Mastering Your Money Mindset: How to Build Wealth Without Getting Overwhelmed

Note: We use AI transcription so there may be some inaccuracies

James Hill: you need to be around people. That can help you get to where you want to go. You know how they say dress for the job you want, not for the job you have.

You have to think and act for the career you want and the net worth you want, not for the net worth you have. Because where you are at today is based on the decisions you made last year, not the decisions you made last night. The decisions you made last night are going to propel you next year where you're going to be at.

So yes, you do become a millionaire internally. in your mindset and your actions before you actually start receiving the money. And that's good because if you receive the money before you actually become a millionaire internally, you're going to lose it and you're gonna blow it. We see this happen with athletes, entertainers, people who win the lottery.

It happens every single day because your mind and your money has to be aligned in order for you to keep it. I read this in a book and I'm gonna try to explain it the best way I can because it changed the way I looked at. You never go above or below your level of money, your self-concept and level of money.

Right now, you've been a cpa. You're a journalist. You've financially literate. Let's say you lose everything. You're gonna start scrambling. You're gonna work 10, 20 hour days to get to that level. Back to where you were once at. . But once you get to that level of your self-concept, you're going to become comfortable cuz that's where you're at.

But let's say you get a hundred million tomorrow, that's so above your level of self-concept. You're just gonna start blowing the money. You're just buying anything. Burkin bags, , you know what I'm saying? Just paying for everybody to go on trips and all of this, your level. You never go above a beyond 10% of your level of self-concept.

When you go above it, you start sling and spending the money when you go below. You start scrambling and hustling to get back to that level. One of the things you do in order to make yourself ready to receive the money is you have to continue to feed your mind and study and be around people and be comfortable with having that amount of money.

Let me give you an example. Love that. The first time I made an investment and I made about 30 or $40,000 just from an investment out of the stock market, made a good investment. It went up. I made about 40,000. One of my mentors was like, don't spend that money for six months, just let it sit in the bank.

And I'm like, why would I do that? This was probably in like 2019 something. I'm like, why would I do that? What are you talking about? And he was basically trying to train me on this whole concept I'm saying. If I get used to having 50, 60, a hundred thousand in my bank account, then my level of self concept is going to go up.

But because I wasn't used to having that type of money, my first initial thing to do was to go scramble and buy something and buy this and buy that. Now, if I have a hundred thousand dollars in the bank, it's a normal day. But most people, if they get that type of money, if they are going to start thinking about scrambling and spending that money and blowing this, and they're gonna become very friendly.

they get all these new cousins and friends and they got an entourage. And we see it every day with rappers, with athletes, with people who glow their money is because one day they was in the hood or one day they was in college. They're good at playing basketball and because of that, now they got a hundred million contract.

Their level of money has not risen. Not one bit. You see 

Anne-Lyse Wealth: that with people who win the lottery too, right? It's such a great point. You have to elevate in terms of what you know about money and wealth so that you can be a good steward of that money. 

James Hill: Correct. Because if you don't, you're going to throw it away. 
 
You're going to give it away. You're going to spend it. Your mind is going to justify some of these dumb purchases. Oh man, I deserve a $30,000 burkin bag. I deserve a trip to Turks and Caco. Me and my family, we've been working hard, so I deserve to take everybody to Amsterdam. You're gonna start justifying all of these purchases, and once you go broke, you think you're gonna keep the money forever, and it doesn't work like that. 
 
You gotta invest the money and learn how to be a steward of it.