Warren Buffet, a renowned investor, offers five mindset actions that can contribute to your financial wellbeing and long-term wealth.  These are:

1. Invest in Yourself.  You are your most valuable asset. Critical to financial and professional success is self-improvement and personal growth.  Obtain further education, specialized certifications, and new career skills for increased marketability and earning power.  This can be achieved through online courses, workshops, or working with a mentor.

2. Think Long-Term.  Avoid a get-rich-quick belief, which is very often destructive. Instead, identify investments with the potential to grow steadily over time. Expect market values to fluctuate in the short term so resist the temptation to be concerned about these ups and downs. Focus on your long-term plan to achieve your goal of financial wealth.

3. Develop Financial Discipline. Too often people save what is leftover. Instead, develop good financial habits with a budget that avoids unnecessary spending and emphasizes saving and investing. Live below you means, even as your income increases. Automate your savings with a set amount transferred to an investment account each month.

4. Surround yourself with wise, informed individuals.  You tend to become like those with whom you associate.  Seek those who will motivate you, reveal new ideas and opportunities, and help you develop positive financial habits.

5. Be patient.  Building wealth requires patience, persistence, and staying with your plan despite short-term difficulties.

In addition to these mindsets, other habits that contribute to financial wellbeing include:

• Set clear goals in writing with action steps and deadlines to achieve savings targets and other financial success.
• Develop a growth mindset in which you seek feedback, learn from failure, and maintain a desire to improve.
• Plan for continuing education. Read extensively, take courses, and develop new skills. 
• Connect with a mentor who can provide guidance based on their experiences.
• Practice wise money management by tracking spending, using a budget, and maintaining detailed financial records.
• Start investing early, even with only a small amount. Be consistent with your deposits. 
• Build a network of successful individuals who can provide financial and career guidance.
• Volunteer in your community to make connections and gather business opportunities.
• Consider starting a side business while working full time. 
• Practice wise time management to prioritize high-value activities and to eliminate time-wasting activities. 
• For physical and mental wellness obtain adequate sleep, regular exercise, proper nutrition, and stress management. 
• Stay informed about industry trends, new technology, and economic conditions to adapt to new investment and career opportunities. 

Bottom of Form

For additional information on improved financial mindsets and habits, go to:

Link #1

Link #2

Teaching Suggestions

• Have students talk to others to obtain suggestions for successful investment and wealth-building actions.
• Have students create a visual (poster, slide presentation, or video) that communicates wise mindset habits for obtaining financial wellbeing.

Discussion Questions 

1. Which of the mindset actions are you currently using? Which ones might you implement in the near future?
2. Describe barriers that people might encounter to prevent them from achieving long-term financial wellbeing.