Episode 14: The Wealth On Any Income Book – Chapter 1: First 3 Beliefs – Transcript
Hi Folks, Welcome to the Wealth On Any Income Podcast. This is where we talk about money tips, techniques, attitudes, information and provide inspiration. I’m your host, Rennie Gabriel.
Today I will be reading from Section 1 of the award winning, best-selling book Wealth On Any Income. We will cover the attitudes and beliefs that form your relationship with money.
We will cover the first three of six attitudes or beliefs that people often have about money, and one or more might be those that you have.
If I stumble a little bit as I read, please forgive me. This episode will be less than 15 minutes.
Section 1, Step 1: Identify Your Beliefs and Values
To create wealth, the first place to start is with our attitudes, beliefs and values. There are some beliefs that hold us back. These beliefs keep us stuck in the same old rut of living from paycheck-to-paycheck, choosing which bills we can pay this month, and being concerned about impressing strangers. It’s been said 85% of working Americans are three paychecks away from insolvency. (This is when someone doesn’t have enough money to pay their bills.) It’s our limiting beliefs that have us stuck in jobs we hate in order to pay for the things Madison Avenue has convinced us we need. We are going to go over some of these beliefs, but first we need to lay the foundation of what impacts the actions we take.
There are three areas from which we can operate when we’re making decisions: our thoughts, our feelings and/or our values. I’ll use health as an example to demonstrate operating from these three different areas. A thought could sound like, “I think I’ll start exercising tomorrow morning by jogging.” The next morning feelings could sound like, “It’s dark, I’m cold and I don’t feel like exercising. I feel like sleeping longer.” A value could be a statement like, “My body is a temple” or “My health is a top priority above all else” or “No amount of money can buy health.”
In the above example, would I go jogging if I operated from the feeling level? Of course not, but feelings are far more powerful than thoughts, and most people operate from their feelings most of the time. Thoughts are like New Year’s resolutions, they disappear quickly. Feelings are one of our most powerful motivators.
Primarily, we operate from our desire to gain pleasure or our desire to avoid pain. If you have listened this far you are looking to create a change in your life. Either you were in pain about your financial situation, or you thought you could create a more abundant life if you had more information. If the only place you operate from is your thoughts or feelings however, you will not be able to achieve the level of success which you desire. And, isn’t achieving success probably the reason you continue listening?
The most powerful dimension from which to operate is the area of values. This is the area where you look inside and say who you are. Are you a person of integrity? Do you make promises and keep them? Is freedom the most important thing to you? Or, is it family, spirituality, community, money, prestige, love, wisdom or security that is most important to you?
Who you say you are and what’s important to you are a reflection of your values. Values make up your internal beliefs. They establish what you say is “right” and “wrong,” “good” and “bad,” what you should or should not do, who you say you are as a person, and who you say you are not. When you violate your values, you experience pain in your life. Most people will punish themselves in some manner such as worry, guilt, or set up a situation where they are exposed and punished by someone else. When your behavior matches your values, you experience happiness and contentment.
Values the area for you to tap into to create the level of financial abundance and freedom you want plus use the steps and tools in this book. At the end of this step, you’ll have a chance to identify your values.
If health is one of my fundamental values, then just because I wake up one morning and don’t feel like exercising, the feeling won’t stop me. One of the funniest experiences that demonstrated this for me occurred while I was exercising one morning. I was jogging about two blocks from my house when the following started going through my head, “I don’t feel like jogging this morning. I’m not in the mood. I want to go back to bed.” I couldn’t help but laugh at what was going on in my head. Here I was in the act of taking care of my body through exercise while my mind is telling me it doesn’t feel like doing this. It was too late, I was already exercising, and I went on to complete 5 kilometers. When you operate from your values, you can think or feel whatever you want, but you don’t have to act on those silly thoughts or useless feelings. Those feelings would not assist me in maintaining my health.
Beliefs are like the thoughts or feelings we’ve heard from others and may have adopted for ourselves. Here are some of the thoughts or beliefs which can keep us from creating financial prosperity and freedom.
