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Forum
-> Household Management
-> Finances
amother
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 Yesterday at 6:51 pm
| amother Khaki wrote: | Strongly disagree
My father in law is wealthy. He has the poorest mindset available. He wears tattered undershirts around the house, only wears nice suits to work. Cheap t shirt during weekends. He drives the same old car that’s over fifteen years old. He couldn’t care less about impressing anyone or “wealth”, he just wants to continue supporting his wife and being able to enjoy life and give to his kids. Humblest guy ever and not at all a “wealth mindset.” It’s only the latest generation that has this “mindset” which I think is not conducive to long term or generational wealth. |
Wealth mindset doesn't mean showing off. Real wealthy spend their money how they want and not based on keeping up with the Jones.
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amother
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Yesterday at 6:53 pm
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My father is very wealthy but extremely poor minded. His clothing are all old and rumpled, he walks around turning off lights to save electricity, schvitzes in the summer brcause hes too cheap for air conditioning, gets upset at my mother for making extra chicken etc.... it's really not all in the so called "wealth mindest"
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amother
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Yesterday at 6:55 pm
I googled “what is a wealth mindset” and I think previous posters were referring to abundance mindset is which one tiny part of wealth mindset. The rest of it is basically slow and steady wins the race.
“A wealth mindset is a set of beliefs, attitudes, and behaviors that can help you achieve financial success:
Focusing on the future: You think about both the short-term and long-term impacts of your spending and actions.
Being disciplined: You're committed to your goals and stay focused on what you need to do to achieve them.
Being open-minded: You're flexible in your thinking and can deal with uncertainty.
Being grateful: You appreciate what you have.
Educating yourself: You keep up with your financial literacy.
Setting goals: You set clear financial goals and prioritize saving and investing.
Thinking strategically: You make strategic decisions and look for ways to use your money efficiently.
Challenging yourself: You're willing to step outside of your comfort zone.
Thinking abundance: You shift your focus from scarcity to…”
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amother
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Yesterday at 7:10 pm
Not sure what you mean by wealthy. BH we make close to 1m a year. Dh is in real estate and I work part time (don’t make a dent in the finances but I think it’s healthy to work a little and use my mind)
Any questions I can answer?
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gr82no
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Yesterday at 7:16 pm
Why is everyone here so happy that they are retiring by fifty? I dont plan on ever retiring, I want to work as long as I can. I always heard working keeps you young.
Besides fifty is young. You can have a few kids in elementary at that age
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amother
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Yesterday at 7:17 pm
| amother Teal wrote: | Not sure what you mean by wealthy. BH we make close to 1m a year. Dh is in real estate and I work part time (don’t make a dent in the finances but I think it’s healthy to work a little and use my mind)
Any questions I can answer? |
I’d call that wealthy. (Assuming you’re not spending more than you earn.)
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amother
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Yesterday at 7:17 pm
| gr82no wrote: | Why is everyone here so happy that they are retiring by fifty? I dont plan on ever retiring, I want to work as long as I can. I always heard working keeps you young.
Besides fifty is young. You can have a few kids in elementary at that age |
I want to have the choice.
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amother
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Yesterday at 7:24 pm
To me, the most important part of wealth mindset is believing you can and should become wealthy and the actions follow from there.
You live under your means because you want to invest because you believe the investments are going to make you wealthy. You rather have money than the things itt can buy.
You start a career or business with high potential young and work hard at it. You believe you're going to get promoted and make it to the top.
You work long hours and make your career a priority.
You like money. Not just for what it can buy you but for having it. You like learning about money. You like reading books about mutual funds because you like money.
You never cap your income. Your goal is not to make 2 million or 5 million or retire at 50. Your goal is to make it big and then bigger.
You take moderate calculated risks with your money. You know the next risk can help you achieve your goals. So you research well and then take the plunge.
They accumulate "good debt" and stay far away from bad debt. They have a clear understanding of the difference.
Not everyone with this mindset will become wealthy. But almost everyone wealthy shares many of these attitudes.
I'm not passing any value judgments here. The research shows these are common things among people who become wealthy. And they are far less common among people who don't become wealthy.
Most people I know don't want to be wealthy. They want it in theory, like to win the lottery. They want it in convenience, like an unlimited credit card. But they don't have a wealth mindset. Maybe they don't believe they could become wealthy. Maybe they don't believe they should or deserve to becomes wealthy (I know very many in that category.) They may be too risk-averse, or they might be scared to do the proper research and take bad risks. They know they should read up on of the stock market but the thought of that scares them. They make it a low priority. They're not sure they are capable of understanding the stock market or real estate investments. Most people I know either don't prioritize becoming wealthy or have an emotional block to achieving it.
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amother
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Yesterday at 7:26 pm
| amother Stone wrote: | To me, the most important part of wealth mindset is believing you can and should become wealthy and the actions follow from there.
