Why did you become an entrepreneur? You most likely wanted a challenge, income security, financial success, or you weren’t happy with your situation at work. No matter what your reason, developing a wealth mindset is important to becoming successful as an entrepreneur. One way to develop that mindset is by reading Robb Report.
What is a wealth mindset and why Robb Report? To start with, here are some important stats you should know. In the world, there are 582 million entrepreneurs. You’re not alone! And as of 2016, 25 million Americans had already started or were already running a business of their own. Sounds positive, but also consider this: within the first year, 22.5% of small businesses fail.
Why Develop an Entrepreneur Wealth Mindset?
To avoid becoming a statistic, or a cautionary tale for entrepreneurs, it’s important to develop a wealth mindset. Contrary to what it may suggest, a wealth mindset isn’t just about getting rich and having money. Wealth is also about abundance.
Do you read or hear about people complaining about how expensive the cost of living has become? What about people complaining about their salary and how they want to be paid more but they aren’t? I read negative comments about costs and salaries and prices all the time. It’s easy for people to complain.
The problem is your mind gets cluttered with the negativity. You could be hearing a voice in your head saying your career goal is out of reach, that your income goal is impossible, or no one wants to buy what you want to sell.
The entrepreneur wealth mindset defeats those thoughts. You want to see the world as abundant. You want to start believing that there is enough money to go around, and there are enough customers to go around.
No matter how dark those early days are as you struggle with the first few years of your business, you must believe that wealth is totally attainable. You have to believe that one day, your business will start to turn a profit and you can tell your friends and family, “I did it! I told you I would.”
What Does Robb Report Tell Us About Wealth Mindset?
My business mentor taught me reading the Robb Report is one way to develop a wealth mindset. The Robb Report is both a print and online luxury magazine about luxury vehicles, vacations, dining, and fashion. The target market is the superrich, those “with an average income of $1.25 million and an average net worth of $7.5 million.”
What if you’re nowhere near that income bracket?
No worries if you’re short by a few million. It’s all about the mindset. Read what the wealthy read about. According to Robb Report, the top three most popular articles for 2019 were about a $250 million dollar yacht, American restaurants rated by Michelin, and America’s biggest 3 million square foot mall in Rutherford, NJ. Most of these popular topics are quite relatable to us all. Many of us like to eat and shop.
The amount we spend when shopping is a bit different in the Robb Report universe. The magazine is not at all squeamish about listing the price of an item. A Frette Chains Wool Blanket, for example, is described in a highly desirable way:
“Frette is not a new name in the world of luxury textiles—it was one of the official purveyors to the Italian royal family back in the late 1800s, after all—and this grey throw readily fits in with the brand’s storied oeuvre. Made of soft virgin wool, it’s a dream to curl up in.“
Underneath the description is the price: $1067. No problem! The typical Robb Report audience does not bat an eye when dropping a few hundred – or thousand – on an item. Many of us more humble entrepreneurs might balk at spending over a thousand on what better be the blanket of the century.
However, when you start reading these articles, you can train your brain to think with a wealth mindset. You start to think differently: Money comes to you in abundance. One day, you will be able to afford what you want without calculating how each purchase will impact your finances.
You don’t have to start buying thousand-dollar accessories for your home. But you can start to think of things that you thought were expensive as being more affordable, more within reach.
How A Wealth Mindset Readjusts Your Income Scale
Think about how you view wealth. What do you consider a low income? Middle income? High income? Most people think of six figures (even 100,000) to be high income and unattainable. Now consider why you have this income scale in your mind.
I remember a friend of mine once said she was in the high-income bracket because she cleared $100K. To her, $100K was the upper end of the income bracket for people. Many would agree with her. I once read an article about how “most people” can’t afford a house in Vancouver. They also say you should expect to be thousands of dollars in debt after college.
These types of thoughts adjust your income scale in your mind in a certain way. Being in debt from buying a $800K house, or in debt from college means you expect to be only generating so much income from your career, your business, your investments, etc.
Retrain your brain. Set your goals higher. Redefine what you think of as your middle-income goal. Your high income goal. Why should a high income be just $100K? Why not $500K? Why not a million? Set higher goals for yourself, and your perception of wealth will change too.
For example, yes, you could be in debt when you first start a business. But eventually abundance will find you and you will find the income you are looking for. Tell yourself you can afford luxuries. You deserve it. You deserve abundance, whether that wealth means more money, more free time, better health, or achieving your dreams.
And one day, when you see a PieCaken holiday dessert, “one cinnamon buttercream-encased package” you’ll say, “$99? I’ll take it. Looks delicious.” Like they say, in Robb Report, “It’s the perfect confection for those among us who simply don’t want to choose just one dessert.”
Developing a wealth mindset is an important first step in your road to success as an entrepreneur. Reading magazines like Robb Report will retrain your brain to visualize wealth – abundance – as an attainable goal. You will tear down mental walls and redefine what you think is possible.
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