More money will buy the happiness I’m missing now.
Just saying this reminds most people of the adage “Money can’t buy happiness.” And, it doesn’t matter if you think you know where to shop for it. What money buys is “pleasure,” not “happiness.” Most people confuse these two feelings. “Happiness” can come from what we do for others. What we do for others creates a state of contentment and well-being about who we are. I’m not talking about dysfunctional co-dependency; I’m talking about our contributions to other human beings.
“Pleasure” comes from what we receive. A day at Disneyland can give us pleasure; gifts give us pleasure, a massage, a round of golf, a shopping trip to the mall. These give us pleasure. They are short term and fleeting. Many people mistakenly think the next outfit they buy will make them happy, even though the 14 outfits they bought before didn’t. What they bought was fleeting pleasure.
Have you ever been in a conversation with someone who was upset about something, or just maybe down in the dumps? And, as a result of talking with you, sharing their feelings, understanding what they were going through, they felt better. Think about something similar where you helped someone out by being there for them, but it didn’t involve spending any money. Could you say that experience made you feel happy? You see, it doesn’t cost any money to create happiness. It’s internally generated based on what we’re doing for other people. Pleasure comes from what others are doing for us, or what we’re doing or buying for ourselves. It’s external and fleeting. How important is the value of happiness to you?
However, we all need a certain level of income to maintain the lifestyle we believe is appropriate: To have comfortable shelter; wholesome and nourishing food; clothe our children decently, and so on. The difficulty is defining what is appropriate. We deserve as much pleasure as possible from the money we spend. The only way to know if we are getting the pleasure we seek is to measure it. While this is only subjective, you get to be the one doing the evaluation. And, the only way we can measure it is to track it. This is one of the requests I will make in the next section of the book under “Tools.”
In a different book, Your Money or Your Life, Joe Dominguez and Vicki Robin talk about this idea. They also bring up the conversation about what money represents. They say it represents the life energy you give up in exchange for money. You can then evaluate the pleasure you get by how much of your life you gave up. Is another powder blue sweater worth 25 hours of your working life? Would you buy this if you didn’t have to work for a living? These are the types of questions you can use to measure the level of pleasure you’re getting for what you’re paying.
Budgets and spending plans are the same thing.
They are not. In this program I talk about spending plans, and I say it’s different from a budget. A spending plan is based on how much money you want to spend in some area or category of your life. It is not based on how much money you will be restricted to, as in a budget. For many people the word “budget” is like the word “diet.” What are the first three letters of the word diet? “D I E.” That’s got to be real exciting. Yeah, you’re looking forward to budgeting, just like you’d look forward to a diet or a funeral.
What we’re doing here is finding out where our money is going so we can determine if we’re getting the level of satisfaction we’re paying for. A spending plan is based on our values. It’s based on the long term goals and objectives we’ve created, again, based on our values. It’s designed to monitor and support us in spending money in alignment with our goals, objectives and values.
If I just made more money, I wouldn’t need a spending plan or budget.
This attitude is based on the idea that more money solves the problems of mismanagement. It doesn’t. Nor more than more liquor will solve the problem of alcoholism. How much money you earn is not as important as what you do with it. Look in the newspaper and read the articles of lottery winners who go bankrupt. They didn’t have the skills to manage before they won millions. How did winning millions of dollars give them the skills? It didn’t. Within three years over 70% of those who won the California Lottery were in debt beyond their winnings.
I have an issue of People magazine dated February 24, 1997. On the cover it shows six entertainment stars who’ve gone broke, and one of them earned $33 million per year! People can outspend any amount of money they receive. Having more money is not the solution—handling expenses in alignment with your values and goals is the solution. Then you can create more money and have it produce the results you want.
In the next episode you’ll hear about three more thoughts or beliefs that you could be holding on to. They will either support you to achieve Complete Financial Choice™, or block you from reaching your financial and other life goals.
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Until next week, be prosperous. Bye, bye for now.
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