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Cargo Pants Finance

Fixed vs Growth Money Mindset

Do you believe deeply and with enormous conviction that you can master your money and that you control your financial future to a very high degree?

Does this belief drive you to actions that could, in the fullness of time, lead to an abundant financial future?

No one is born good with money.

Section titled “No one is born good with money.”

Money skills are not innate. They are developed gradually over time.

In Mindset: The New Psychology of Success, Carol S. Dweck argues that our genes influence our intelligence and our talents but these qualities are not fixed at birth.

In experiment after experiment, Dweck has shown that the fixed mindset is a huge psychological roadmap regardless of whether you feel you were blessed by talent or not. In contrast, people with a growth mindset believe that a person’s true potential is unknown and it is impossible to predict what can be accomplished with years of passion, toil, and training.

Becoming a millionaire is harder than becoming a millionaire.

Section titled “Becoming a millionaire is harder than becoming a millionaire.”

Think of your favorite self-made billionaire.

If you took away all of his or her money, how long would it take them to become a millionaire again?

On the other hand, a higher proportion of professional sports athlete go broke relative to the general population.

Nearly 15% of [NFL] players will have declared bankruptcy by 25 years after retirement.

Having played for a long time and having been a successful and well‑paid player does not provide much protection against the risk of going bankrupt.

Instead of focusing on getting rich quickly, focus on building the habits, mentality, and knowledge that will transform you into a millionaire.

Resources and References

Section titled “Resources and References”