Let’s face it. Many people are stuck financially. They have no idea where their money is going. All of their money just disappears with little to nothing left each month. They see big expenses coming their way (car repair or replacement, paying for college, house repairs, braces for their children’s teeth, etc.) and have no idea how they will pay for them.
I know the feeling.
The good news is that one financial tip could change your life! It certainly changed mine.
Here’s the tip:
Think like an owner.
When I changed the way I thought about money, it completely changed how I managed money. I’m confident it will do the same for you!
Here are some key ways my mindset changed:
- In the past, I viewed my paycheck as an opportunity to spend money. As an owner, I view it as an opportunity to invest money.
- In the past, I viewed my paycheck as an exchange for my labor. As an owner, I realize that income only happens when I add value to others in such a way that they will pay money for my efforts.
- In the past, I thought the only way to produce income was to work for it. As an owner, I see that income can be produced in many ways – even as I sleep!
- In the past, I felt that my income was limited to my paycheck. As an owner, I see that income from my paycheck can be used to produce income elsewhere.
- In the past, I felt that my 401(k) was a diversified investment. As an owner, I realize it was diversified within the stock market, but it was all in the stock market. I diversified my investments to include real estate and small businesses.
When you think like an owner, you will become an extremely valuable employee because you will work differently. No longer will you be able to “just do my 8 hours and get out of here at my J-O-B.” Instead, you will be driven to create value for your customers and grow your company’s business! People who think like owners get pay raises, promotions, and may even have the opportunity to launch a business or division of their own!
Are you thinking like an owner?