I was talking to my mum (one of my financial role models) yesterday about my blog. She said that she liked the article "Set Goals and Get a Wealth Mindset" but she offered me an alternate hypothesis.
She said, "I agree that if you think poor, you'll be poor. But if you think rich, when you're not rich you will be poor. You get this when you spend like you earn more than you do. This is the key difference between income and wealth."
Queue brain explosion, as I am yet again blown away by the wisdom of my mother. She raises an interesting point. Some of you may know this notion as; "Keeping up with the Joneses." I cannot remember which author I can credit with this quote, but it has stuck with me for several years. Keeping up with the Joneses is;
"People buying stuff they can't afford, with money they don't have, to impress people they don't like."
Let's face it: We don't like the Joneses anyway, so let's stop trying to keep up with them! Instead we can let them drown in a pool of personal debt while we focus on accumulating wealth and saving for our retirement.