You live under your means because you want to invest because you believe the investments are going to make you wealthy. You rather have money than the things itt can buy.
You start a career or business with high potential young and work hard at it. You believe you're going to get promoted and make it to the top.
You work long hours and make your career a priority.
You like money. Not just for what it can buy you but for having it. You like learning about money. You like reading books about mutual funds because you like money.
You never cap your income. Your goal is not to make 2 million or 5 million or retire at 50. Your goal is to make it big and then bigger.
You take moderate calculated risks with your money. You know the next risk can help you achieve your goals. So you research well and then take the plunge.
They accumulate "good debt" and stay far away from bad debt. They have a clear understanding of the difference.
Not everyone with this mindset will become wealthy. But almost everyone wealthy shares many of these attitudes.
I'm not passing any value judgments here. The research shows these are common things among people who become wealthy. And they are far less common among people who don't become wealthy.
Most people I know don't want to be wealthy. They want it in theory, like to win the lottery. They want it in convenience, like an unlimited credit card. But they don't have a wealth mindset. Maybe they don't believe they could become wealthy. Maybe they don't believe they should or deserve to becomes wealthy (I know very many in that category.) They may be too risk-averse, or they might be scared to do the proper research and take bad risks. They know they should read up on of the stock market but the thought of that scares them. They make it a low priority. They're not sure they are capable of understanding the stock market or real estate investments. Most people I know either don't prioritize becoming wealthy or have an emotional block to achieving it. |
If this is what you consider wealthy, I don’t want it. I definitely want to be happy with what I have and not always pursuing more.
Comfortable.
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amother
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Yesterday at 7:39 pm
| amother Stone wrote: | To me, the most important part of wealth mindset is believing you can and should become wealthy and the actions follow from there.
You live under your means because you want to invest because you believe the investments are going to make you wealthy. You rather have money than the things itt can buy.
You start a career or business with high potential young and work hard at it. You believe you're going to get promoted and make it to the top.
You work long hours and make your career a priority.
You like money. Not just for what it can buy you but for having it. You like learning about money. You like reading books about mutual funds because you like money.
You never cap your income. Your goal is not to make 2 million or 5 million or retire at 50. Your goal is to make it big and then bigger.
You take moderate calculated risks with your money. You know the next risk can help you achieve your goals. So you research well and then take the plunge.
They accumulate "good debt" and stay far away from bad debt. They have a clear understanding of the difference.
Not everyone with this mindset will become wealthy. But almost everyone wealthy shares many of these attitudes.
I'm not passing any value judgments here. The research shows these are common things among people who become wealthy. And they are far less common among people who don't become wealthy.
Most people I know don't want to be wealthy. They want it in theory, like to win the lottery. They want it in convenience, like an unlimited credit card. But they don't have a wealth mindset. Maybe they don't believe they could become wealthy. Maybe they don't believe they should or deserve to becomes wealthy (I know very many in that category.) They may be too risk-averse, or they might be scared to do the proper research and take bad risks. They know they should read up on of the stock market but the thought of that scares them. They make it a low priority. They're not sure they are capable of understanding the stock market or real estate investments. Most people I know either don't prioritize becoming wealthy or have an emotional block to achieving it. |
Yes I know people like this. They forgot to read koheles.... hakol zeh hevel tachas hashumesh. I wanted to quote some psukim, but I realized I would have to cut and paste the entire koheles...
And yet I know wealthy people who do not have this money mindset, bh. These are the people who are able to enjoy their wealth and give generously to tzedakah... they are not defined by their money.
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gr82no
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Yesterday at 7:47 pm
| amother Stone wrote: | To me, the most important part of wealth mindset is believing you can and should become wealthy and the actions follow from there.
You live under your means because you want to invest because you believe the investments are going to make you wealthy. You rather have money than the things itt can buy.
You start a career or business with high potential young and work hard at it. You believe you're going to get promoted and make it to the top.
You work long hours and make your career a priority.
You like money. Not just for what it can buy you but for having it. You like learning about money. You like reading books about mutual funds because you like money.
You never cap your income. Your goal is not to make 2 million or 5 million or retire at 50. Your goal is to make it big and then bigger.
You take moderate calculated risks with your money. You know the next risk can help you achieve your goals. So you research well and then take the plunge.
They accumulate "good debt" and stay far away from bad debt. They have a clear understanding of the difference.
Not everyone with this mindset will become wealthy. But almost everyone wealthy shares many of these attitudes.
I'm not passing any value judgments here. The research shows these are common things among people who become wealthy. And they are far less common among people who don't become wealthy.
