THE DIFFERENCE IN MINDSET OF INCOME AND GENERATIONAL WEALTH
Generational Wealth – in India whenever we talk to any person in General or due to some Kind of bond attachment, the first and Foremost Question we ask is how much he or she earns although we do not say it people still Generally judge by a narrow mindset of the amount of wealth they produce, in most countries you identification is measured by your income.
in banks, if you do pursue the province of loan sanction the Bank manager looks upto your ITR -file (which is basically the income tax return ) that Represents your yearly income again the mindset gets converged to income, due to this scenario what we Generally Observe is that the mass population people have is an income-oriented mindset.
now mindset is what that makes one person different from another when we see a person belonging to an employed or self-employed field then these Categories of Persons Have income-oriented mindsets where they value ( time = money) and on the other hand we do have the people present in the business and investor categories these people have the mindset of Generating wealth and passing for their generational wealth.
DEBT AND GENERATIONAL WEALTH
observing the history of those people who had Achieved at great levels starting with nothing had a burden of a bill to pay for either by first persons of Generations or Second persons of generations or by following persons of Their ages this was the “ BILL OF REGRET” which is generational and Continuously moves on until the bill is paid off by someone in the following generation who has done it more fascinating way and had pulled a massive stroke for their progression towards generational Wealth.
without being contradictory this is also true most of the generational wealth is not sustainable for a longer horizon of time, and it does have a definite reason for it, the being which is foremost and insignificantly important is ” THE HUNGER FOR GROWTH” if there is no hunger for growth there will be no burning desire within one’s self and with respect to that there will be no generational wealth.
“HARD TIME CREATES STRONG MEN, STRONG MEN CREATES GOOD TIMES, GOOD TIMES CREATE WEAK MEN AND WEAK MEN CREATE HARD TIMES”
~G.MICHAEL HOPF
STEPS TO ACCUMULATE GENERATIONAL WEALTH-
Well income is something that you earn and wealth is something that you make by utilizing financial knowledge, this doesn’t mean that person with financial knowledge or a person with a higher degree in finance can be able to accumulate wealth and others cannot, financial knowledge is a set of knowledge which not provided to anyone in school or college levels in order to acquire this knowledge a person must be focused on their plan and determination.
the first step that anyone can take to make a progress in generational wealth is to gain knowledge via books, podcasts, and audiobooks certainly whichever suits the individual.
here are some books through which you can get the basic mindset of generational wealth
- RICH DAD POOR DAD ~ ROBERT.T.KIYOSAKI
- THINK AND GROW RICH ~NAPOLEON HILL
- THE SCIENCE OF GETTING RICH WITH THE SCIENCE OF BEING GREAT ~ WALLACE D. WATTLES
- THE RICHEST MAN IN BABYLON ~ GEORGE S.CLASON
- THE PSYCHOLOGY OF MONEY~ MORGAN HOUSEL
- AS A MAN THINKETH ~JAMES ALLEN _ (this book basically helps every individual person to get control over their thought and to think in a prescribed direction for their requirement)
the most important thing is to understand the basic principles of life which a person regulates if you want to understand the basic principles of life for producing generational wealth
GENERATIONAL WEALTH FOR THE EMPLOYED AND SELF-EMPLOYED PEOPLE-
When it comes to the mindset of people who trade their time for money generally have one single option to generate generational wealth simply by buying assets ( stocks, bonds) and by keeping a well-balanced portfolio. there are some processes and how to understand the procedure of buying stocks and the process of buying bonds, and if anyone is new to the mutual fund please click on the link.
GENERATIONAL WEALTH FOR THE BUSINESS AND INVESTOR CATEGORY OF PEOPLE-
When it comes to the mindset of businesses and investors what we do generally observe is that their education is different they study debt and taxes and more profoundly they use the stock market as the store hold of wealth which is very different from the employee and self-employed mindset peoples, these people basically use real estate as their fundamental investment option, if anyone wants to know about real estate then click here
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