Money Mindset: From Dreaming to Doing

Our mindset plays a critical role in shaping our financial future. A person with a positive money mindset believes in their ability to earn, save, and invest money effectively. On the flip side, someone with a negative money mindset will often feel stuck in their financial situation and unable to break free.

To transition from dreaming to doing it requires a shift in mindset, embracing a proactive approach to managing money, and recognizing that our bank balance is often a reflection of our habits and decisions.

Classic Cash-In Methods: Tried, Tested, and Profitable

There are many ways out there to bring in extra cash outside of day-to-day employment. The three cash-in methods that I find are the most successful for myself and my clients include:

The Stock Market

I hear from people all the time that they are uncomfortable with the stock market because they feel like if they aren't the Wolf of Wall Street, it won't be profitable. This assumption is simply not true. Anyone with a willingness to learn and a disciplined approach has the ability to tap into this wealth-building avenue.

If you are unsure where to start, there are courses and financial advisors to help you through the process.

Real Estate

Real estate is an excellent tangible asset that, when managed correctly, can generate passive income and appreciate value over time. To make the most out of a real estate investment, ensure you have done proper research to determine strategic location choices and investment decisions that will benefit you most.

Entrepreneurship

Finally, entrepreneurship is all about identifying market gaps and uniquely addressing them. Some great options are starting a small business, being part of a start-up, or finding a way for a large company to branch out to new areas.

Earning in the Era of the Internet

The Internet has given us access to the world at our fingertips, and with it has come some incredible new ways to generate income. Enter the side hustles (that often turn into full-time employment when executed correctly).

E-Commerce 101

E-commerce, or the trading of goods and services on the Internet, is an easier venture than a brick-and-mortar store and an excellent way to make money without a lot of overhead costs.

The average profit margin for an e-commerce store is 10%, but there are some high-profit stores that reach 20%! Some excellent tactics to bring in more money through your e-commerce store include:

1. Drop-shipping to make shipping easy and affordable

2. Subscription options that allow for recurring payments

3. Creating products yourself instead of outsourcing to manufacturing companies

4. Creating unique digital products

Getting Digital with Your Marketing

Digital marketing is an excellent way to tap into global markets. The best forms of digital marketing that you may not be using include:

• Content marketing

• SEO (Search Engine Optimization)

• Social media marketing

• Affiliate and influencer marketing

Teaching Online

Okay, so maybe you don't have an excellent idea for a product, but you have an expertise. Well, the demand for online education is growing, and platforms like Udemy and Teachable make it easy for you to monetize your skills and knowledge without a lot of overhead costs.

AI: Banking's New Best Friend 

AI isn't just revolutionizing the tech world. It also has fantastic benefits in the finance sector as well through AI banking.

AI-powered platforms offer personalized suggestions on areas such as investing, debt management, retirement planning, and insurance coverage after evaluating your individual financial data, spending patterns, and future goals.

Playing the Financial Field: Risks, Rewards, and Realities 

Like anything, investments and wealth building come with risks and rewards. As an investor, you must find a balance between making gutsy moves and protecting your assets.

Ensure you understand your risk tolerance, diversify your investments, and stay informed as you navigate the financial landscape. For long-term investments, choosing a more risky portfolio is often a better option to help bring money over time. However, playing it safe on short-term investments is also an option. Just figure out what works best for your future plans.

Your Money-Making Game Plan

To truly embrace the "Making Money is an Action" mantra, you must be bold, informed, and continuously evolving. To make sure you are applying this into your life:

• Look into the classic cash-in methods such as the stock market, real estate, and entrepreneurship.

• Create a source of income through the Internet by utilizing e-commerce, participating in digital marketing, and selling your expertise through online teaching.

• Utilize AI to help get personalized suggestions on areas such as investing debt management, retirement planning, and insurance coverage.

• And finally, realize that with anything in life, there will be risks, but managing your risk appropriately will allow you to take calculated risks that grow money and help secure your financial future.

At Invested Mom, I'm here to help better prepare you for your financial future—like keeping a money abundance journal. Check it out! Also, if you want to learn more about planning your financial future, check out my new book, A Wealth Building Framework. I will go into detail about planning your future and provide practical advice to help you apply the "Making Money is an Action" mantra to your everyday life.