You Can't Save Your Way to Prosperity
et’s talk about a scarcity mindset vs an abundance mindset.
Simply put, a scarcity mindset is a focus on not having enough.
Many people were raised with the belief that saving money is the best and safest way to build wealth. You may have even grown up hearing “a penny saved is a penny earned.” I'm not against saving — without a doubt, it is an important piece to begin building wealth — but just stashing money under the mattress or putting it in a low interest bearing account is not the way to get to freedom.
This world is upside down today, and we have factors where savings accounts are not paying anything to those people who took that route. It's not “fair”, and it's not the way it should be, but we don't set the rules of the game. We have to learn to play the game by the rules that are given to us today. And in order to play the game, you have to learn how to maximize your investment capital.
Here’s the truth: You can't save your way to prosperity.
Working money, on the other hand, means you've got your money in investments that are actually producing growth and cashflow. Saving is not playing the game – it’s sitting on the sidelines. You need to work your money, and connect it with opportunities for growth. That is how you get to prosperity. No matter how much (or how little) money you have, there are opportunities out there for it to grow.
An abundance mindset focuses on those opportunities. Instead of seeing money as a liability that can be lost, an abundance mindset sees it as an asset. Our members at Freedom Founders learn both how to utilize their capital to connect with wealth-building opportunities and generate the financial security of cash flow.
The “always saving” mentality has some good aspects to it, such as not living beyond your means. But in my opinion, it can lead to living a diminutive lifestyle for decades just so that you can hopefully “have enough” at the end. I don't think that's a wise late way to look at life. You have to be willing to take some risks (not unwarranted or unmitigated) to grow yourself, and to ultimately have more freedom and more options.
If you play the game by the rules of saving – looking for discounts all the time, diminishing your lifestyle almost to the point of austerity, etc – you can get by, and that's a very safe way to play.
But I'm not on this earth to play it safe, and I don't think you are either.
So change your mindset, and rather than focusing on everything that’s wrong (or could go wrong) in the world, focus on the opportunities. Abundance lives in the opportunities.
P.S. Whenever you’re ready, here are some other ways I can help fast track you to your Freedom goal (you’re closer than you think) :
1. Schedule a Call with Me:
If you’d like to replace your active practice income with passive investment income within 2-3 years, and you have at least $1M in available capital (can include residential/practice equity or practice sale), then click the link to jump on a quick call with my team. If it looks like there is a mutual fit, you’ll have the opportunity to schedule a call with me directly. www.freedomfounders.com/schedule
2. Get Your Free Retirement Scorecard:
Benchmark your retirement and wealth-building against hundreds of other practice professionals, and get personalized feedback on your biggest opportunities and leverage points. Go to www.FreedomFounders.com/Scorecard to take the 3 minute assessment and get your scorecard.
3. Ready to Step Away?
“How Much is Enough?” This simple question keeps hard-working professionals at the hamster wheel of active income far longer than they need to be. Watch this free training, and discover a proven model for determining how much you really need before hanging up the handpiece! www.freedomfounders.com/training