Death to the Consumer Mentality

At some point, you may have come across the term consumer mentality. It’s the mindset many of us have, whether we realize it or not.

What is the Consumer Mentality?

To me, part one is about owning and having material items or constantly consuming the latest and greatest.

And for part two of the consumer mentality, it’s that your only interest is to just consume, forgetting the notion that you should be producing too.  

Should You Stop Consuming?

This isn’t to say you should stop consuming completely as it does keep the economy running when people are buying. Consuming and spending keeps businesses open and the money machine turning. But I’m also not an economist or well-versed in this area, so I won’t pretend I know everything about how the economy works.

Transition to  The Investor Mentality

Putting bad financial habits to rest can take you a short time or may take a lot longer with some minor consumer relapses. It’s okay, because making any effort at all and realizing your consumer mentality is a problem, puts you light years ahead of the vast majority.

The Steps to Develop The Investor Mentality

Nothing below is rocket science or any special secrets. Like most of my content, it’s straightforward advice. But, these were the steps that helped me develop an investor mentality.

Actually make it a priority to make changes

If you don’t dedicate time or prioritize breaking the consumer mentality, it’s not going to happen. You are shifting your entire mindset when you want to think like an investor and it’s not something you can passively do and expect results.

See where all your money is going

As you get started, you must figure out where all your money is currently going. This means making a budget, make use of other personal finance tools, and keep track of money coming in and going out. Without this picture, you’re trying to make changes in the dark.

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