It is true that anyone has the potential to earn a large sum of money. But, very few people are able to control their materialistic desires and manage their money wisely. Overspending and failing to budget can quickly lead to debt and financial problems. Those who are able to control their spending and save their money wisely are usually the ones who are most successful in life.

In today's email:

1. Tackling the dark desires that come along with earning money.

2. How the Top 5% looks at money...

Creating the Right Attitude Towards Money

Ever wondered why people desire to earn more money? People may wish to earn more money for a number of reasons. Some wish to go on vacations, others want to buy an expensive gift for their parents/partner/child, while some people simply want to save enough money before retiring...Among all of these reasons, the majority of people wish to earn more just to spend more.

Last Saturday, my father and I talked about various people's mindsets about making money. He highlighted to me the differences in attitudes that so many individuals display. That conversation was quite beneficial to me, and I thought it would be good to share it with you guys.

People wish to make more money just to spend it on things that might be a necessity for them. As individuals grow, oftentimes they get attached to material desires. To acquire them, they need money. This, in turn, induces them to work harder to earn more. Due to this, people develop a locked mindset and they dont think outside the box on how to earn more and escape the 9-5.

It is important for one to understand what the perspective towards money should be. Money doesn't give freedom, it is only a medium for achieving freedom.

As a person grows, he/she is attracted to numerous materialistic desires. Some of them would be buying a luxurious car, going on multiple vacations, buying branded clothes, buying expensive jewellery, and more. These expenses are unnecessary and could be avoided. But unfortunately, the youth doesn't understand that it is the wrong definition of wealth.

So what is the correct definition of wealth? Wealth is the total value of one's assets. Assets, not Liabilities... Many young people have a different definition of wealth. To them, being rich means wearing branded clothes, having luxurious cars, etc. Achieving these desires becomes the sole purpose of their life. People stop using their minds creatively and start living from paycheck to paycheck.

How Businessmen Look at Money...And you can do the same

But the top 5% who are the real rich, understand and look at money differently. For them, money is a medium to freedom and nothing else. They see money as a byproduct and not the main goal. Instead of buying expensive stuff, they focus on putting their money in assets that will grow their money over time and they use that money to buy. In short, they use free money to buy luxuries.

Just like those super-rich guys, you can do the same as well. You might not get rich overnight but at least you can start by taking small steps.

You can start understanding and managing your money by following simple tips and making small habits. Start by:

1. 💸Stop Spending More than you Earn - Make it a habit that you set a budget and control your desires. Make sure your earnings should be greater than your expenses. Start by saving 20% of your income and then gradually increase this number.

2. 📖Start Educating Yourself about Personal Finance - Poor financial literacy can have negative effects when it comes to your financial wellness. You have to keep learning about personal finance and financial wellness.

3. 🧑‍💻Not Investing in Insurance - Understand that health is more important than acquiring wealth. You got to have a healthy body to enjoy the wealth you accumulate. So, taking health or life insurance won't hurt your pockets.

These are just some of the tips. If you want to check out some more, do check the website mentioned below👇

22 Bad Money Habits Every Millennial Should Put Behind Them — www.moneyunder30.com

Bad money habits can make it hard to find your footing when it comes to personal finance. Avoid these bad habits and build new ones in their place in order to set yourself up for success.

The graph above shows the number of billionaires from 1996 to 2016. The rate at which this growth has happened is magnificent.

This is just a sign that...You can do it too!

I would highly recommend watching this video to anyone who is keenly interested in understanding how money works and what is the value of money in every industry👇

The Untold Truth About Money: How to Build Wealth From Nothing. — www.youtube.com

There is an untold truth about money – an actual equation that allows you to build wealth from nothing.It’s an equation that is hardly taught in schools if a...