Most people I know don't want to be wealthy. They want it in theory, like to win the lottery. They want it in convenience, like an unlimited credit card. But they don't have a wealth mindset. Maybe they don't believe they could become wealthy. Maybe they don't believe they should or deserve to becomes wealthy (I know very many in that category.) They may be too risk-averse, or they might be scared to do the proper research and take bad risks. They know they should read up on of the stock market but the thought of that scares them. They make it a low priority. They're not sure they are capable of understanding the stock market or real estate investments. Most people I know either don't prioritize becoming wealthy or have an emotional block to achieving it. |
Bh my life doesnt revolve around money like that. Id rather not have enough for vacations and live without thinking about how I can make another dollar (lol autocorrect changtit to dopamine)
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amother
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Yesterday at 7:51 pm
| amother Stone wrote: | To me, the most important part of wealth mindset is believing you can and should become wealthy and the actions follow from there.
You live under your means because you want to invest because you believe the investments are going to make you wealthy. You rather have money than the things itt can buy.
You start a career or business with high potential young and work hard at it. You believe you're going to get promoted and make it to the top.
You work long hours and make your career a priority.
You like money. Not just for what it can buy you but for having it. You like learning about money. You like reading books about mutual funds because you like money.
You never cap your income. Your goal is not to make 2 million or 5 million or retire at 50. Your goal is to make it big and then bigger.
You take moderate calculated risks with your money. You know the next risk can help you achieve your goals. So you research well and then take the plunge.
They accumulate "good debt" and stay far away from bad debt. They have a clear understanding of the difference.
Not everyone with this mindset will become wealthy. But almost everyone wealthy shares many of these attitudes.
I'm not passing any value judgments here. The research shows these are common things among people who become wealthy. And they are far less common among people who don't become wealthy.
Most people I know don't want to be wealthy. They want it in theory, like to win the lottery. They want it in convenience, like an unlimited credit card. But they don't have a wealth mindset. Maybe they don't believe they could become wealthy. Maybe they don't believe they should or deserve to becomes wealthy (I know very many in that category.) They may be too risk-averse, or they might be scared to do the proper research and take bad risks. They know they should read up on of the stock market but the thought of that scares them. They make it a low priority. They're not sure they are capable of understanding the stock market or real estate investments. Most people I know either don't prioritize becoming wealthy or have an emotional block to achieving it. |
Omg I don’t want that at all. That sounds very unhealthy. I want enough to not have to worry when there’s something important and to live comfortably. I know too many people with that type of wealth and it has a very negative impact. I would like 1-2 million for each kid ideally. Not that I imagine reaching that necessarily but I do not want hundreds of millions and money pouring out of my ears. You sound a bit too obsessed with money in a not healthy way.
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amother
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Yesterday at 7:56 pm
| amother Khaki wrote: | | I’d call that wealthy. (Assuming you’re not spending more than you earn.) |
BH we don’t feel rich— like we drive regular cars and our house is nice but far from the nicest houses in the neighborhood. And we are BH fine with that. We spend a lot of money on cleaning help because I feel it makes a huge difference in our lives, and a lot on certain therapies and academic help my kids benefit from and BH BH we give a lot of tzedaka. We don’t wear designer stuff (maybe like Lululemon and alo is as designer as we get occasionally— we aren’t buying Chanel shoes and Canada goose coats) but we also don’t actively stress when we spend (but again- we aren’t spending on crazy luxuries bec it’s not our type). We go out on date nights a lot because we enjoy it and it’s good for our marriage.
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amother
Petunia
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Yesterday at 8:16 pm
We use spreadsheets and budgets and all that. And it has helped us save.
But I’m working on the abundance mindset, and I believe that is what truly makes you wealthy. Not necessarily that you have a lot of money, but that you appreciate and enjoy what you do have, and feel confident and positive that in the future you’ll also have what you need. Not to stress so much and plan every detail. To do your part and let Hashem do His. Not to scrimp and live cheap, to use the money that you have for things that bring you joy (responsibly)
And that’s when the money starts to come.
So we still do our spreadsheets and budgeting and careful spending, and work hard to reach our goals, but I let Hashem in and it’s so so liberating
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amother
Lavender
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Yesterday at 8:52 pm
I am terrified of investing. I am completely risk averse. And yes I understand logically that not investing is choosing to lose because of the rate of depreciation, inflation etc.
I agree that there is something to the so called mindset.
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amother
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Yesterday at 9:39 pm
robinhood is an online platform to buy and sell stocks
index fund is a type of stock (also sold on robinhood)
robinhood is free so I am wondering what a poster said about fees....
asaik there are no fees....
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amother
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Yesterday at 10:14 pm
| gr82no wrote: | | Bh my life doesnt revolve around money like that. Id rather not have enough for vacations and live without thinking about how I can make another dollar (lol autocorrect changtit to dopamine) |
I have the best of both worlds bh. Dh has the wealth mindset and I live without thinking about money for the most part (except for staying within budget but no anxiety involved).
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