Wealth Is a Mindset: Here’s How Your Habits Can Influence Your Worth

Erin Henry
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The stigma around wanting more money, and the fear that talking about it will make us sound greedy, are the reasons why so many of us have such a confusing relationship with money and are not confident in our ability to generate financial freedom for later in life. 

When Googling ‘wealth advice for 20-somethings’ many of the experts claim that the sure fire way to wealth is to save more and spend less (genius). They say to ditch café breakfasts and to eat your avo toast at home—but I believe there is more we can do. Wealth is a mindset, and by implementing some financial habits you can profoundly influence your creation of it. 

Work on your beliefs about money

When was the last time that you looked at the beliefs and stories that were dictating how you earn, save and spend your money? Our ability to create wealth is heavily dependent on our self-perception and identity. If you believe that you are bad with money and that you cannot keep it once you earn it, then guess what, you will always subconsciously find a way to act in accordance to that belief. If you believe that you are a super savvy saver and that money basically falls out of the sky into your pocket then guess what, it’s not going to fall out of the sky, that's ridiculous, but you will be able to earn and maintain it much better.

Generating wealth always starts with your mindset and the beliefs that you have around money. Make an effort to assess your own money story and start rewriting any limiting beliefs or blocks that you have about wealth.

Educate yourself

While reading about superannuation and tax might not be the most exciting of topics, having a sound understanding of money and how to achieve financial freedom will increase your ability to make the moolah. Having money is fun, so learning about how to have more of it should be fun too. Knowledge is power in this case and the more you understand, the more wealth you will create.

Make making more money a priority

Once you start to work on your money story and break down any beliefs, like wanting more money makes you a bad person, it’s time to cash in on your worth and make the pursuit of wealth a priority.


Ask for a pay rise, start a side hustle, flip your unworn closet items or start investing. We all know there are many factors that contribute to why women get paid less than men, but as we wait for society to catch up to our progression, there is one thing that we can do something about immediately, that is asking for what we are worth and pursuing wealth with conviction and courage.

Treat your bank account as a business

I read all the time about 20-somethings that are too afraid to look at their bank account, and it always seems to confuse me. I mean it’s not like it’s the luck of the draw—your bank balance is a simple equation; the sum of what you earn minus what you spend. With the convenience of contactless payment it has become far simpler to mindlessly spend on little items that add up, but if you find you are avoiding looking at your bank balance, then it’s time to start tracking your income like a business.

I'm pretty old school and still do this with a good old Excel spreadsheet, but there are some great apps now like ‘Money Brilliant’ that make tracking easy. By adopting the habit of monitoring how much you are spending every month, you have a better perspective of where all of your money is going and therefore can make necessary cuts to your spending (which could include the $18 avo toast).

Think about making investments

If you had told me to invest my money five years ago, I would have looked at you like you were out of this world. I thought investing was for stock brokers and old people, but here is the thing, investing is for everyone, and the sooner you start, the longer you have to build wealth. I'm not saying that you need to jump in and put down your only five grand to start an elaborate portfolio. Start with some micro-investing instead. App’s like ‘Acorns’ make it so simple to start investing as they automatically take the dollar roundup from your spending (yes we are talking the 1 and 2 cents) and invest it for you. Then once you're confident in your investing ability, you can look at making some more significant contributions.

For more finance tips, shop The Barefoot Investor ($23) by Scott Pape. 

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