Introduction to Wealth Building: Developing a Wealth Mindset

Summary:

Phillip continues his four-part series on an Introduction to Wealth Building. In this episode, he discusses the importance of developing a wealth mindset. He emphasizes the role of emotions in shaping our beliefs and actions, and how overcoming limiting beliefs is crucial for achieving wealth. Phillip also explores visualization techniques and affirmations as tools to reinforce the feeling of wealth and abundance. By practicing these mindset strategies, individuals can attract and maintain wealth with more ease and less stress.

Timestamp

Summary

   

0:01:19

Developing a wealth mindset

0:02:18

Overcoming limiting beliefs and feelings of lack

0:05:09

Defining wealth and practicing the feeling of abundance

0:05:55

Visualization techniques to practice the feeling of wealth

0:09:41

Affirmations and the importance of aligning feelings with words

0:13:23

Using general affirmations to activate the feeling of wealth

0:14:48

Specific affirmations to express desired wealth

0:15:29

The importance of emotional work in building wealth

0:16:06

Conclusion and next steps for developing a wealth mindset

 

Quotes

"The reason why you see a lot of wealthy people that end up doing some unscrupulous things to maintain it, or when they get the wealth, they age ten years, is because the wealth becomes like this massive weight on their shoulders."

"You could still have limiting beliefs and have wealth because you never overcome your demons or your doubts.  They attack and eat away at you, and you will have no peace until you balance that out."

"If you just say, no, I'm going to define what wealth is to me because it's not a number.  It literally is not a number. So is it a million? Is it 2 million? Is it 5 million? No, wealth is wealth technically, if you look it up, it just means quality of life."

"You become trapped in a societal belief to the extent that you agree with society. If society doesn't respect a certain race or gender, it expresses itself through the law of averages.  So in the law of averages, if this group of people is taking advantage of that group, the law of averages is going to show what society believes. But individually, you can just not believe it."

"I like to use visualizing personally to just practice the feeling. For me it is less about the actual details and more about practicing the feeling."

"The level of unworthiness from some people that have money is higher than you know. They have the money, but they don't feel worthy. They just have money. They don't have the feeling."

"Everything is a confidence game. There's nothing that anyone is unable to do if they put their mind to it. These visualization techniques are just confidence builders."

"Affirmations are just self talk, positive self talk around what you want. But I've found affirmations to be worthless if you're doing them outside of the feeling. So if you're just saying things and you haven't activated the feeling, then it's like a waste of time."

"This work (the emotional work) is the most important work in wealth building from my perspective.  It’s the foundational work.  It's like a house. The house is pretty and the house is really good to look at, but if the foundation of the house is not set up properly, the house won't stand."

 

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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.