“Wealth is not a material gain, but a state of mind” – Jerry Gillies
There has long been talk about the “millionaire mind” or having a financial/ wealth mindset. Many books have been published on the matter including some worldwide best sellers such as “Think and Grow Rich” by Napoleon Hill and “Rich Dad, Poor Dad” by Robert Kiyosaki. These books all explain that wealth is a creation of our thoughts and the way we think. All riches begin with a single thought.
So if this is the case and we are all able to think, why are we not all stinking rich?
There are predominantly two reasons both of which are interrelated. The first is that people have not fully grasped this concept and are still holding onto their issues around money, making money and being rich. Maybe they have limiting beliefs such as there is a limited amount of money for everyone, they are not worth it or their family and friends will not love them as much once they are rich and successful or maybe they have witnessed others failing in this area previously.
Whatever it may be, the majority of people are held back or constrained by their beliefs about money and wealth when actually they could choose to believe they have the power to be rich and successful and thereby use their mindset to their advantage.
Secondly, people do not take action. They may be aware of the opportunity but do nothing about it. They are not motivated to write that book, buy that investment property, make that sale, whatever it may be. This again comes down to negative beliefs holding them back from really achieving what they want to achieve.
So how do you eliminate these negative or limiting beliefs? Firstly you need to identify them:
1. Write down what money and/or being rich means to you. What does it not mean? Will it make you happier, fitter, healthier? Does it mean an extra £1k, £5k, £100k? Is that per week or per month? Get as specific as possible.
2. What do you belief about money, being rich? Is there a limited amount of money? Do you hold onto old sayings such as money doesn’t grow on trees (even though it’s made of them!)
3. What would having money/ being rich do for you? What it won’t do for you? Would it allow you to leave that job that you hate? Would it solve the stress in your relationship?
Spend some time really identifying what your beliefs are in this area. Once you have all this written down, then examine it closely. Are there beliefs that you were not aware of? Can you see how some of your thoughts, albeit unconscious ones, may have been holding you back?
Spend some time now working out what you want to believe instead. What thoughts would be constructive and useful for you to hold on to. Write these down as well. How does looking at this list make you feel? Does it make you feel more empowered, in control of your finances?
Once you have a list of beliefs that you feel would be beneficial to you, then type it out and frame it or get it laminated. Read it every day. Think about it as often as possible. By starting to install these new beliefs you are on your way to changing your “financial” mindset for the positive.