The M Word ~ Issue 3
Changing Your Mindset (cont.)
In case you’re wondering why I am putting so much focus on this subject of mindset…
I want you to succeed. Your mind is the single most powerful weapon you have in your arsenal. If you have ever wondered why someone of “average” talent or ability rises to meteoric success while others do not, it comes down to this one factor: MINDSET. If you have ever wondered how people can live year after year with the most obvious deficiencies in their lives, again, it comes down to MINDSET. Your mind can either keep you imprisoned or set you free.
I am not the first, nor will I be the last person to say that MINDSET is the single most important thing to “fix” before we can truly resolve any long term condition. I join the ranks of thousands of philosophers when I say that we must conceive, imagine, and believe before we can create a new reality. Since MONEY is such a loaded subject, it is important to clear up any false ideas and limitations to our thinking before we can make truly effective and lasting change.
So let’s continue looking at some other common misconceptions of money…
MONEY DOESN’T GROW ON TREES. While it is smart to not waste money or spend it frivolously, often this can give people the idea that money is scarce and can’t be easily made. This concept of scarcity can create a kind of anxiety and neurosis that not only creates unnecessary stress but can actually drive money (financial opportunities) away. There seems to be a rule in life that if you want or need something too badly, you can be pretty sure that you will not get it. There are examples of this everywhere… from the lovesick “too needy” guy who never gets the girl, to the overzealous salesperson who never gets the sale. The same dynamic that repulses people in the above examples also applies to money. If you closely observe people who have money problems, there is usually some idea of scarcity in play. They are constantly worried and “never have enough money”. On the other hand, financially successful people are very comfortable with money and view their finances almost as a game rather than something that is “life and death” serious.
IT TAKES MONEY TO MAKE MONEY. This is another well-known saying that has limited scope and usually applies when people think the only way they can make money is to invest a lot of it in a business, real estate, the stock market, etc. I started my business with a $100 investment. I spent maybe another couple of hundred to get my licenses. The first year, I operated out of my grandma’s living room. Within a few years, I was making a multiple 6 figure income. I won’t lie and say it was easy. I was disciplined about putting in the time and I didn’t give up. Another example of how this adage is not always true: I have an aunt who is an artist and makes a modest income. She started working with a financial advisor when she was in her early thirties. Once she had a financial plan in place, she started to save money on a regular basis. While she doesn’t live extravagantly, she and her husband live a very comfortable life. In addition to having paid off their mortgage early, they take several vacations and travel abroad every year. The best part is that she will have a net worth of over a million dollars by the time she reaches retirement age. It isn’t surprising at all that one of my aunt’s biggest goals is to live a stress-free life!
I’m not saying that there is no truth to the concepts you’ve heard about MONEY, but here’s why I think they can be dangerous: These adages are often used to explain away why people aren’t doing better financially! They promote the idea that making money is difficult and that it’s NORMAL to struggle. The fact is, anyone can do well financially and is not forever doomed to be a prisoner of the almighty dollar.
Now that we’ve cleared up some common misconceptions of MONEY, my next blog will really blow your mind…