The Mindset Hacks To Increase Your Net Worth Faster!

Depending on which day of the week you go online to see news articles or TikTok influencers talking about wealth, you’ll find varied perspectives.

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Some will make you feel like absolute crap. They’ll make you believe that you could manifest anything, and it will come true when it comes to making money.

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Others will say it is so difficult to make ends meet right now, and you’ll never get wealthy.

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In this article, I want to cover:

• Some of the things that rich people are doing right now
• How you can benefit from this by simply changing your mindset

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I’ll also share my story and how these small pivots have changed the trajectory of my life.

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If you're interested in my thoughts, definitely keep reading...

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Proven Millionaire Hacks for Wealth Building 

I saw this headline pop up on the AFR as I sat there and read like a nerd:

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Although these are rich people online, and we have no idea if that's actually happened or what their stories are, and even if you find it relatable, I'm going to share with you exactly how this stuff's helped me.

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I may not be as relatable unless you’ve been following me for a while.

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Going back, the report also says:

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Here’s Mike Larcher posing with his dream car beside him.

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The report continued:

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For many people, it might be the dream car or the dream house.

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The reason I say dream house is because that's relevant to me.

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I've always known that I've wanted an amazing mansion. I've always known that I want a specific house with specific features, and I know it can sound quite lame or materialistic, but for me, I needed something to be my North Star. I wanted financial freedom, and I knew I was going to get there by investing well, working really hard, and persevering regardless.

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However, I also wanted something else for myself. If you’ve been watching me on my YouTube channel, you’ll see that I wear a black T-shirt most of the time, and they're from Uniqlo.

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This means making a lot of money isn't really high on the agenda for me to buy new clothes. So, as I was going through this process of trying to figure out:

• What my purpose is; and
• What's my why,

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I realised that I really want to build a dream house not just for myself but for my family. I want to have this one hub where all my cousins, nephews, nieces, and everyone in between can come through, and we can all use this one central hub for family gatherings.

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The reason I want this so badly is because, growing up, we had this with our grandfather's house. The fond memories we have of that place, although it was much smaller than our current place, still hold deep thoughts and memories for me. Many of us grew up in that home.

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That's essentially why my partner and I have really wanted a dream house. Of course, things have changed in the house, with different things that she wants and things that I want, but just having that vision on our vision board and looking at dream houses—whether it's million-dollar listings on Instagram—has helped us start to manifest what that could look like in the next couple of years.

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I know it sounds crazy, and a bit of “juju” if you like.

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However, the reality is it actually works.

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There’s a reason why successful people say: "You just need to manifest it," and they actually follow through.

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That's the key part. You can't just sit there, think about something, and then go back to your day job without putting in the extra effort. I want to learn something. I want to research something. I want to be the best at my job. That's how I look at this. If I'm the best at my job or the best at running my company, I can then achieve these goals and know exactly how I’ll feel when I get there.

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This connection is hard to get, but when you've got it, it definitely helps you level up.

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Going back to the report, the AFR revealed that:

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While people could look at this and say someone like myself has no value for cars like this, I would say: Hey, that's a silly move.

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However, it is the North Star for him to have achieved the wealth and financial freedom that he's achieved because he knew that he had to go out there, build the portfolio, build the investment portfolio and the company, and then purchase his dream car.

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You also have the option to settle for a house or car now and then say: Well, I've achieved what I wanted to achieve. I couldn't achieve my dreams, but I got close enough. There's nothing wrong with that, but it depends on what level of success you really want.

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If you want to be in the top 1%, you have to think like the top 1%.

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For me, I would much rather rent-vest for a couple more years than throw it away and say: Hey, I can't afford the $20 million house. Instead, I'm going to buy something I can afford right now because I really want my own place.

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There's obviously a balancing act, because you could continue to kick the can down the road and never live in the moment. You've got to figure that out for yourself depending on:

• What your goals are
• How quickly you want to get there
• What your North Star actually looks like

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Mastering Delayed Gratification for Financial Success

In the same report, it was revealed that Deakin Business School's Campbell Heggen, a financial planning academic and behavioural researcher, says saving money requires delayed gratification—a form of behaviour modification to gain something for the future—and Larcher's behaviour is probably better described as goal visualisation.

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"It's about overcoming present bias—our tendency to want to live in the now and spend our money on things we enjoy for immediate reward and instead prioritising larger, future goals," he says.

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You would have all heard the term YOLO (you only live once) over the last 15 years.

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I truly believe the higher-ups created this term and everyone just adopted it. It was almost like the rich conveniently created this term saying: “You only live once. Spend your money. Enjoy life,” only to then have a problem in the next couple of years.

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If you actually think about it, although there's a lot outside of our control, there's a lot more in our control.

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When you think about inflation and how people can't make ends meet right now, it's because of the choices we made actively over the last five years.

