How I Developed a Wealth Mindset in 5 Easy Steps via @carinkilbyclark

How I Developed a Wealth Mindset in 5 Easy Steps

This post is part of Generation One Blog Tour which I’m thrilled to be a part of along with many other inspiring bloggers. To learn more and to join us as we tell the world how we are creating generational wealth, click here!

One of the things I learned early on in my adulthood is that I didn’t place a lot of value on having money.

What I mean by that is you’d never find me saving thousands “just to have it.” Money means nothing to me if it doesn’t give me access to what I want.

Sitting in the bank collecting virtual dust… that’s never been high on my list of things to do with my hard-earned dollars. And I hadn’t given much thought to investments or assets outside of my retirement fund and family home.

But the older I got and the more my children grew, I started to realize that it’s not just about me… or my lifetime. The way I handle my money and wealth-building now will also affect their lifetimes – and beyond.

And that’s when I decided to do things a little differently so I could create wealth for my family.

Wealth-building starts here…

The biggest struggle I faced when making changes to how I approached wealth-building wasn’t what I expected it to be. I thought it would be my income or my spending habits.

But the biggest hurdle I had to overcome was my mindset.

My thoughts about money. And about creating wealth. And the things the little voice in my head would tell me I was {and wasn’t} capable of doing to change my approach to wealth.

How I Developed a Wealth Mindset in 5 Easy Steps via @carinkilbyclark

To overcome that obstacle, I had to develop a wealth mindset. Here’s how:

  1. I examined my current mindset. I had to get real with myself about how I viewed money and wealth. I asked myself what needed to change in my beliefs and attitudes in order to give myself the opportunity to become wealthy.
  2. I developed a new set of beliefs. Once I was clear on my current mindset, I had to develop new beliefs to accompany the wealthy reality I wanted to create. I studied wealth-builders and read over a dozen books. I also made a list of my new beliefs, to include: 1) I routinely spot opportunities to make money, 2) I don’t spend money on things that don’t provide real value to my life, and 3) I can generate all the wealth I could possibly want.
  3. I mentally rehearsed. To make my new beliefs habitual, I used daily visualization. Every morning while still lying in bed, I imagined approaching the world with my new beliefs. I also repeated by new beliefs at night before falling asleep.
  4. I “changed my history.” I revisited the financial mistakes I’d made and the opportunities I’d missed, but I envisioned myself in the same situations with my new beliefs. To identify what I would have changed about my approach and thought process.
  5. I evaluated myself. At the end of the day, I looked at my thoughts and behavior for the day to see what I would’ve done differently if I were in my “wealth mindset” mode and what needed to change to improve on the next day. I also reflected on what I did well. And the good money decisions I made. I also congratulated and rewarded myself when I made progress.

Teaching kids to develop a wealth mindset…

Even more important than my own wealth mindset, is that of my children. All the work I do to establish wealth for my family will only make the necessary impact if the next generation is equipped to pick up where I leave off.

It’s so much more than cute little piggy banks – although that’s a start.

My soon-to-be 18-year-old son and I have been having many long talks about credit, assets, net worth, and more. It’s been eye-opening for me to see how much he doesn’t know. And to realize that I need to step up my efforts to teach him the things I wish I’d learned when I was his age.

Generation One…

This is why Generation One is so important for our community. Because our ability to create wealth begins in our education on the history of wealth within our community and instilling the belief that we can create generational wealth for ourselves.

About the film:

With the 2007 recession, the housing crisis and soaring unemployment rates leaving Black America’s wallet trapped in the crosshairs of the United States’ financial crisis, the lack of generational wealth in the African-American community has never been in sharper focus.

Generation One takes a hard look at the numbers, giving historical context to early wealth creation in the Black community and tapping the expertise of the nation’s top financial experts to weigh in not only on how Blacks fell behind, but surefire strategies families can implement to begin building a strong financial legacy for generations to come.

