Episode 15: The Wealth On Any Income Book – Chapter 1: Last 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’ll continue reading Chapter 1 of my award winning, best-selling book, Wealth On Any Income. It will be less than 15 minutes.
In the previous episode we covered the first three of six attitudes or beliefs you might harbor about money that may be holding you back from creating wealth.
In this podcast episode you’ll hear three more thoughts or beliefs. Listening to these can allow you to shine a light on other attitudes that might be holding you back in other areas of your life.
As I read, I could stumble over some words. I am not a professional voice over actor so please forgive me if that happens.
-----------------------------------
Thought/Belief #4 –Tracking my spending will take too much time and restrict my spending.
Are you willing to spend 5–10 seconds to see where your money goes? One of the key concepts of this program is Tool #5; the Spending Plan Register. It only takes 5–10 seconds to complete, after any expenditure, and provides you with all of the data you could want. In talking with thousands of people, I have run across very few who were not willing to spend 5–10 seconds to know where their money goes. It does not restrict your spending. It only creates awareness. You still choose how and where you will spend your money. Only now the decisions become conscious, not unconscious or pre-programmed. Do you value knowledge or ignorance?
Thought/Belief #5 - Setting up a spending plan will be too complicated.
Is this your concern? Can you read and write? Can you add and subtract? If so, you have all the skills necessary to set up and operate my Financial Coach Spending Plan system. It won’t be complicated because I’ll lead you by the hand and show you what’s necessary.
Thought/Belief #6 - Rich people don’t have to do this. I shouldn’t have to either.
The difficulty with this belief is it’s a two-part comment, and both assumptions are false. Most of the assumptions we have about millionaires are incorrect according to the book, The Millionaire Next Door by Stanley and Danko. They have studied millionaires for over 20 years, and this book documents their findings. To quote from the book on page 40:
They became millionaires by budgeting and controlling expenses, and they maintain their affluent status the same way.
To make this more clear, they provide the following analogy:
Have you ever noticed those people whom you see jogging day after day? They are the ones who seem not to need to jog. But that’s why they are fit. Those who are wealthy work at staying financially fit. But those who are not financially fit do little to change their status.
Let’s now talk about the next part of Chapter 1:
Poverty and Prosperity Thinking
Another layer of attitudes and beliefs could be described as poverty or prosperity thinking. Some of the previous beliefs we’ve covered could be based on an attitude where an individual feels like it doesn’t matter what they do; that it won’t make a difference. This can be illustrated in both negative and positive terms. In poverty thinking, people could say to themselves, “It doesn’t matter how much money I earn, I’ll never have anything left over.” If someone is operating from a prosperity consciousness they could be saying things like, “It doesn’t matter what I do, I know it will turn out profitably,” or “Things always seem to go my way, I always have enough.”
James W. Gottfurcht, Ph.D. a Los Angeles psychologist, has done extensive work in this area, and even has a business called Psychology of Money Consultants. He is a speaker and consultant to the financial service and credit industries, including MasterCard. He teaches at UCLA, as I do, and has a private counseling practice.
Dr. Gottfurcht descrubes the damage poverty thinking can do to an individual’s financial plans and activities as holes in a financial vessel. It doesn’t matter how beautiful your ship is and it doesn’t matter what material the hull is made of. It could be manufactured from the finest titanium metals in the most efficient aerodynamic design, but with holes in the hull it will not perform to its peak and could ultimately sink. The titanium hull and design represent prosperity thinking while the holes, which could let in the damaging water, represent poverty thinking. What’s to be done? Address the stinking thinking, face the demons and be aware of the sabotaging attitudes we may hold.
How is this done? Look over the following messages which may have been handed to you in the past, perhaps as a child, and determine if you buy into any of them. This is my interpretation of information gleaned from Financial Fitness: The Complete Workout Book by James W. Gottfurcht, Ph.D. (Reprinted with permission.)
“Rich people are unhappy.” This communicates that it is better not to be rich and if you acquire wealth, you will regret it. It’s like saying, “Money is bad.”
“Money isn’t important.” This encourages people not to fully value themselves or their time and effort. Although money is not all important while self-esteem, health and free time are very important, money often plays a significant role in the creation of health, free time and self-esteem.
“Don’t make mistakes.” This says mistakes are bad. Not only are mistakes okay, they are necessary for learning and development. Mistakes are our best teachers, and in the world of money and investing, calculated risk-taking requires mistakes.
“You’re not good in math.” This communicates that you are not okay with numbers or counting, both of which are basic financial skills. There could be a hidden or unconscious agenda for a parent to say this to a child, or a mate to say this to their partner. It could also show up in statements like, “Don’t worry your pretty little head about money,” “I’ll always take care of you.” These comments communicate you don’t have to be responsible for yourself. Mommy, daddy or a spouse will always be there to rescue you. It sets up a condition where a person can grow into adulthood and still be dependent on the parent(s) or spouse so they will continue to feel needed. While these “benefactors” complain about their “dependents” being unable to take care of themselves, they set up the condition, and wouldn’t have it any other way.
For every poverty message, there can be a prosperity message as well. Some of the most powerful messages follow. If they were not said to you in the past, you can say them to yourself now. You can read them to yourself now or imagine an ideal person telling them to you now.
“I love you unconditionally.” This says you are loved for who you are, regardless of how you think, feel or behave. There is no greater gift you can give to anyone, including yourself. If a child misbehaves, regardless of age, you can still disapprove of the behavior while still valuing, respecting and loving them as a person. An unconditionally loved child will learn to respect and trust themselves. They will be optimistic, attain what is within their reach and attract people and success.
“I believe in you.” This message is strong, but not as powerful as “I love you.” The individual will feel respected, trusted and cared for. They will feel encouraged to risk, experiment and develop into all they can become. You’re telling them how you feel about their ability to get the task done.
“You can do it.” This is a variation of “I believe in you” where the emphasis is placed on the person to whom you’re speaking. You’re telling the person they are able and have whatever they need to accomplish the goal.
Other prosperity messages show up in unexpected areas, like the children’s book The Little Engine That Could where we hear, “I think I can. I think I can.” Be aware of both the messages you speak as well as the ones you play in your head. Are you programming yourself for poverty or prosperity?
----------------------------
In the next episode you’ll hear what it looks like, or what it takes to be a millionaire. Much of it is based on the false attitudes we think about wealthy people. I’ll read a quiz I developed from the book The Millionaire Next Door that was first published in 1996. Have fun and test what you think millionaires look like.
Here’s your opportunity to grow: Share this podcast with someone else you think might benefit from listening.
Listen to the Wealth On Any Income podcast on your favorite platform and please rate, review and subscribe.
Until next week, be prosperous. Bye, bye for now.
Return to podcast by clicking here.
