Liwei McBain-Financial Education Campaigner and Consultant

08/27/2023

https://www.cnbc.com/2022/06/27/gender-gap-in-retirement-readiness-persists-despite-womens-advances.html
Gender gaps in retirement readiness and financial know-ho
w persist, despite strides made by women in last 50 years
PUBLISHED MON, JUN 27 20223:27 PM EDTUPDATED MON, JUN 27 20223:59 PM EDT
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Sarah O’Brien


On average, men are saving more for retirement than their female counterparts.
Women correctly answered 45% of financial-related questions, compared with 55% among men, in a survey conducted earlier this year.
These findings come 50 years after Title IX resulted in more women pursuing areas of study and careers that previously had been largely off limits due to discriminatory practices.

In addition to an ongoing gender pay gap, women also trail men in their general financial knowledge and how much they're saving for retirement.

08/18/2023

How gratitude can help boost financial wellness

Monday 31 October 2022 | Reading Time: 5 minutes
We often hear about the power of gratitude and the incredible impact it can have on our physical and mental health. Focusing on the positives and expressing appreciation for your financial life can improve financial wellness as well. To make the most of this season of thankfulness, here are several ways to practice mindfulness and help give your financial well-being a healthy boost.

What is financial wellness?
Financial wellness is your ability to manage your money effectively, including your bills, expenses, debts, and unexpected emergencies, while also working toward your longer-term financial goals, like saving for a college education or retirement. Typically, a feeling of financial security can go hand in hand with financial wellness while also being prepared for unplanned expenses down the road. Oftentimes, outside forces can affect our financial wellness, whether it’s a job loss, having to care for a family member, or experiencing a health challenge. When these life events happen, it can be difficult to practice gratitude, but practicing gratitude can help you be more decisive in determining a plan of action to help come out on the other side with greater resilience.

How can gratitude affect your health?
For 60% of people in this country, thinking about their finances leaves them feeling anxious; with high debt, money challenges, and a lack of funds being the biggest contributing factors. This increased stress can be detrimental to your health, especially when you remain in this heightened state for long periods. Along with affecting your mental health, chronic stress has been linked to physical ailments, like high blood pressure, stomach issues, heart palpitations, and muscle pain. In some cases, not being in a financial position to pay for healthcare costs can then add to the financial pressure in addition to your poor health.

Studies have shown that when you practice gratitude, you can help improve your mood and immunity, while decreasing anxiety, chronic pain, and risk of disease. Being thankful, especially when faced with incredible financial challenges may seem impossible, but there are steps you can take to integrate gratitude into your life and help improve your financial well-being.

Tips to practice gratitude for mindful spending and financial well-being
Being mindful in your financial life can include increased awareness of your spending habits and your overall financial standing. Reflecting on what you value in your financial life can help you make more confident decisions and focus on the long-term benefits of saving, rather than spending. Here are some tips on incorporating gratitude into your life and helping improve financial wellness through more mindful spending:

1. Focusing on the present:
Being in the moment can sometimes be easier said than done, especially when life is financially difficult at that time. We may be caught thinking about our financial life in the past when times were less problematic, or in the future, when we hope our stress will be less. You can take time to focus and learn from this moment, focusing on the good, thinking of what you can do now, and not getting distracted by the things in your life you can’t control.

2. Taking note of the positives:
In the moments when you’re feeling overwhelmed, taking time to breathe and focus on your situation with optimism can bring a sense of peace. Whether you jot down a quick list on a pad of paper or keep an official journal, you could write down what you find positive about your current financial situation. Did you take advantage of a great deal? Did you adopt a positive money habit? Did you hold off buying an item you may not need? Noting the positives can help you acknowledge the good things that you’re doing and you may likely feel motivated to keep finding new things to add to this list.

3. Applauding your wins:
Acknowledging your accomplishments can motivate you to better manage your money and continually find things to be grateful for in your daily life. Did you find a solution to a big financial challenge? Did you reprioritize your spending or tighten your budget to accomplish a goal? Give yourself a high five every chance you get and keep finding new reasons to celebrate.

4. Setting your goals:
To help improve financial wellness, it can be important to set practical goals and hold yourself accountable for working toward them. Along with listing the objective, what are the steps you’re going to take to achieve it? For example, if you want to purchase a car next year, then perhaps cutting out some expenses, like unused memberships or streaming services can help put additional money towards this goal.

