Rich Habits Podcast
63: These 3 Mindset Shifts Will Make You a Millionaire
May 6, 2024
Entrepreneur Robert Croak and financial advisor Austin Hankwitz discuss three mindset shifts necessary for millionaire status. Topics include overcoming FOMO in wealth-building, managing weekend spending, staying calm during market shifts, overtime vs side hustle strategies, and diversifying portfolios with gold investments.
31:53
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Quick takeaways
- Overcoming FOMO and impulsive spending is crucial for financial success.
- Prioritizing delayed gratification and strategic spending leads to sustained wealth accumulation.
Deep dives
Mindset Hurdle: Overcoming FOMO and Impulsive Spending
The podcast episode delves into the significant mindset hurdle of overcoming FOMO, fear of missing out, and impulsive spending behaviors, especially prevalent in younger individuals. FOMO often leads to making poor financial decisions, such as overspending on last-minute trips or events, even when one cannot afford it. The hosts highlight personal experiences with FOMO, emphasizing the need to differentiate between desires and financial responsibilities. By discussing scenarios related to spending impulsively, the episode underscores the importance of honest financial conversations and practicing 'loud budgeting' to stay on track with financial goals.
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