With the economy struggling and governments stretched to help everyone, now it is up to us to create our own financial security!
Our success depends on the understanding that money in itself is an idea. We are the ones that attach value to the piece of paper we call money, we then agree between us all that we will use this piece of paper, with its intrinsic value printed on it, to exchange it for goods and services. If the agreement us all fails, the currency collapses. Just look at what happened in Zimbabwe, currency collapsed and people reverted to using gold and US dollars.
We have to also remember that money is either our master or our slave. To become wealthy you have to aim for the latter.
Our culture dictates that to become wealthy we need to work hard and save. I don’t know about you but this formula no longer equates to success in this day and age. We must come up with new ways to creating wealth.
Our first hurdle is to overcome the belief that the wealthy must be dishonest, taking advantage of others. This is often far from the truth! what wealthy people learnt and put into practice is the following:
1. To be wealthy you have to create value for others. If we fail to create value that others are willing to pay for, we end up working for someone else.
2. To be wealthy you have to serve others – not work for others.
3. We need to find ways to make others’ lives easier, better, or solve their problems.
4. If we create enough value, our clients will feel special and tell others’ about the great product/service they received.
5. Value is personal.
6. Wealth is a self-discovery journey not a destination.
7. Hardworking, honest and broke is not any more than taking the easy way out.
To create wealth we need to understand the basic functions of money. As we discussed above, it is firstly a medium of exchange. Secondly it is a great way to store wealth and third we can use money to make more money. Simply put, place it somewhere and watch it grow. For this we have to be comfortable with debt and also with investing.
Apart from these functions a lot of people tend to link their self-worth to money this makes our relationship with money rather emotional. To be financial successful we need to develop a sense of self-worth independent of our bank balance, and we need to change our relationship with money to an intellectual one.
To check your relationship with money, you could put your hand in your wallet and throw the first note coming to your hand out the window. How does it feel? What happens in your body as you do it? What thoughts are coming to your head? You may think I am crazy saying this, but try it and watch what happens…
If you find you cannot let go, and money is a major concern in your life, you may want to join our Let’s Get Debt Free Masterclass and learn how to get rid or unwanted debt.