7 Ways Your Mindset Can Keep You Poor No Matter How Hard You Work
Some of people were brought up poor or in the
middle class – and then continue the rest of their lives plagued by the
thoughts, ideas and actions of the poor and the middle class.
No one would deny that the wealthy think and operate
differently regarding money, wealth, finances and investing. Here are
some common mental money traps:
1. “I just want enough to be comfortable.”
At the core of the middle class is some idea that
they can somehow find this place of comfort, which becomes a compromise
for any possibility of financial freedom. Consider that a significant
number of people save little money for retirement. This has caused
masses of people to be unable to quit working at retirement age, because
they are without enough money to take care of themselves during
economic contractions.
2. “I need to make money.”
It’s actually against the law to make money – that is
the job of the government, which over the last decade has been more and
more willing to manufacture money in unjustified amounts. This idea
that you need to make money to have it limits you to believing you must
trade time for money. Quit thinking about making money and think in
terms of collecting it. When you trade something of value with the
public you will get money in return.
3. “Bigger isn’t better.”
Wrong. Bigger is better and more is glory. Quit
thinking little. The best companies in the world are big. Staying small
takes a lot of energy. Go 10 times bigger than you think is necessary.
It’s more fun and it gives you a better chance of succeeding.
International sales expert, Grant Cardone, who in the
past 12 months has interviewed more than 50 very successful
entrepreneurs that run million-dollar companies to $100 million
companies that started with nothing, said almost every one of them said
that their biggest regret was not thinking bigger from the beginning.
4. “More money, more problems.”
This is simply an idea that those without money use
to justify having less and being broke. If more money is more problems,
then bring on the problems, because being broke is more than just a
problem. Quit trying to make rich ugly – it’s not.
5. “It takes money to make money.”
The reality is more than three quarters of all
millionaires today are first generation millionaires. That means that
ordinary people got rich because they had the courage to follow up on
their ideas.
The phrase, “it takes money to make money” is
completely incorrect. It takes money to make more money. While later in
life the rich use their money to create wealth, in the beginning stages
it only takes courage and persistence to create money. This belief that
you first need money makes you a victim and gives you no way out.
Cardone said he started with no money, and in debt.
He was broke at the age of 25, but by the the time he was 35, he was in
a position to never be broke again.
6. “Money doesn’t grow on trees.”
The person that commonly throws this phrase around is
suggesting money is limited and scarce. There is something near
$134,000,000,000,000 (trillion) on this planet – most of which is
merely represented by digits in bank accounts, investing accounts and
the like. The only shortage of money on this planet is in the mind of
those that don’t have money.
7. “Another day, another dollar.”
The job force of America is trading time for money
every day. Is your time worth $10 an hour or $50 an hour? The reality is
no matter how much you get, you are still selling time and you only
have so much of it.
The rich exchange dollars for time because they know
time is more valuable than money. Unwilling to trade money, the average
person believes the only way to make more money is to work more hours.
Big money requires thinking about money without time considerations –
think broad
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