We forged a better path, and we’re about to share the 5 steps that helped us fix our broke mindset and unlock true wealth. 

Have you ever tried to cut through vegetables with a butter knife?

It’s nearly impossible, no matter how long you spend sharpening your tool and practicing.

Eventually, you have to put the butter knife down and reach for a sharper one to get the job done. 

Working on grinding out small earnings over time is as helpful to growing wealth as using a butter knife to cut through a potato.

That’s why your first step to repairing a broke mindset is sharpening your high-income skills to make substantial amounts of money quickly. 

Choosing what field to focus on is important here, because you’ll never reach your financial goals if your earning potential is low and slow.

No matter how hard you work, you won’t get to where you want to go.

Think of it this way.

The grind level involves crazy hard work, long hours, but low pay.

The management level might pay a bit more, but has hard limits. The communication level takes you higher still, but there’s always a cap to your wealth potential. 

Where does that leave you in terms of high-income earning potential?

The creativity level!

Just look at all the content creators out there who have harnessed their creative skills to grow real wealth. 

Sharpening your own creative problem-solving skills will pay off in the long-run and help you grow wealth more quickly than grinding away or slowly climbing up the workforce ladder. 

Our second step to confronting limiting beliefs and changing your money mindset is to learn how to invest wisely. 

Choosing the right investments to grow your wealth quickly involves three main components: the initial investment, the rate of return, and and the time the money is invested. When these three areas align, compound interest becomes a truly magical wealth-building tool.

You see, people often store their money away in long-term investments, which means waiting 30-40 years to make a decent profit, if it even pays off at all.

Who wants to waste their life away just waiting for wealth when you can go out and snatch it up now? 

The key is to look for investments with high returns and low risks.

Yes, this might mean that the initial investment is high, but that’s actually a good sign for high-return investments.

If you want accelerated wealth growth, we recommend using the rule of 72 to decide if an investment is right for your goals. 

The rule of 72 is used by dividing 72 by your annual rate of return to see how long it takes for your money to double.

A 10% rate of return could double your investment in 7.2 years, and a 20% rate of return could do it in 3.6 years.

Doesn’t that sound much better than waiting 30 years?

Do your research about each investment to find high-reward opportunities with low risk and short-term rates of returns.

Multifamily apartment investing is an excellent example of a smart investment option for growing wealth fast. 

You know what really holds people back from accomplishing their goals? Fear. The fear of losing money is usually what keeps people in a broke mindset, and cuts them off from the wealth and freedom they desire.

Do you think Michael Jordan made every basket he ever shot?

Nope! He missed over 9,000 times, but the fear of missing didn’t slow him down for a second. 

Now apply this to your financial goals. If you want to achieve financial freedom you won’t get there without stepping out of your comfort zone, and sometimes putting money at risk. 

This brings us to our third step to overcoming a broke mindset, which is to take calculated risks that align with your long-term goals.

We’re talking about growth-oriented investments here, not just any high-risk payout you can find.

Use your critical thinking and do your research to find the right investments for you, but don’t be afraid of shooting your shot with the right investment opportunities. 

Now, moving right along, we need to fix one very important aspect of what shapes a money mindset – who you look up to and aspire to be like. 

Your influences go into shaping your attitudes, beliefs, and actions, so choose who you follow wisely.

We know you’ll come across plenty of loud celebrities and social media personas who want to flaunt their rich and famous lifestyles in your face, but that’s not the sort of wealth you’re looking for.

The truth is, their wealth can disappear as quickly as it was made, and they’re just enjoying their 15 minutes of fame. 

If you want to create lasting wealth and live a life of true financial freedom, then follow examples of people who don’t just talk the talk, but also walk the walk.

What are their goals, habits, and attitudes around money?

Are they continuously learning and striving to be better, or do their actions spring from jealousy, greed, or negativity? 

Surrounding yourself with positive role models who live the type of lifestyle you’re after will help you adopt healthy habits and beliefs that lead you towards financial growth.

Start paying more attention to who and what inspires you on your journey, and only follow the path of those who have the whole package – a healthy money mindset, full financial freedom, and the type of wealth that actually lasts. 

For our final step in fixing a broke mindset, let’s talk about developing financial discipline. 

We’ve discussed how important taking your financial education into your own hands is, right?

Well, just as important is laying a solid financial foundation through small habits that lead to big changes. 

When it comes to starting your own investment journey, small actions can help you build up confidence and discipline to eventually continue on a larger scale.

If you want to learn how to play the guitar, you can’t just pick up the instrument and play like Jimi Hendrix straight out the gate.

Expecting to be able to play at all without practice and education would be silly, and the same goes for investing and setting up a solid financial future. 

Start practicing your investment habits now, even if you start small. Stay consistent and continue learning as much as you can so you’re ready for those big investment opportunities when they come your way. 

We know it’s not always easy to go against the normal way of doing things, but repairing your money mindset now will set you on a path to freedom, wealth, and a much brighter financial future ahead. 

Now that you learn how to Fix a Broke Mindset and Unlock Lasting Wealth, go watch this video 🎥 where we talk about how to get so rich using other people’s money.