5. Making connections:
Sometimes talking through a financial situation with someone you trust can help put things in perspective. You may also feel a sense of pride by helping others navigate a financial scenario that you have previously worked through. As you take stock of the good things, you may begin to build this positive way of thinking into your life, shining the spotlight on the positives rather than the negatives.

Creating a long-term strategy to help enhance financial health
Achieving financial wellness does not happen overnight and can take an ongoing commitment, where you regularly check in and monitor your progress. Along with practicing gratitude and mindful spending daily, you may want to consider setting long-term goals that will happen in the next one to ten years and beyond. You can review your goals regularly to determine if you need to make any changes, update timelines, or delete the ones that no longer apply. As you review your finances and think about your future, it can be helpful to meet with a financial professional to get outside guidance and support as you work toward your goals.

Like most things in life, practice makes perfect. Even if optimism isn’t your normal mindset, you can begin to make positive changes that can help you see the glass as half full. Oftentimes, the more grateful you are, the more things you attract that can bring you gratitude. Both your financial successes and setbacks can offer valuable lessons, so appreciate them equally. As you do, you may likely experience improvements in your financial wellness in turn helping feel more confident about the decisions you make for the future.

07/28/2023

InvestmentNews

IRA ALERT Tax
Stop contributing to IRAs and 401(k)s

https://www.investmentnews.com/stop-contributing-to-iras-and-401ks-240215

This decades-old strategy no longer works. It’s time to reduce IRA balances, not increase them.
July 24, 2023
By Ed Slott
Ed Slott

Stop contributing to your IRAs and 401(k)s? That has to be a typographical error. After all, traditional retirement planning has always preached maximizing contributions to tax-deferred individual retirement accounts and 401(k)s to build retirement savings.

Why should you stop building those accounts and deferring the tax bill?

It’s because adding to these balances only increases your future tax bill in retirement.

Deferring the tax is only a short-term savings. In the long run, if tax-deferred retirement accounts continue to grow, so will the eventual tax bill. And that bill likely will have to be paid at higher tax rates. It’s a good bet that tax rates will increase in the future, but even if they stay the same, larger IRA balances mean larger required minimum distributions, which can result in income being pushed into higher tax brackets.

GO ROTH INSTEAD
Replace tax-deferred IRAs and 401(k) contributions with Roth IRA and Roth 401(k) contributions. Congress has provided new incentives to do that.

SECURE 2.0 provided added Roth 401(k) advantages like allowing matching and other employer contributions to Roth 401(k)s and eliminating RMDs on Roth 401(k)s (effective in 2024). SEP and SIMPLE Roth IRAs are also permitted. (Even though Roth plan employer contributions and Roth SEP and SIMPLE contributions are effective now, most record keepers and custodians don’t have that infrastructure in place quite yet.)

But won’t the tax deductions for my IRA and 401(k) contributions be lost? Yes, but that’s good. Tax deductions aren’t worth as much when tax rates are low, as they are now. Smart tax planning means taking income when rates are low and taking tax deductions when rates are high. A tax deduction for an IRA or 401(k) is really just a loan you’re taking from the government that has to be repaid in the future, and likely at higher tax rates. The tax deduction has no real long-term value.

If a tax deduction is taken now for IRA or 401(k) contributions, the accounts will continue to grow tax-deferred, but a much larger tax hit may result years later in retirement, when funds are needed the most.

By passing on the tax deduction, the Roth funds will grow tax-free for life (and for 10 years thereafter for non-spouse beneficiaries). The Roth retirement accounts are a hedge against the uncertainty of what future higher tax rates can do to your standard of living in retirement.

Instead of focusing on short-term tax savings by taking deductions and avoiding taxes on Roth conversions, look at the potentially much larger savings long term when those funds will be withdrawn.

Long term means not only during the IRA owner’s lifetime but also for your beneficiaries who will inherit and will also be subject to tax on higher balances. Under the original SECURE Act, most beneficiaries can no longer stretch inherited IRAs over their lifetime. They will generally have to withdraw all the inherited IRA and plan funds by the end of the 10th year after death. (Non-spouse beneficiaries also must take annual RMDs in years one through nine of the 10-year period if the IRA owner died on or after their RMD required beginning date — generally, April 1 after the year they turn 73.)

That creates a much shorter window for all the funds to be withdrawn, likely resulting in a substantial tax bill at the end of the 10 years. Even if tax rates don’t increase, beneficiaries may be in their own highest-earnings years at that point.

