What do you have in common with the richest retirees?

Human beings are genetically predisposed to seek approval. In the business field, preoccupation with the opinions of others can majorly impact your moves and hinder your outcomes.

Predisposition of approval seeking helps humans better fit into tribes and groups, but it can socially manipulate your instincts. Seeking the approval of others is an emotional addiction that does not aid you in the quest to retire rich.

The individuals that became the richest during the gold rush were the ones selling the shovels.

Base your decisions in logic and well-planned methodologies. Don’t throw money at things you have not thoroughly researched. Understand your investments at the foundational level.

Just as the sharks on the hit TV show “Shark Tank” vet every opportunity that comes their way, you must thoroughly understand the decisions you make and stay smart.

Many speculators take on the mentality of a gambler. This pays off in the short-term, but often dramatically fails in the long-term. Fast money wipes out retirement funds.

Rather, keep greed at bay and become satisfied with lesser more sustainable returns. Also, remember, despite what you see on TV and in the movies, most millionaires live a modest lifestyle well below their means.

Toughness is a learned skill, and with practice one can build their mental and emotional strength. Mental discipline is a cornerstone to retiring rich.

Spending is fun, and frivolous purchases can bring great joy at the time. Get tough with your spending plan and stick to it. Use your mental strength to contain your spending.

Would you rather have the short-term satisfaction of material possessions that usually wears off quickly, or the long term safety, security, and retirement you’ve always dreamed of?

Organization is achieved both mentally and physically.

Financial organization begins psychologically. Hash out the details and take everything into consideration on what it will take for you to retire, including inflation and fees.

A lack of organization can lead to procrastination, which is the enemy of progression. Start thinking about how you want to live, and what you want to do when you retire. It may be many years from now, and your dreams may change, but your planning begins today.

Proper planning fosters organization.

Use your mind as the machine it is to serve your best interests. If you believe that you deserve it, you can achieve it. Don’t let mental roadblocks inhibit you from attaining your goals of retiring with accumulated wealth.

Get really excited about the retirement you want to live and expect to move closer to it each and every day.

Be an optimistic pessimist. Be someone with a positive, yet realistic, attitude. Dreaming big can pay off, but you must pave a path to reach the dream. Use your brain power and critical thinking skills to craft the vision for your goals to reach.

To retire rich, be sure to keep your chin up and your eyes open. Have faith in those who educate and advise you, but be sure to check the silverware before they leave.

When it comes to retirement, most people take a minimalist approach. They envision their twilight years as being low income, reduced expenses and a frugal lifestyle.

But what if it didn’t have to be this way? What if you could reimagine your retirement as a time of abundance, luxury and even excess? After all, some people do retire rich, albeit a small percentage of the population.

The point is that it’s possible. A proper saving and investment strategy is the key to retirement. Before that, however, you need to have the right mindset about money, life, success and retirement. For the people who do, the sooner they are able to retire and enjoy more of life.

Source:
Business Insider: Robert Pascuzzi