People often think wealth comes from luck, inheritance, or rare talent, but what if we told you that “it’s all in your head” actually rings true?
Fidelity turned this misconception on its head after reporting that 88% of millionaires are “self-made,” meaning they built over 90% of their wealth themselves. Could this mean your mindset matters more than your circumstances?
It’s well-documented that adopting specific ways of thinking is a huge factor in building lasting wealth — complex money strategies or hidden investment secrets aren’t as important. Successful people got to where they are by fundamentally changing their views on money, chances, and achievement.
However, changing your mindset is easier said than done, and knowing where to start is the biggest obstacle. That’s why we’ve narrowed down the five most important changes that helped regular people begin thinking rich and used it to build remarkable wealth.
1. Adopting an Abundance Mindset
One common trait among wealth builders that sets them apart is an abundance mindset. This perspective views the world as a place of limitless opportunities, rather than one constrained by scarcity.
People with a scarcity mindset see wealth as something hard to come by. For them, there are a finite amount of opportunities to grow wealth, so they hoard money as much as possible (as most people do). In contrast, those with an abundance mindset see wealth as something that can always be created. For them, money is capital — a tool that must be used to generate even more resources or wealth.
For example, research on entrepreneurs found that those with an abundance mindset outperformed their peers. The former approached opportunities with confidence and optimism, which allowed them to take calculated risks, think outside the box, be more innovative, and capitalize on new opportunities. Ultimately, their mindset helped them achieve greater gains because they took more chances, had a greater degree of success, and were less inhibited by failures or setbacks.
The power of this mindset goes beyond positive thinking. It fosters resilience, enables you to recover quickly from financial setbacks, and stays focused on your long-term goals. Wealthy individuals understand that financial success isn’t a zero-sum game — prosperity is always expanding, and there’s enough to go around for everyone.
2. Investing in Self-Education
Wealth-building begins with a commitment to lifelong learning. The American Economic Review highlighted a direct link between financial literacy and wealth accumulation. They found that an incremental increase in financial literacy correlates with an average of $13,800 more net wealth.
The connection between self-education and income growth is undeniable. Professionals who prioritize learning often earn more and advance faster in their careers. This trend extends across industries and career paths. Experts recommend investing 3% to 5% of your annual income into personal development:
Learning is also linked to networking, which work together to speed up wealth building. By consistently investing in education, individuals build stronger professional networks and uncover better opportunities.
3. Practicing Disciplined Money Management
Money management is the foundation for transforming positive mindsets into tangible wealth. What sets self-made millionaires apart is their consistent adherence to positive financial habits — think of it as an addiction to staying rich.
For instance, one key practice is maintaining substantial emergency funds. By having six to 12 months of living expenses readily available, self-made millionaires have greater financial security, which provides them with peace of mind.
Guiding principles of effective financial management
- Detailed Budgeting: Track every dollar to ensure purposeful spending.
- Debt Management: Avoid unnecessary debt while strategically using good debt like mortgages.
- Automated Savings: Save and invest at least 20% of income automatically.
- Emergency Funds: Maintain reserves based on income level (three to nine months of expenses).
- Conscious Spending: Focus on value, avoid impulse buying, and prioritize quality over quantity.
Wealthy individuals are especially disciplined with major purchases. For example, they buy cars with long-term use in mind rather than leasing or frequently upgrading. Also, they tend to buy cars outright in cash and avoid long-term financing. Doing all this helps free up funds for investments instead of paying ongoing car loans.
Maintain financial discipline by conducting regular financial reviews — audit yourself to ensure that you’re consistently keeping good habits and avoiding bad ones. This is where expert advice can be a game changer. Match with a financial advisor to step up your wealth-building plan and get guidance along the way. Successful wealth builders typically assess their spending each quarter to ensure they’re on track to meet their goals.
4. Building Strategic Networks
Having strong personal and professional networks is vital for achieving success. The Harvard Business Review found that professionals with robust networks are 3.5 times more likely to get promotions and positive performance reviews. This shows how building meaningful relationships can lead to more wealth-building opportunities and boost your chances of financial success.
Community involvement is also a key aspect of networking, as it combines networking with meaningful causes. While only 36.8% of affluent individuals volunteered their time in 2022, high-net-worth people volunteer at double the rate of the general population and are significantly more likely to volunteer than those in lower socio-economic groups.
The correlation between volunteering and wealth involves factors like education level and free time, but economic status and existing relationships play big roles. Digital tools have further revolutionized networking. On LinkedIn, 37% of millionaires are among its users — making it the second most popular platform for millionaires after Facebook — as well as 91% of executives.
Strategic networking goes beyond socializing. Putting in long-term effort and having structured follow-ups go a long way in building meaningful relationships. If you do this consistently, you’ll be more likely to find opportunities coming your way and have an easier time building wealth.
5. Focusing on Long-Term Goals
Finally, the biggest thing that differentiates those who build lasting wealth from those who only dream of it is having a clear long-term vision. If you’ve ever heard of manifesting or “willing” something into existence, this is exactly that.
Research indicates that 76% of individuals who create written financial plans are better at managing their money compared to those who don’t write down their plans. Well-structured financial planning and long-term goal setting consistently enable people to surpass their wealth-building objectives.
Wealth builders know that effective long-term financial planning requires at least a five-year outlook. This timeframe enables the creation of solid strategies that account for market fluctuations and economic shifts.
Breakdown of financial planning phases
| Planning Phase | Timeline | Primary Focus |
| Short-term | 1-2 years | Emergency funds & debt reduction |
| Mid-term | 3-5 years | Investment growth & wealth building |
| Long-term | 5+ years | Wealth preservation & legacy planning |
Successful wealth builders know that a long-term vision requires more than just setting goals. Detailed action plans and ongoing monitoring to track progress, identify gaps, and make necessary adjustments are crucial for turning manifestation into reality. People who set clear goals are 42% more likely to achieve them, but reviewing and adjusting your financial strategies regularly is the key to success.
How a Financial Advisor Can Help You
Building wealth isn’t just about numbers — it’s about mindset, strategy, and action. The five mindset shifts we’ve explored — adopting an abundance mindset, investing in self-education, practicing disciplined money management, building strategic networks, and focusing on long-term goals — are the foundation for financial success.
These shifts aren’t abstract ideas; they’re practical, proven approaches that have helped countless people transform their financial futures. But here’s the catch: mindset alone won’t get you there. You need a plan, tools, and the discipline to execute consistently.
This is where a financial advisor becomes your secret weapon. They’re not just there to crunch numbers or pick investments — they’re your accountability partner, strategist, and guide. Whether it’s helping you stay calm during market volatility, connecting you with the right professionals, or creating a personalized financial roadmap, a good advisor ensures your mindset shifts translate into real-world results.
The first step is always to start small. Write down your financial goals for the next year. Automate your savings. Read a book on investing or take a free online course to boost your financial literacy. If you’re serious about accelerating your journey, consider working with a financial advisor who understands your vision and can help you navigate the complexities of wealth-building.
Our free advisor match tool connects you with a financial professional who can help you implement these powerful mindset shifts. They’ll work with you to create a customized wealth-building strategy that aligns with your goals and values.
Remember, wealth isn’t built overnight, but every small step compounds over time. The journey may seem daunting, but with the right mindset, tools, and support, you can create the financial future you’ve always dreamed of. Don’t wait another day to start your wealth-building journey — get matched with your ideal financial advisor now and take control of your financial destiny.
