The
primary reason for financial problems in life is lack of self discipline, self
mastery, and self control. It is the inability to delay gratification in the
short term. It is the tendency for people to spend everything they earn and a
little more besides, usually supplemented by loans and credit card debt. Today,
the savings rate in India is too low to achieve financial independence. After a
lifetime of work, the average family doesn’t have enough savings so people
continue to spend and borrow as if there is no tomorrow.
The good news is that we are
living in the most affluent time in all of human history. There are more
opportunities to achieve wealth and prosperity today, for more people, in more
different ways, than have ever existed in the history of man. It has never been
more possible for you to achieve financial independence than right now. But you
must make a resolution to do it, and then follow through on your resolution.
The Reasons for Financial Problems
The
primary reason that most adults have financial problems is not because of low earnings. The reason is
lack of self discipline and the inability to delay gratification. Why
is this weakness of character so prevalent among the majority of adults in
society today? It goes back to early childhood.
When you were a child and you
received money (whether it was your allowance or a gift from a friend or
relative), the first thing you thought of doing was to spend that money on
candy. Candy is sweet. Candy is delicious. Candy fills your mouth with a
wonderful, sugary flavor. You liked candy when you were a child, and you
probably could seldom get enough of it. Many children will eat candy until they
become physically ill because it tastes so good.
As you grew older, you developed
what psychologists call a “conditioned response” to receiving money from any
source. Like Pavlov’s dog, when you receive money, you mentally salivate at the
thought of spending this money on something that makes you happy, at least
temporarily.
Spending Makes You Happy
When you become an adult and you
earn or receive money, this automatic reaction continues. Your first thought
is, “How can I spend this money to achieve immediate pleasure?”
When you go on vacation to a
resort of any kind, you find that the hotels and streets are lined with shops
selling useless trinkets, bobbles and trash, plus clothes, artwork, and other
items that you would never think of buying at home. Why is this? Simple, when
you are on vacation, you feel happy. You have a conditioned response to
associate happiness with spending money. The happier you are, the more
unconsciously compelled you are to go out and spend money on something, or on
anything.
It is quite common for many
people, when they are unhappy or frustrated for any reason, to go shopping.
They unconsciously associate buying something with being happy. When it doesn’t
work as they expected, they buy something else. Sometimes, unhappy people go on
shopping sprees. They buy lots of things that they don’t particularly need
because they unconsciously associate spending with happiness.
Use Self Discipline to Rewire Your
Responses about Money
The
starting point of achieving financial independence is to for you use self
discipline to rewire your attitude towards money. You reach into your
subconscious mind and disconnect the wire linking “spending” and “happiness.”
You then reconnect that “happiness” wire to the “saving and investing” wire.
To reinforce this shift in
thinking, and eliminate financial problems open up a “financial freedom
account” at your local bank. This is the account in which you deposit money for
the long term. Once your money goes into this account, you resolve that you
will never spend it on anything except to achieve financial freedom.
Associate Happiness with Financial
Independence
When you begin saving in this
way, something miraculous happens within you. You start to feel happy about the
idea of having money in the bank. Even if you only open your account with `10, this action gives you a feeling of greater self-control and
personal power. You feel happier about yourself.
Because the money in your account
is emotionalized by your own thoughts and feelings, it sets up a force field of
energy that begins to attract more money into it. If you save 10 a month for a
year, you will be astonished to find that with the extra bits of money that you
have put into that account, you will probably have more than `200, rather than just `120.
If you save 100 per month, you will probably have more than `2,000
The more money you have in your
bank account, the more energy it generates and the more money is attracted into
your life. You have heard it said that, “It takes money to make money.” This is
true. As you begin to save and accumulate money, the universe begins to direct
more and more money towards you, to save and accumulate.
Everyone who has ever practiced
this principle of regular saving is absolutely astonished at how quickly their
financial problems change for the better.
The rule for financial
independence, once you have rewired your attitude toward money, is to “Pay
yourself first.” Most people save whatever is left over after their monthly
expenses, if there is anything left over. The key however is to pay yourself
first, off the top, of every amount of money you receive.
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