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The Millionaire Mindset:Why Some People Are Financially Successful While Others Are Not

Question:

With discussions of race, gender and our societal faults temporarily set aside, why are some people able to create wealth and prosperity while others never manage to do so?


Answer:

Those who are financially successful cultivate a positive mindset. They focus on positive emotions and think positively.


A Surprising Scientific Finding

A study called, “Individual Differences in Personality and Positive Emotions for Wealth Creation” by Dr. Sarah D. Asebedo of Texas Tech University, found evidence that a bidirectional relationship does exist between positive emotions and wealth creation. A large sample of 20,898 Americans was used to determine that positive emotions enhance a person’s ability to create wealth, just as creating wealth increases a person’s ability to think positively.


Other Evidence to Support the Financial Benefits of a Positive Mindset

In 2022, Forbes noted a connection between being positive and better money management practices. It was also reported that those who become successful in business, particularly entrepreneurs, were more positive than those who were unsuccessful.


A report from therapytips.org provides evidence that positive emotions and thoughts better enable a person to succeed in life. For example, positive emotions strengthen a person’s ability to exercise, stay out of debt, succeed in relationships, succeed at work, and better handle a variety of life stressors. It is relationships, succeed at work, and better handle a variety of life stressors. It is not that more positive people are free of negative thoughts and emotions. Rather, their positive emotions and thoughts help make them more resilient in the face of negative events. They also noted that those with more positive emotions had a higher net worth (all assets minus all liabilities).


A study published in the National Library Journal of Medicine called, “Happiness Unpacked” reported that people who are happier have better overall life outcomes such as financial success, mental health, better relationships and better physical health. Furthermore, this study suggested that positive emotions and thoughts will predict these more-favorable life outcomes.


How Does This Positive Mindset Work in the Real World?

A famous study conducted in India proved the harsh impact of stress, particularly financial stress. Farmers had to make their money last from one harvest until the next. Toward the next harvest, many farmers ran out of money, or their financial resources became very stressed. Tests were given to the farmers both before and after the harvest. When financially stressed, the farmers dropped significantly in IQ points and problem-solving abilities. Another famous study at a New Jersey mall replicated those results. The study found consumers who felt they were in financial trouble dropped in IQ and problem- solving abilities.


Positive emotions and thoughts reduce stress, increase creativity and allow a person to better handle negative situations. Positive thinking changes how a person views potentially negative events. In other words, positive emotions create greater inner resilience and resolve. This enhances a person’s ability to not only think creatively but to think clearly.


An additional study at King’s College London noted that positive thinking enhances a person’s self-esteem by reducing negative self-talk. Positive thinking also lowers the frequency of the troubling intrusive thoughts we all have such as remembering negative events from the past. Negative self-talk is harmful because it is a well-known cause of depression and anxiety.


Positive thinking also creates a belief that we have the power to impact our future and accomplish our goals. This works by creating higher levels of self- esteem and self-respect, which enhance our ability to use self-discipline in daily life. Self-discipline, in turn, allows us to expand our abilities and do what is hard and necessary, rather than just what is fun and easy—such as budgeting, saving money and investing.


Methods to Increase Positive Thinking and Emotions:

• Learn to meditate

• Listen to upbeat music

• Watch funny movies or shows rather than negative ones

• Work at enhancing your gratitude

• Connect with your friends or make new friends

• Walk

• Get out into nature

• Help others

• Exercise

• Improve your diet

• Get enough sleep

• Avoid negative people


Why This Research Is Important

The research shows a clear link between how people think and how that thinking either enhances or diminishes their ability to create financial abundance in their lives. It also shows that we have a choice and can direct or reset how we think to increase the positive life outcomes we all desire.

For more information about this and other related topics, read my number-one

For more information about this and other related topics, read my number-one best seller, From Money Disaster to Prosperity: The Breakthrough Formula.


—Larry Faulkner



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