If, instead, beneficiaries inherit Roth IRA funds, they still must empty those in 10 years, but there will be no income tax and no RMDs for years one through nine of the 10-year term, regardless of how old the Roth IRA owner was at death. All Roth IRA owners are deemed to have died before their required beginning date since Roth IRAs have no lifetime RMDs. This is another good reason to do Roth conversions now, especially if the plan is to leave these funds to family beneficiaries. Roth conversions allow you to control your tax rate.

THE BIG RETIREMENT MYTH
But won’t my income and tax rate be lower in retirement (since I’m no longer working)? That’s a common question, with what seems to be an obvious answer. Yes, it would seem that once you’re retired, income will be lower. So why pay taxes now, when you can keep deferring them and building your IRA until you’re retired and taxes will be lower?

For most people, lower taxes in retirement are a myth. For those who build the largest IRAs, taxes down the road will generally be higher as a result of deferring withdrawals until they’re required. This triggers larger IRA tax bills when minimum distributions become required.

GOING THROUGH WITHDRAWAL
In addition to stopping pretax contributions, existing tax-deferred retirement accounts need to be reduced through a planned withdrawal strategy. Don’t wait until RMDs begin. It may be too late by then.

Delaying RMDs has been a popular article topic and tax-deferral strategy for decades, particularly whenever Congress raises the RMD age. Now, after the SECURE 2.0 Act, it’s age 73. But that’s not a good long-term strategy. It’s time to reverse that trend and start looking at ways to get funds out of IRAs well before they are required. That can reduce future tax exposure.

TAX RATES — NOW VS. LATER
It’s all about the difference in tax rates between those in effect now versus those in the future, when withdrawals will be required.

The foundation of all good tax planning is paying taxes when rates are the lowest, and that may be right now. We are currently experiencing the lowest tax rates most people have ever seen, and that will continue at least through 2025. After that, tax rates are scheduled to increase.

Recent inflation has also added an incentive to get funds out of IRAs now by expanding the current tax brackets so that more funds can be withdrawn at lower rates.

Reducing IRA balances isn’t simply about making withdrawals, paying taxes, and reinvesting the funds in a taxable account. It’s about getting those funds out at the lowest possible tax rates and then repositioning those funds to keep growing tax-free. The most obvious way to accomplish this strategy is with Roth IRA conversions.

IRA balances can also be reduced with charitable planning (for those who are charitably inclined) by using qualified charitable distributions or leaving IRA funds to charities. IRAs are the best funds to give or leave to charity to avoid taxation. QCDs are direct transfers from IRAs to a charity, but they are available only to IRA owners or beneficiaries who are 70½ or older.

Another way to reduce IRA balances is to use them to fund permanent cash-value life insurance. As with Roth IRAs, you pay the tax on the IRA distribution, but the cash value grows tax-free, avoiding the risk of future higher taxes.

REVERSE COURSE NOW!
Retirement savers should take steps now to alleviate the eventual tax problem of growing pretax IRA and 401(k)s balances — and advisors should be sounding the alarm. Have clients start making Roth IRA and Roth 401(k) contributions instead.

And have them start a plan to systematically reduce those existing balances by taking taxable withdrawals now at low rates and moving those funds to tax-free vehicles so they can continue to grow, but grow tax-free for life. These actions will guarantee that retirement account owners don’t have to lose sleep over the real possibility of higher future tax rates putting a dent in their retirement income when they can least afford it.

Stop contributing to IRAs and 401(k)s? Yes, because adding these balances only increases your future tax bill in retirement.

07/21/2023

Why Gen X Is Freaking Out About Retirement
Facing an insecure financial future, America's 'neglected middle child' may have to chart a different path to post-work life
https://www.aarp.org/retirement/planning-for-retirement/info-
2023/generation-x-anxiety.html

06/07/2023

FortuneSEARCH
PERSONAL FINANCE WEALTH

https://fortune.com/2023/05/30/building-wealth-three-step-strategy-tips/amp/

Getting rich is ‘surprisingly simple’ if you follow a 3-step strategy, says an expert on self-made wealth
There will always be a limit to how many expenses you can cut. But there’s no limit to how much you can earn.
BY JANE THIER

May 30, 2023 3:00 PM EDT

Bettors look to make money at a race track
Wealth could be just three steps away. Peter Byrne—PA Images/Getty Images

The easiest way to be wealthy is to be born rich. If that’s not an option, the key is to just curb spending, keep working, and invest, invest, invest.