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Now, I know people will say: “Well, we didn't create this virus that led to lockdowns.”

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However, during that time you also had more time to:

• Work on skills
• Build up businesses
• Build up your own skills at your current job

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It's very similar to taking care of your health.

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If you decide today: Hey, it's easier not to go to the gym because it's cold (I know this because that's exactly what I did this morning).

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However, an easy solution today creates a bigger problem tomorrow, and that is where delayed gratification, in moderation, is actually really smart.

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Why? Because if you go: Well, it's harder today, but I know tomorrow it's going to set me up even better.

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You go to the gym for a week, you'll feel so much better after that week. Then, you do it for six months, and you'll feel a lot better after six months. You can combine a couple of these things.

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You can visualise the ideal body physique you want to get to or, in this case, the ideal passive income number you want to get to and say: “Okay, I'm going to reward myself when I get to those milestones, and that way I know I'm working towards something and building something.”

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Inherently, you should want to build something because that's productive, and you're bringing something into society. I feel like that is so important because your goals have to be beyond just you.

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I know for me, as soon as it changed from just taking care of myself to spreading to the closest people around me, I became even more successful because I was willing to share the wins and the gains that I would make from any of that.

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Spending Pause: Save Smart, Spend Wisely

Barb Decorti, an avid budgeter who always pauses before spending, might have an estimated wealth of $60 million tucked away.

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Every second year, she spends around $100,000 on a skiing holiday with her family, usually in Europe. Despite it being a luxury break, she saves where she can (if you're worth $60 million, that would seem like it's actually a budget trip).

I actually really agree with this. Up until a couple of years ago, I had never flown business class. In my head, I thought it was the biggest waste of money, and I didn't think I could ever get to the point where I could do that consistently.

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I also knew that if I ever went once, I would have to be comfortable doing it time and time again because once you fly business class, coming back to economy is so much harder.

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One thing that has helped me personally upgrade my life in terms of how I spend my money is saving where I can and spending it on other things like experiences. I can definitely relate to this part of the article because, for me, when I'm travelling long distances, I want to travel in business class. That means I have to save a lot more for the holiday because the flights are three to four times more expensive.

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Sure, there could be times where you could use frequent flyer points, but the reality of that happening every time is very unlikely.

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Now, a couple of things happen when you start flying business class or start experiencing certain things that require you to spend a certain amount. It starts forcing you to level up. It puts you into a different frame of mind, saying: I'd rather travel a particular way, and if I can't travel like that, I'd rather not travel at all.

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So, instead of doing three trips a year, you might only do one trip. However, that one trip is so memorable because from start to finish, you've had it the way you want.

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Other things can also occur. By going and experiencing such a luxury that I never thought I could afford, I made a promise to myself to say: “Now I want to be able to afford to travel like this all the time. In order for that to happen, I need to be making a certain amount. I need to invest a certain amount, and I'd rather do that than spend it on lavish dinners over the weekend.” (Thankfully for me, a lavish dinner is KFC, but I don't have it as often anymore because some of you guys told me it was really unhealthy.)

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Going back to the article:

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This is such an important point, especially when you're investing.

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If you're investing 99% of your wealth into something, there is always a chance that you'll need emergency money, and that's why I say: you need the emergency buffer because that will allow you to not make an emotional decision around your logical investment.

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This means that you don't have to sell in a rush, especially if you're in shares or crypto. You might find that the market's crashing, or you need that cash upfront, and you're going to end up selling at the worst time. That's just how it works.

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This is why I've always liked property, because even in my 20s, being emotional about certain things meant that I couldn't actually use that money because by the time I would want that money, it would be too late. I'd be over whatever I wanted. It's like taking out equity to try and buy a PS4—it wasn't going to happen.

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By creating a clear image in our mind of precisely why we are saving and the future enjoyment it will bring us, it is easier—but not easy—to remain disciplined as we work towards our goals.

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Those couple of lines perfectly summarise what we're trying to do here.

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You might be reading this article, having bought your first property.

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You might have 10 properties, or you may not even be at the point where you have one investment property.

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I've always said that you would rather be with someone who has the right mindset than someone who has all the cash in the world but has the worst mindset.

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This stuff, although I try to make it sound really easy, is not, especially when there are moments of temptation. Much like when you're out there and you're saying: I'm going to be really healthy today, then you see a notification come on the app saying: $10 for 10 chicken tenders.

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This is what defines you, and if I can get through that notification and still persevere in eating healthy, it's the same way we should look at our finances.

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Think about what your end goal is.

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Literally write down exactly how you would feel.

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Write it down somewhere that you can read it consistently, and if you find that North Star is important enough, all the actions that lead up to it will also change.

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You'll know that you need to change your actions and your mindset to get to that point. If you don't, you never get to experience this dream life that you think you were going to get to.

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I hope you guys have enjoyed this article.

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I'll catch you in the next one.

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Thanks, guys.

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