“80% of success is because of psychology—mindset, beliefs, and emotions—and only 20% is because of strategies; the specific steps needed to produce a result,” said Anthony Robbins. The road map to financial independence starts with the way you think; that is, your mindset. What does this mean?

Making lots of money now does not guarantee financial independence. In fact, many individuals who are earning low income now can and likely will become successfully financially independent in their later lives. To a less-experienced person, this sound illogical. Yet older friends and family can often pull up tales of successful acquaintances who have had live stories like that. How did they achieve success? It’s their mindset.

The way you think is critical for reaching financial independence. The first stage to achieve financial independence always starts in the mind.

Financially independent individuals (FI) view money differently in many ways from others.

Here we have pinpointed ten factors that influence the financial independence mindset possessed by the FI.

Mindset 1. Think long-term

  • The FI test and plan their life in years i.e. 5 years or even 20 years. They don’t bother about where to go for lunch or expecting the coming weekend poker session.
  • FI are particular in planning for retirement. It starts on the day they receive their first pay-check.
  • FI would not sit down and wait for financial independence to fall on their lap. FI know they need to design and drive their financial independence.

Mindset 2. Emphasize the value and happiness when spending

  • When buying a product, FI emphasize more on value than cost.
  • FI know that quality items would last longer and that translates to lower cost in the long-run.
  • Further, they strongly factor in happiness when spending. For example, if a vacation gives more joy than buying a car, they will save up money for a vacation.
  • FI enjoy the whole buying experience — saving up, anticipation, and not worrying over any subsequent payments.

Mindset 3. Favor being an owner over being an employee.

  • The potential income of a business is limitless as compared to a capped salary of an employee.
  • When a company is profitable, its owners get the advantage. The owners do badly when it does badly. However, the staff also lose their livelihood. For the staff, it is all drawbacks with nothing upside.
  • FI also invest as owners in businesses and in real estate. Real estate can appreciate in value besides rent collection.
  • Instead of speculating, they invest in keeping their investments for years instead of hours. Meanwhile, the non-FI put their money in bank accounts and similarly safe investments.

Mindset 4. Strives to give value to others

  • Instead of taking value, FI strive to give value.
  • FI measure achievement by what the individuals around them have accomplished.
  • Reaching the top without breaking down others.
  • He understands that wealth will take over itself if he gives value to others.

Mindset 5. Proactively stays prepared for emergencies

  • FI protect their accumulated wealth.
  • FI prepare a fund to account for emergencies.
  • FI take out adequate insurance coverage.

Mindset 6. Thirst for knowledge especially personal finance literature

  • Proactively learn to speak the financial lingo.
  • Not to the extent of mastering the subject, but enough to be conversant and understand the financial language when dealing with a financial advisor.
  • Read a lot and in different genres. Not just about finance. Remember, to achieve financial independence is 80% mindset, your way of thinking. Read widely.

Mindset 7. Embracing change

  • Nobody likes changes when things are going well.
  • Change can be scary regardless of its size. However, by welcoming instead of afraid of the unknown, you can see change as an opportunity for growth.
  • The issue with the working class is that they mostly assume any change will have a negative impact on their lives.
  • FI accept that all change, positive or negative, will benefit them.
  • Figuring out how to invite change, and welcome the development that goes with it, creates confidence.

Mindset 8. Believed in delayed instead of instant gratification

  • Delayed gratification means sacrificing an immediate benefit in preference for a future higher-valued benefit.
  • The ability “to wait” and patience are an essential ingredient for self-regulation and financial independence.
  • You need time, tough work and, above all, persistence to grow wealth.
  • The rich understand that sacrificing short-term joy is part of achieving the longer-term financial independence.
  • In contrast, wanting instant gratification is the common mindset of the middle class.

Mindset 9: FI adopt BOTH Abundance and Scarcity Mentalities BUT at different stages towards financial independence

  • Abundance mindset believes “there is enough for everyone”.
  • Scarcity mindset believes “there is a limit in everything”; the pie is not big enough for everyone .
  • Both mindsets have a place in the context of financial independence but not concurrently
  • A scarcity mindset is equivalent to a “saving” mentality. It is adopted in the early days of pursuing financial independence. Practice good saving habits first. If not, how much money you earn is not relevant.
  • An abundance mindset is the “time to earn more money” mentality.
  • Both mindsets complement each other. When you save more and earn more, you can declare your financial independence day much earlier.

Mindset 10: Get help from the experts (financial advisor)

  • To have multiple streams of income, FI doesn’t work alone. It’s impossible. They find expert help from a financial advisor.
  • Non-FI thinks they will not accomplish success unless they personally in-charge of it.
  • To do everything on your own places limits on your financial capacity.
  • Believing that nobody can do it as well as you is a narrow-minded view.
  • Stop obsessing that only you can do something right. Begin placing more trust in others. Gifted people are abundant.
  • Delegate! This could make your results even better.


The destination towards financial independence starts with recognizing the mindset you need to have. There are many roads to financial independence, but they all begin by setting the financial independence mindset.


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So, do you have YOUR mind set to the correct MINDSET when dealing with your finances?