That’s according to Jaspreet Singh, a money expert behind the Minority Mindset brand. Singh, a first-generation American, licensed attorney, and serial entrepreneur, is also CEO of Briefs Media, which publishes daily business and markets newsletters. When he was growing up, Singh said, his parents, who were Indian immigrants, didn’t instill him with guidance about investing or saving. But what they did do was impart a set of values.

“I saw how hard my parents worked, and I wanted to take care of them,” Singh said in a TikTok last year. “So I went on my own quest to become financially educated.” After a good deal of trial and error (including countless pivots, opening and shuttering a business, and even getting scammed), Singh figured out his method of success (mainly real estate investing), and has made creating and spreading financial guidance his raison d’être. The Minority Mindset was born to teach others how not to make the same mistakes he made, centered on “thinking differently than the majority of people” about money.

Singh’s guidance—which he dispenses in spades on TikTok, YouTube, and Instagram to over 2.5 million total subscribers and followers—is aimed at those without generational wealth or much prior financial knowledge to rely on. But becoming wealthy is surprisingly easy, Singh insists. In a recent interview with GOBankingRates, he outlined a three-step plan for anyone, in any financial situation, to build wealth.

✅️Step one: Spend less than you make.
Spending all the money in your bank account—much less going into debt—all but guarantees you’ll never be able to rise above your station. This is where most Americans fail, he says. “Most Americans work to buy nice things like fast cars, nice vacations, and luxury clothes,” he told GOBankingRates. “But if you spend all your money, you will never become wealthy.”

That could be harder than it sounds. Lifestyle creep is a difficult-to-avoid part of climbing the social ladder. In order to keep pace with peers, people often end up in debt—or close to it—while attempting to spend in line with their salary. But living below one’s means is critical to building wealth, regardless of income.

Some easy ways to do that include moving money straight from your paycheck into your savings as soon as your paycheck hits, logging each of your purchases and bills as they come, and keeping a close eye on small, day-to-day charges that can add up rapidly.

✅️Step two: Work to earn more money.
In other words, don’t get comfortable. Regardless of how frugal you are, there will always be a limit to how many expenses you can cut, Singh pointed out. But if you keep your nose to the grindstone, there’s no limit to how much money you can earn. That’s your sign to ask for a raise—even in this shaky economy.

“If you’re only making $40,000 a year, there [are] only so many costs you can cut before you’re truly just living a miserable life,” Vivian Tu, a Wall Street trader turned finance TikToker and self-made millionaire known as Your Rich BFF, told Fortune. “It’s a lot easier to job hop every two years and get a 25% raise, and then have that additional $10,000 when it’s in your salary, than it is to try and get there by cutting out every penny off of your Netflix subscription, off of that avocado toast, or that Starbucks.”

And if the salary negotiation falls flat, taking the time to read up on side hustles and maximizing earning power can be the gift that keeps giving. Lucrative side hustles like web programming, graphic designing, and data analysis can rake in over $50 an hour.

✅️Step three: Invest what you don’t spend.
Investing is an imperative not just for building wealth, but for retirement. “Just like how you can’t get rich by spending all your money, you also won’t become wealthy by saving all your money,” Singh said. Where and how to invest varies widely based on income, debt, and expenses, but Singh broadly encourages stocks, rental properties, businesses, and one’s own education as lucrative areas.

Generally, experts recommend making routine investments—ideally of around 15% to 25%—of after-tax income. “If you need to start smaller and work your way up to that goal, that’s fine,” Mark Henry, founder and CEO of Alloy Wealth Management, told Fortune. “The important part is that you actually start.”

Wealth advisors to the super-rich—and even industry titans like Warren Buffett—confirm that investing isn’t just for people with bottomless resources. “I can say unequivocally that the best strategies for managing money are equally applicable to all levels of wealth,” Jonathan Shenkman, advisor at Shenkman Wealth Management, told Fortune.

A 2022 Harvard Business Review article encourages people who don’t come from generational wealth to make a mental shift by letting go of limiting beliefs before they touch their bank account.

“When you grow up lacking money or the resources to make enough of it, thinking that there is a shortage of resources, or watching people around you live paycheck to paycheck, you may be more likely to believe that wealth is reserved for a select few,” personal finance educator Anne-Lyse Wealth wrote. Overcoming this mindset calls for practicing “thought work,” or “consciously paying attention to your thoughts and choosing to entertain different ones instead.”

Diving into the world of finance and investing can sound daunting, Singh acknowledged, especially for those living paycheck to paycheck or without much wiggle room. But even so, he says, “you just have to get started!”

"If you spend all your money, you will never become wealthy.”