Release Date: July 14, 2015

Attend a local screening…

Lamar and Ronnie Tyler will kick off the debut of #GenerationOne with a live screening in a city near you:

  • Atlanta – Wednesday July 15
  • DC – Thursday July 16
  • Chicago – Saturday July 18
  • More Cities TBA
  • *Join the National Wealth Discussion via Social Media on July 18th using hashtag #GenerationOne*

Visit www.GenerationOneMovie.com for the latest updates.

Lamar and Ronnie Tyler are co-founders of BlackAndMarriedWithKids.com. They wrote and directed Generation One to give African American families the tools and strategies they need to begin building wealth for their families TODAY. The Tylers know this film has the power to change lives. You can grab your copy HERE.

I want to hear from you!

What are your limiting beliefs about wealth and your ability to create generational wealth for your family? Please join the discussion in the comments below.

*This post contains affiliate links. View my disclosure policy to learn more.

Comments 62

  1. i was always taught the value of hard work and determination in order to improve your life and to get ahead. thank you for sharing your philosophy, it’s made me think about mine and where i stand.

  2. I loved this article. My mindset is the same as yours was. I appreciate you sharing how you went about this. I will be starting this new change in my life as of today. Thank you so much for sharing

  3. There is so much truth to this. Your articles really amaze me. I love your positive outlook and the way you change things in your life that need changing. Thank you so much for sharing

  4. I love your post, I was a spender and than I started to live on my own. Now I double think about what I buy. I definitely need to change my attitude and beliefs so I can give myself the opportunity of being wealthy.

  5. I am learning so much from your blog. Today alone I told 3 different people about “living hands free”. Today this wealth post is so valid for my current situation. I think in a world greedy for instant gratification it is quite easy to get caught up in the craziness. I am an impulse shopper, so I do great until I am at the store, and then all bets are off. I love the idea of the visualization exercises. Perfect for me, and perfect to do prior to a shopping trip.

  6. Because of Dave Ramsey’s radio program, we have lived like no one else in the past, so we can live like no one else in the future. We have no debt and have been able to survive no paychecks (own our own business, when things get tight, we don’t get paid) for over 1.5 years, while getting the last of our two children through university (nurse and physician’s assistant). Debt and paying interest will KILL a budget! Gotta love having an emergency fund!

  7. I believe you have to have the right mindset if you want to accomplish or do anything in your life. I am working on so many and each day have to remind myself how much I am worth to my Father Christ Jesus

  8. I was a saver when I was growing up. But, since I found out the great things there are to buy, I switched over to a spender! Now, since I am on a fixed budget…I am neither a spender, nor a saver! I have to be smart, and careful!

  9. This looks like the ladies zone and men are not allowed I am really scared posting this comment because I do not know how I will be welcomed here. I am coming from a challenge group that led me to this site I thought it is worth taking the risk because I just could not resist the motivation after reading the post especially this part

    “I mentally rehearsed. To make my new beliefs habitual, I used daily visualization. Every morning while still lying in bed, I imagined approaching the world with my new beliefs. I also repeated by new beliefs at night before falling asleep.”

    That is because I did some thing similar to this ones without even reading or planning it and I really felt Good the whole day.I really do not know how to explain it well but when I just tried to imagine how my day will look like and how I want it to be it really stays close. Every action I do those things I thought that day comes in mine and I can easily avoid any mistake or be sure of what I am doing.

    I can’t thank you enough for this post and will be passing by time and time again but posting a comment I am not sure. Still Scared of the girls power you know.

  10. I believe God tells us to be wise with our money. He will not bless us with alot if we cannot handle a little. I do not feel it is important to be wealthy but it is nice to be able to live comfortably within our means. Thank you so much for sharing this

  11. Loved the post Carin. I try desperately, each day, to teach my children about financial responsibility and to provide them with the tools so that they can build their own generational wealth and enable them to lead a life that is not only fulfilling financially, but one that also is about giving back to the community and helping others that are less fortunate. This is going to be an exceptional movie that everyone should take time to see.

