Unlock the secrets to financial success with a wealth mindset. Smash debt, build investments, and increase your income with mindful habits.
Building Wealth Takes More Than Just Money
Who wants to become a millionaire these days?
Not as many people as you think because they are working on becoming debt-free before anything else.
You must understand that to reach your top level of financial success, you must carry a wealth mindset wherever you go and whatever you do in life.
It sounds like lots of work, but if your goals, especially for the new year, are to smash debt, build investments, and increase your income, you can’t spend without the mindful habits of the rich.
Finding Ways To Save More Money
Last year I published a post about Rich being my new Happiness and I wrote that to remind myself and others that YOU define rich, not anyone else.
I wasn’t shocked to see how popular that post became only because most people are getting rich shoved down their throats these days.
Never mind becoming rich; I want to be debt-free.
This year will be a year of finding even more ways to save money because budgets are getting tighter.
Unfortunately, more employers are laying off staff or shutting their doors.
Although the minimum wage has increased, so will everything else, making Canadians no further ahead.
A wage increase is only instant gratification paper; employees who earn minimum wage or higher can attest to this.
Just because your pay stub number goes up doesn’t mean you are further ahead.
There must be either lifestyle deflation or debt repayment to increase excess cash towards other debts.
Without this or extra income, nothing changes when everything else goes up.
Job Security
It’s true; self-scanners are the only employees excited about the minimum wage increase.
This is how the service world is shifting: more technology and less human interaction.
Related: Rich people don’t care about your life when you’re poor.
This will be a fragile financial year for everyone because there is no such thing as job security whether you are an employee, small business owner, or even a big corporation.
Bye-bye, Sears Canada, one of the ritual shopping centers that began for Canadians back in 1953 and suffered a financial death in 2017.
The business operations of Simpsons-Sears began when the first Simpsons-Sears Spring/Summer Catalogue was printed by Photo-Engravers and Electrotypers, Ltd. and delivered to 300,000 Canadian homes in early 1953.
On September 17, 1953, the first Simpsons-Sears retail store opened in Stratford, Ontario.- Wikipedia
Now, we have Walmart, The Bay, Home Depot, Rona, Lowes, Canadian Tire, Best Buy, Staples, and other stores holding up big-box shopping trends as smaller businesses try to make a footprint in the market.
Sadly, some have ended, and this won’t be the last time we read about business closures in 2018.
Take The Wealth Mindset Challenge
Incorporating your personal wealth mindset will take your get-rich-quick ideas or stressful financial situation to a whole new level.
One of my favorite posts to write about is the success stories of my readers who went the extra mile and stuck to it with their wealth mindset.
Related: Growing Up Poor Made Me Rich But Not Happy
What is a Wealth Mindset?
Our wealth mindset began years ago, and although frugal living was essential, we left a hole in our finances because we failed to rise above just saving money.
It took us years to become debt-free, even though it only took us five years to pay our mortgage.
It wasn’t as if we were earning vast amounts of money; quite the opposite, depending on who you ask.
Growing my understanding of money over the years, I could build a career I wanted while adopting a wealth mindset beyond Money.
Planning Ahead
Thinking ahead almost sounds like you need a crystal ball, and in most cases, when it comes to financial gains and losses, that’s what you have to do.
Close your eyes and think about all the things that could happen to you that would crush your finances, and create a plan B.
What if you become ill or injured?
When creating your finance goals, you won’t capture everything during this meditative state of thinking, but one step forward is always better than two steps back.
Financial Freedom
For many of you, becoming rich is the least of your worries, and I don’t blame you.
We were in a similar situation many years ago, and tackling your debt one step at a time is the only way out.
You’ll miss the ride in-between if you jump hurdles and think I want to be rich when I’m poor.
Some people have been more than successful in creating a wealthy life through business success or entrepreneurial endeavors; they even had to develop a plan.
Think Financial Security
At the very least, all you want to think about is whether you will have enough money to make it through retirement or to the grave. Are all of your loose ends tied up?
This is the year we talk about Wills and the future of CBB because there is no waiting; the time is now.
On the flip side, financial security is a crucial wealth mindset to begin from a young age, but if you’ve missed that boat, jump on while you still can.
Financial Education Or Expert
- How much do you know about finance?
- Do you understand what your money picture looks like?
Talk to the experts if you are struggling with your budget and unsure where to begin.
Consider only talking to people who have successfully increased your wealth mindset.
Think With A Wealth Mindset
What habits are the rich waking up to every day, and can you incorporate them into your daily routine?
This may mean getting to bed early, waking up early, exercising, eating healthy, drinking lots of water, meditation, and financial planning.
Be your financial planner for the things you can control, and leave the rest to the experts who will explain how your money can be invested in the future. (unless, of course, you manage your investments).
How To Increase Your Wealth Mindset With A Budget
If you want to get into a financial groove by adopting the “Think Ahead” wealth mindset, research budgeting and tap into your wealth mindset.