06/04/2023

Moneywise Finance 101
1. Credit card

Be a responsible user to stay debt free.

Credit card interest is the cost you incur for borrowing money from a credit card issuer. When you make a purchase using your credit card and carry a balance, meaning you don't pay off the full amount owed by the due date, the issuer charges interest on the remaining balance.

Here's how credit card interest typically works:

✅️Annual Percentage Rate (APR): Credit card interest rates are expressed as an annual percentage rate (APR). The APR represents the cost of borrowing over a year and is divided into smaller monthly charges.

✅️Grace period: Most credit cards offer a grace period, usually around 21 to 25 days, during which you can avoid interest charges if you pay the full statement balance by the due date. If you pay the full amount owed within the grace period, you won't be charged any interest.

✅️Minimum payment: If you don't pay the full statement balance, the credit card issuer will require you to make a minimum payment. The minimum payment is typically a small percentage of the outstanding balance, such as 1-3%, with a minimum dollar amount.

✅️Interest calculation: If you carry a balance beyond the grace period, interest will be charged on the remaining amount. Credit card interest is usually calculated using the average daily balance method. The issuer calculates the average balance for each day in the billing cycle and applies the daily periodic rate (APR divided by 365) to determine the interest charges.

✅️To avoid falling into a debt trap and becoming more educated about credit cards:

✅️Understand the terms: Read and understand the terms and conditions of your credit card agreement. Pay attention to the APR, grace period, and any fees associated with the card.

✅️Pay on time: Make your payments on time to avoid late payment fees and potential penalty interest rates. Set up automatic payments or reminders to help you stay organized.

✅️Pay in full: Whenever possible, pay off the entire statement balance within the grace period to avoid interest charges.

✅️Minimize borrowing: Only use your credit card for purchases you can afford to pay off in full. Avoid using your card for cash advances, as they often have higher interest rates and no grace period.

✅️Compare cards: If you're considering getting a new credit card, compare different options to find one with a low APR and favorable terms. Look for cards with no annual fees or ones that offer rewards that align with your spending habits.

✅️Monitor your statements: Regularly review your credit card statements to track your spending, check for any unauthorized charges, and stay aware of your balance.

✅️Create a budget: Establish a budget to manage your finances effectively. Track your income and expenses to ensure you can cover your credit card payments and other financial obligations.

✅️Remember, responsible credit card use involves using credit as a tool rather than relying on it as a source of funds. By being knowledgeable about credit card terms, paying on time, and keeping your balances low, you can avoid the debt trap and use credit cards to your advantage.

04/28/2023

Knowing less costs more!

🌹Saturday Evening Open Seminar

💥College Fund Planning How to send your children to their dream university and maximize financial aid

✅Time: 8:00pm to 9:00pm
Every other Saturday
Join Zoom Meeting
✅https://us02web.zoom.us/j/81018309935
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04/09/2023

Here are 10 financial education concepts that are important for both adults and teens:

1. Budgeting: Creating and following a budget is essential for managing your finances effectively. It involves creating a plan for your income and expenses, and monitoring your spending to make sure you stay within your budget.

2. Saving: Saving money is a key component of financial health. It's important to save for emergencies, future goals, and retirement.

3. Investing: Investing is a way to grow your wealth over time. Understanding the basics of investing, such as risk vs. reward and diversification, can help you make informed investment decisions.

4. Credit: Understanding how credit works, including credit scores, interest rates, and fees, is crucial for making smart financial decisions.

5. Debt: Knowing how to manage debt, including credit card debt, student loans, and mortgages, is important for avoiding financial hardship.

6. Taxes: Understanding how taxes work, including how to file and pay taxes, can help you avoid costly mistakes and ensure compliance with the law.

7. Insurance: Knowing how to choose and use insurance products, such as health insurance, auto insurance, and life insurance, can help you protect your finances and your future.

8. Retirement planning: Planning for retirement involves understanding your retirement goals, estimating your future expenses, and making informed decisions about retirement accounts and investments.

9. Estate planning: Estate planning involves creating a plan for your assets and property after you pass away. It can include creating a will, establishing trusts, and naming beneficiaries.

10. Financial literacy: Finally, financial literacy is the foundation for all of these concepts. It involves understanding basic financial terms and concepts, as well as how to apply them in real-life situations.

