Wealth means different things to different people. When I was a little girl, I used to love looking at the catalogs that came in the mail. My dream was to one day have enough money to buy anything out of a catalog that I wanted. That's probably one of the reasons I get so excited every time I buy something on Amazon—that's me fulfilling my childhood vision of wealth. People would often tell me I was going to be rich, partly because of my entrepreneurial endeavors at such a young age and my penchant for saving money–in addition to finding creative ways to make it. These are two big cornerstones of financial wellness and wealth generation. Wealth, of course, is not just about material possessions. It's also about a state of mind. As we explore this important topic in financial wellness, I'm going to talk a lot about mindset and cover some practical first steps on the path to manifesting wealth and abundance.
Though one might envision living a lavish lifestyle in the future and other wealthy window dressings, manifesting wealth and abundance begins from within and from where you are, here and now. It requires you to appreciate what you have in your life already – your family, friends, job, home, or other blessings – instead of focusing on what you wish you had. That may sound counterintuitive because you don't need to manifest what you already have. Paying attention to what you have invites you to think about what you can build with it.
Everybody has dreams and fantasies, but they can distract you from learning to capitalize on existing resources, strengths, and opportunities. If you focus too much on what you don't have you might start to believe that you can't improve your life until you get them. Nothing could be farther from the truth.
Positive Thinking Brings Abundance
Appreciating and living happily with what you have can help you grow and multiply it in your life. And yes, I know that some of you right now are saying, "But Dr. M, I'm sooooo not happy with what I have."
I get it. But let me illustrate what I mean on a deeper level…
If you're a subscriber, you may remember this story: The aftermath of the September 11 terrorist attack wiped me out financially like it did so many New Yorkers and others. I had no work. No prospects. No more savings or retirement. No more credit. And I had an eviction notice on top of all of that. But what really got to me was when I realized I had to stop going to the hair salon because I literally didn't have $20 to my name. I just slumped to the floor sobbing because I felt that after all those years of working and building, I had absolutely nothing to show for it. Yet, in the midst of all those tears, a little voice came to me. "You know, if you want to change your life, all you have to do is change your energy." It instantly broke the negative spell I was under. Yes, I did know that. If I had nothing else, I had that wisdom—and it was valuable.
Manifesting wealth and abundance is deeply connected to your sense of inner wealth and abundance. I thought I had nothing. Eviction notice notwithstanding, I still had a roof over my head, a computer with Internet service, an amazing career history, and now I had a new attitude, which led me to take new action. Financially, it's been rainbows and butterflies ever since.
I tell this story to say that living happily with what you have doesn't mean you're completely satisfied and fulfilled, and it doesn't mean being complacent. It's about not giving too much power to what you don't have, learning to identify with the power you already possess, and not taking it for granted. Appreciate the good parts of your life, even if they are few, and build upon them. If you're having a tough time recognizing the goodness in your life, then make a gratitude list and continue adding to it every day.
For example:
- Be thankful for paying the rent or mortgage (or still being in your home if you haven't) because this means you have a place to sleep.
- Be thankful for your winter coat because you'll stay warm this winter.
- Be thankful for your family and friends because of their love, support and guidance.
- Be thankful for your job (or unemployment benefits or food pantries) because it has allowed you to provide for yourself or your family.
- Be thankful for your ingenuity or people skills because they can take you a long way.
First Steps Toward Wealth
When you don't have a lot of material possessions and monetary wealth, it can ironically become easier for you to learn how to save and spend money wisely. Saving and growing your money is paramount if you want to build monetary wealth and financial wellness overall. Doing so usually means learning two things: 1) how to delay gratification and 2) making sure you earn more money than you spend. Ideally, you want to pay for everything you have (or get it free or at a discount), not finance it. Going into debt and not truly owning your possessions moves you farther away from wealth. There are exceptions to this rule, like taking advantage of 0% interest financing and using credit to generate income rather than debt—but that's a topic for another article!
Besides saving money, the real way to build wealth is to make more money. That may sound rather obvious, but it is challenging for many people. Those challenges are due to a lot of different factors, including limiting habits, beliefs, and emotional hang-ups. When wealth and abundance are limited, it may point to a block in your mindset or to emotional baggage that sabotages your efforts or even undermines the way you value yourself.
One of the biggest challenges to generating wealth can be your job if it monopolizes your time and limits your earning power. For the average person, trading your time for money makes other people rich, not you. To build wealth, ideally, you want your money both to multiply and produce income, meaning, for example, $1,000 you invest today is worth $10,000 in the future and also pays you regular dividends or other income for the lifetime of the investment. Investing in shares and real estate are the best methods for building wealth in this way (I do both and I can tell you, the money grows) but they are not the only ways to create wealth. Finding the way that best suits you may require you to do something different and discover creative ways to make more money. Whatever the case may be for you, you can elevate your finances.
Don't compare. Share your gifts.
"Comparison is the thief of joy." – Theodore Roosevelt.
Time and again I've seen people talk themselves out of opportunities for greater wealth, abundance, and success because they underestimate their own value or what they can do. Part of that comes from comparing themselves and their achievements to others. If you constantly compare yourself, you make yourself vulnerable to Grass is Greener Syndrome. Remember, the term "wealth" doesn't only relate to money. Material possessions alone do not make an abundant life. You can be wealthy by having a loving family who visits often or friends who care for you like one of their own. You can have a wealth of knowledge, insights, or other inner resources. Other people's material possessions and outward signs of success are often not reliable signs of what they may be going through in their personal lives. Appearances can be deceiving.
If you don't think you have anything of value to offer, then you're going to have a harder time manifesting wealth and abundance. What do you possess in spades? That's your abundance. Whatever that is, how could you see and use it differently if you looked at it as a gift? Focus on sharing what you have to help create an abundant mindset — be cautious not to devalue your gifts by comparing yourself to others. The value is in the unique way you differ from others.
Take Massive Action
If you know me personally, you know I like to see results. Mindset is great. Attitude is great. But if you're serious about creating wealth and abundance, you need to back it up with action. A real estate investor I know, Nick Tang, always talks about "taking massive action" to build success. What kind of action are you taking? If you're unhappy with the amount of money you're making, start thinking bigger about ways to increase it and realize your financial dreams. Most importantly, jump-start your wealth and abundance by taking massive action!
Here are 12 ideas to inspire you to take massive action:
- Finally, start that business, podcast, blog, or other things you've been dreaming about.
- Pitch your ideas (maybe even on Shark Tank!).
- Take a training course, read a book, or go back to school to change your career or boost your knowledge.
- Find a better job or ask for a promotion or raise.
- Use your connections to help find, create, or prepare for your next opportunity.
- Start putting a lot more time or money into your savings, retirement, or investments.
- Really put yourself out there and let everybody know what you have or what you want.
- Go after the big fish in your pond.
- Become a big fish in your pond by running for office or joining a board or committee.
- Start or join a mastermind group or professional organization.
- Move to a new neighborhood or country.
- Give yourself a maximum of 90 days to produce a specific result (but makes sure it's achievable albeit challenging).