These are not downloadable tools but tools that will help you learn how we designed our budget and understand where our wealth mindset got a strict beginning.
- How We Designed Our Budget Step 1– Gathering All the information
- How We Designed Our Budget Step 2– Categories
- How We Designed Our Budget Step 3– Tracking Receipts
- How We Designed Our Budget Step 4– Note-taking
- How We Designed Our Budget Step 5– 5S Organization
- How We Designed Our Budget Step 6– Who Does What and When?
- How We Designed Our Budget Step 7– Balancing Our Budget
- How We Designed Our Budget Step 8– Knowing our Coupon Savings
- How We Designed Our Budget Step 9– Reading Our Bills
- How We Designed Our Budget Step 10– Projected Expenses and 3 Foolproof Ways to Save for One-Time Expenses
Discussion: What has motivated you to create a wealth mindset, and how has that changed how you view your money?
Please leave your comments below.
Thanks for reading.
Mr. CBB
CBB At Home
This week’s most significant events in our house revolved around minimum wage news articles and ensuring our frozen windows don’t melt all over the floor.
If you live in Canada, you know winter temperatures are very Titanic, keeping most people indoors.
I wanted to get our little guy out in the snow the other day, so while I shoveled, I thought I’d suit him up to help his daddy.
After face-planting into the neighbour’s snow pile and about 5 minutes of happiness, he stands up and says, “I went pee,” with a sad look.
He shuffled his way through the garage to his mum, which was the end.
Potty training is challenging for parents but even more demanding on the kids.
He’ll get there, though.
Other than that, we are dealing with health issues with family, which has been challenging for both Mrs. CBB and me.
If anything, we’ve learned much about what we want to do to ensure our son doesn’t have to go through the same problems—more on this in an upcoming post.
That’s our week…oh, and our new Monthly Budget began.
Not budgeting yet?
Download the same budget we use in the CBB house for free.
I don’t want your money; I want your financial success to shine.
CBB Published Posts
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Contact me for more info at canadianbudgetbinder@yahoo.ca
Top Post This Week: Free Money-Saving Tools
- How to fight credit card debt with a balance transfer option
- Grocery Budget Basics: 5 Must-Read Tips About Your Food Expenses
Parenting and Gardening 101
As a parent to a toddler boy who NEVER stops, I felt it necessary to learn as much as possible about parenting from none other than other parents.
Here, you will find excellent parenting tips, hacks, crafts, gardening, and anything related to finance.
One of our most significant issues in the CBB house is time management when putting our son into a routine before school starts in September.
Beginning next week, our little guy will be going to a home daycare in hopes of getting him into the school spirit, and she supports time management, which is what he needs the most.
I thought this clock idea was brilliant and something we will incorporate moving forward.
Now, I need to find a cheap functioning clock at a second-hand shop that I can color on.
Source: Bored Panda
Relationship
A wealth mindset and relationships will become more significant this year for anyone who believes money is crucial to a healthy relationship.
I’m not talking about earning power, simply balancing a budget, reducing debt, and getting out of the race without losing grip on reality.
By this, I mean working too much to get ahead and leaving relationships and families behind to get ahead.
How to control your thoughts for the law of attraction written by Robert a blogger at Law of Attraction Alpha says that you draw in those who adopt the same or similar mindsets as you do, including financial.
Money causes so many riffs in relationships, so if it’s important to you, you hopefully fall in love with someone who finds finance attractive.
Sometimes, the money lessons we learn after the fact hurts the most, especially if one partner is unwilling to change.
Top Budget Recipe
Food is another passion of mine next to finance, and I love finding inspiring recipes around the web each week to share with all of you.
Most importantly, these recipes will be inexpensive, delicious, and fit for a King, Queen, or Family!
Jennifer at Slow Cooker Gourmet has an excellent Slow Cooker Pulled-Pork Chili, which I like because it mixes two of my favourite winter dishes, Chili and Pulled Pork.
Saturday Search Term Giggles
Every week, I get tens of thousands of people visiting Canadian Budget Binder because they did a search online and found my blog. (SIC) This means I’ve copied the text exactly, but it has spelling errors.
Most times funny, Sometimes serious.
- The best approach to telling the husband to handle finances wisely and be honest – Depends on the situation and the persons involved. There is no right or wrong answer to this. I’d likely think about what I wanted to say, type it out, and then sit him down and tell it like it is.
- Make under 60000 a year is OSAP a loan or free money – Free money, I like that one.
- Quick money Winnipeg– If you need to Google quick money, YOU have financial demons to crush. Fast cash is illegal, fraudulent, or just sketchy unless you come up with some “need” that society quickly grabs hold of. Good Luck.
- I have a broken toe– Right on.
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Note: Some posts on CBB may be paid for and written by me and are my opinion of a product/service that I’ve tried and used before. Please read the disclaimer.