03/07/2023

5 Ways To Go From A Scarcity To Abundance Mindset
https://www.forbes.com/sites/carolinecastrillon/2020/07/12/5-ways-to-go-from-a-scarcity-to-abundance-mindset/?sh=5a5ac20d1197

One of my favorite quotes is, “The mind is everything, what you think, you become.” It is so true. Mindset is a critical component of success in business, sports and life in general. There is also quantitative research to back this up. Stanford psychologist Carol Dweck examined mindsets among young students. She found that children who have a growth mindset that intelligence can be developed are better able to overcome academic challenges than those who have a fixed mindset that intelligence is predetermined. Another study on middle-aged adults, completed by researchers at Yale and Miami, revealed that those with more positive beliefs around aging lived 7.5 years longer than those with less positive self-perceptions of aging. So basically, your mindset can prolong your life!

Another way of looking at this phenomenon is in terms of a scarcity mentality versus an abundance mindset. Stephen Covey initially coined these terms in his best-selling book, The 7 Habits of Highly

Effective People. Scarcity mentality refers to people seeing life as a finite pie, so that if one person takes a big piece, that leaves less for everyone else. Most people, particularly in the corporate world, have been conditioned to have a scarcity mentality. It's no wonder when promotions and raises are scarce, resources are limited, managers hoard information, micromanagement abounds, and generally, short-term thinking is the norm. A scarcity mentality is what keeps many of us from achieving our goals. An abundance mindset refers to the paradigm that there is plenty out there for everybody.

The next question is, how can we make the shift from a scarcity to an abundance mindset?

1.) Focus on what you have
If you’ve been thinking about a career change but haven’t taken the leap, you’re probably having thoughts like, “There aren't enough good jobs out there," "I don't have enough transferrable skills," or "Who am I kidding, there’s too much competition.” These are all ideas based on scarcity, what you don’t have. A scarcity mentality sees limitations instead of opportunities. Instead, turn those around to thoughts like, "Wow, I have 25 years of marketing experience, which will be a huge asset if I decide to start a business" or "Over the last ten years, I've made great contacts which will be essential when I start networking for my next job.” If you’ve just been laid off, instead of wallowing in self-pity, think about how great it is to finally have the time (and maybe the money if you received a severance package) to think about what you REALLY want to do with the rest of your life.

2.) Surround yourself with people that have an abundance mindset
You know those people who always seem positive and see the glass as half-full instead of half-empty? Find them and start spending time with them. Attitudes rub off, and if scarcity-minded individuals surround you, you will need to counteract that to make a career change. As Tony Robbins says, "The quality of a person's life is most often a direct reflection of the expectations of their peer group." Ask yourself if you look up to the people with whom you spend time. If not, you may need to search for other people living the life you aspire to.3.) Create win-win situations
A scarcity mindset believes that if one person wins, another loses. Try to create win-win conditions in your life to combat this manner of thinking. Look for ways for both parties to leave with a sense of accomplishment and a better feeling about the relationship. Consider practicing this in both your personal and professional life. This often means listening without judgment or censorship, fully understanding what a win-win means for both of you, and brainstorming solutions until you find one that satisfies both parties.

4.) Incorporate gratitude into your daily life
According to Oprah Winfrey, “If you look at what you have in life, you’ll always have more. If you look at what you don’t have in life, you’ll never have enough.” It’s very difficult to feel fear or sadness while feeling grateful at the same time. Practicing gratitude is one of the most widely recognized methods for improving one’s overall well-being. In 2007, Robert Emmons, professor of psychology at the University of California, Davis, and the founding editor-in-chief of The Journal of Positive Psychology, began researching gratitude and found that expressing gratitude improves mental and physical well-being. Being grateful also impacts the overall experience of happiness, and the effects tend to be long-lasting. One way to practice this is to write down five things you are grateful for each day. Or, if you really want to incorporate this practice into your life, you can create a gratitude journal. Remember to include even the simplest things that you might take for granted, like the comfortable mattress you sleep on or breathing clean air.

5.) Train your mind to recognize the possibilities
An abundance mindset allows you to see more in your life: more options, more choices, and more resources. One fascinating Harvard study found that when we focus on one particular thing very intently, other possibilities that are right in front of us can go completely unnoticed. The brain can only absorb so much, so if your belief is “I can’t do it” or “it’s impossible” then any other thoughts contradicting that will get thrown out. Start training your mind to loosen its focus and create an expanded awareness. Ask yourself if you had all the time and money in the world and you knew you couldn’t fail, what would you be doing? Questions like that will help to open your mind up to what’s possible.

Ultimately, just remember what you believe is what you receive.

These strategies will help you view the world as limitless in terms of work, relationships, wealth and resources.