While investing is not for everyone, there are those with preconceived notions and biases who don’t even want to try. This is a shame because, with the right tactics, knowledge and experience, one could gain significant yields through investments.

Pre-existing assumptions may be stopping even those who are curious from dipping their toes into the investment pool. If you wish to be financially successful, you need to replace your mindset and thoughts about money with those adopted by the rich.

Here are four perspectives that many have when it comes to investing, and how changing them can help you become a much savvier investor and help you build your wealth.

1. ‘I don’t have money to invest’

Many think investing is something that can only be done when you already have money. This isn’t necessarily true – most rich people do not start off with lots of capital in the bank.

Instead, they use their lack of money as motivation to build their wealth. In other words, it’s what they don’t have that drives them towards being financially successful.

So, is lack of money your reason for not investing? Or could you alter your thinking to be more proactive, allowing this shortage to become the catalyst for you to raise capital?

2. ‘Investing is too risky’

Nobody likes to lose money. Many prefer to avoid the uncertainty that comes from the stock market, choosing instead to put their money into fixed deposits (FDs) and the like, so as not to lose their capital.

But is putting money into FDs a long-term solution for wealth building? While it will certainly pay you interest, remember that inflation and rising living costs will mean your money will decrease in purchasing power over time.

Investing is more than simply accruing interest; it is a matter of financial survival. So, instead of allowing risks to be a reason for not investing, think of it as the impetus for you to gain knowledge and grow your capabilities as an investor.

Mitigate, instead of avoid. The more you know and learn, the less risky investing will be.

3. ‘I don’t have time to invest’

This may well be true, but in reality, everyone has 24 hours in a day, seven days in a week. So this is dependent on your life goals and financial outlook: if you don’t have time to invest, it likely means you consider your time to be better spent elsewhere on something more rewarding.

That said, some believe investing actually allows you to “buy time”. How? Because it potentially allows you to earn more without having to work extra hard, expend more energy and put in long hours.

Successful investments could be likened to “robots” that help you generate revenue with barely any further involvement required on your behalf. Without these robots, you have to continually toil to earn active income.

Instead, your bills and other spending could be covered using monies generated by these robots. This is passive income, and it can be very liberating.

4. ‘I’m not good at investing’

Honestly, who is good at something from the get-go? What you know is accumulated through years of learning and experience, and likely through costly mistakes and life lessons.

Don’t let your mistakes, or fear of making them, keep you from investing. Cultivate an attitude of learning and continuous improvement, which is a more important success factor than smarts and intelligence.

If you incurred losses from your past investments, it does not make you a bad investor. Don’t allow failure to become part of your identity; a good investor is not one who always profits, but one who handles his mistakes in a positive and constructive manner.

So what now?

If you possess any of the four mindsets above, you have a choice. You may hold on to these perspectives, but it’s like choosing to take the bus or rideshare, or having to walk because you don’t know how to drive: you simply have to accept that you have a more restrictive way of travelling.

Alternatively, you could make necessary changes. Set a time frame of one to two years to learn, overcome limitations, and practise the fine art of investing. After this time, you will discover that investing gets easier, potentially setting you up for a brighter financial future.

This article first appeared in KCLau.com. Ian Tai is a financial content writer, dividend investor, and author of many articles on finance featured on KCLau.com in Malaysia, and ‘Fifth Person’, ‘Value Invest Asia’ and ‘Small Cap Asia’ in Singapore.