  12. I definitely need to work on developing my beliefs and evaluating. Evaluating is the big part in order to ensure progress. I’m usually great at researching and starting something, but I rarely look back to see how effective my actions were. Great post!

  13. My health is my wealth! I wish children would learn that money is not everything at an early age! As I do think that is a good life lesson that stays with you your whole life through! After all, we cannot take money with us when we depart this Earth eh?

  14. Wealth/money/finance is a big thing, I wish they focused on that more when I was in school. It probably would have saved a lot of us some trouble early into adulthood.

    I make sure we talk to our kids about the importance of their wealth. We’ve talked to the 10 year old about interest, savings, the cost of things and taxes. Its a cons

  15. My favorite is the I mentally rehearsed one. Alike me, if I don’t repeat, repeat and repeat I go back to my old ways of thinking and doing. Great post!

  16. We’ve been following Dave Ramsey and his plan for years. After I became a SAHM we’ve had to tighten up a lot (no more extra $5k a month) and that has been the hardest adjustment. But totally worth it.

  17. I am on a fixed income, and would love to look towards being wealthy (with money)! But, even though I don’t have a lot financially, I have everything I need from the love of family! I don’t have to worry about being wealthy because I have everything I need emotionally!!!

  18. I have to say these are great steps to take for developing a wealthy mindset. I do think it is so important to show our children how to manage our life and manage how we spend. It is important not to get into debt and to show the children how to do this for sure. Thanks for sharing.

  19. Hubby and I were discussing this the other day. We’re expecting our first baby and we want to introduce her to a wealth mindset from the jump. Unlike us who learned later in life. #BLMGirls

  20. This article reminds me of the day I decided I was going to be in a “wealthy mindset” I think I had just about enough of thinking poorly about myself and not even believing in myself.

  21. Wonderfully said. I am from the South so this makes perfect sense to me. I am always discovering myself! xo

  22. I love the tips, but some of them take longer than just a day! Changing mindset can be hard if it has been the mindset you’ve had for years 🙂

  23. I know that I have had money and done without throughout my life so far. I agree life is easier when you don’t have to worry about when your next paycheck is going to come through. I am constantly working to help create wealth for my family.

  24. Great tips. I always try to be caring, and giving. Being generous is something I try to do daily, and teach my kids. I work so hard giving back is amazing to me.

  25. I’m all about the wealth mind set! My hubby however ughhhh….. Seriously wish I can change the way he thinks about these kinds of things lol

  26. My mother taught me that you have to work hard for things you want. Nothing in life is handed to you. You should have good work ethics and work unless you physically can’t. So, I rarely called in or missed work until my chronic pain issues took over. Now it seems it controls my life.

  27. The trick to making money work is to not repeat the mistakes of the past. Once you’ve learned that credit cards are addictive and harmful, don’t go back to using them. Also, once you’ve learned that the very expensive sports car was not worth it and it isn’t family friendly, don’t go buy another one. Things like that will go a long way in teaching you how to be better with money. You said you changed your history, then you have taken a huge step in right direction!

  28. “Give and it shall be given” is the motto I live by! It’s so important for our children to learn the proper mindset when to comes to wealth.

  29. I have been raised to believe you have to work hard for what you get. Now that am disabled thanks to my estranged husband, I feel like I am being punished and stuck in a loop to survive. I try to remain positive. as that helps me keeping to look towards the future. I think about what I need to do for my children and focus on that.

  30. Changing your history is huge but all of these steps are really great! We made the decision a few years ago to get out of debt and while it’s tough in the beginning, it’s so rewarding once you get on the right track!

  31. Our culture is definitely poised to separate families from their hard-earned cash. It’s like swimming upstream to try and combat that personally, and then to try to teach our kids to do the same is even harder. I’ve found myself looking for ways to earn money, like you mentioned. There are many people that value the unique skill set that each of us has. It’s just a matter of finding the right clients!

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