The moment your mind shifts from being a consumer to a producer, everything changes for you.
I was born and raised by a father who fully understood and mastered this principle. My mom somewhat embodies this mindset as well.
I always knew that we didn’t want for anything, but it was not until later that I was told what my late father had gone through to create the life that I had been enjoying.
I told my mentees during a Zoom call last weekend that my father wasn’t born into riches, but he died as a wealthy man. As a matter of fact, he left a lot of inheritance for all his children.
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How did he achieve this?
- Step 1: He invested his time heavily into learning a highly paying skill.
- Step 2: He got a job that paid him an above-average income.
- Step 3: He used his income to start a business.
- Step 4: He used his business profits to register his private limited company.
- Step 5: He took bank loans and expanded his company.
- Step 6: He used the profits from his company to invest in agriculture, build investment properties, and help the needy.
- Step 7: He took out a life insurance policy.
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At the time of his death, he was only 53. My dad lived a modest life. He was the kind of man whose wealth could be seen in his deeds and not in his material possessions.
Although some would say he died without enjoying his wealth. However, I am confident that if I were to ask my dad today how he felt on the day he was dying, he would say that he felt peace, knowing that his family would not beg for food.
My dad was obsessed with production, and no so hot about big cars, expensive shoes, lavish trips and you name it.
He understood the power of being a producer and he exploited it unapologetically. And if he hadn’t gone to be with the lord so early, he would want for nothing at his old age.
Related article. The Only Proven Way To Become Wealthy
Why is it important to shift your mindset from consumer to producer in order to create wealth?
A. Shifting your mindset from consumer to producer can be an important step in creating wealth because it involves taking an active role in creating value rather than simply consuming what others have produced. As a producer, you have the potential to earn income by creating and selling products or services that are in demand, which can be a key source of wealth. In contrast, as a consumer, you are reliant on others to create value, and you may only be able to increase your wealth by saving and investing a portion of your income, which a lot of people struggle with.
B. Another reason why it can be important to shift your mindset from consumer to producer is that it can help you develop valuable skills and expertise. As a producer, you are likely to constantly be learning and adapting in order to stay competitive, and this can lead to personal and professional growth. This can not only be financially rewarding, but it can also increase your sense of accomplishment and fulfilment.
When I look around me, most of the people in my circle who are struggling financially are big consumers who spend their money on liabilities. They spend their money on things like
- Shoes and clothes
- New gadgets
- Fancy outings
Don’t get me wrong. I like nice things too and I have a few, but the difference is that I am not obsessed with material stuff.
Some people say “money is the root of all evil,” but the bible, which is my go-to book of wisdom, says “A feast is made for laughter, wine makes life merry, and money is the answer for everything.” Ecclesiastes 10:19
The truth is that we live in a capitalist society, and money is important as long as we live on this planet. That said, wouldn’t it be better to have money and not need it, than to need money and not have it?
Overall, shifting your mindset from consumer to producer can be an important step in creating wealth because it allows you to take an active role in creating value and can also help you develop valuable skills and expertise.