Changing Self-Limiting Financial Beliefs

 How you can change self-limiting financial beliefs. People in general will form their “Mind-set” on financial beliefs by the way their parents, guardians, school, neighborhood that they grew up in, the culture that they are surrounded by and their religious affiliations and upbringing. All of these will make a difference in how they feel about money.

Many people seem to have an aversion to wealth as if wealth itself were bad. If this were the case there would be No United States of America because the Founding Fathers had money and power and were able to use their money and influence to build this great nation that we enjoy today. The other part of this point is without someone having money, how would inventions go from the drawing board to usable products? Who would build the cars that we drive, the cell phones that we make our calls on or hundreds of creations all around us?

We usually form our beliefs in childhood and they become so much a part of our consciousness that we never stop to think if they are interfering with our financial growth.

I don’t know about you, but this scares the heck out of me! So, I have started to teach this idea  about money and how to utilize money to produce Residual Income. To help with this, I give this scenario. Buy a Gum Ball Machine and have your child price out the Gum Balls so that they  get a profit from each Gum Ball when sold. Have everyone in the house buy them. After all of the Gum Balls are sold, add it up, subtract the cost to buy more Gum Balls and save the profit. Then inform the child that this is not just Residual Income but Leverage as well. Where unlike other adventures, such as a Lemonade Stand; The child did not have to be present while They were making money! 

A job has its value in what it does; it brings in income and gives you the seeds for future ventures. The problem arises when we stop at the job part and close our eyes to anything else that we could pursue to increase our wealth. What many people think of as investing is often handing our money over to brokers who very frequently have little financial training and usually don’t even own the products that they are selling. When we put our money into stocks we are engaging in Passive Investing. We are letting someone else, who quit frankly could care less about us use our money. Why not create something where you control the price and therefore the profits you make. This is known as Active Investing and this is a lot less risky than betting that a stock will go up. You have no way to control if that stock goes up or down, you are just in it for the ride. 

Because of negative beliefs that we carry about gaining wealth we often pass by opportunities that come our way because we either fail to notice them or program ourselves to ignore them.

 Our schools have trained us to be worker ants. We fall in line to be Doers for our income instead of Creators of our income.

When you work at a job where you receive a fixed income for a fixed amount of time it is Linear Income. This is a good base but it will never allow for real growth of your income because you must be physically present during every increment of the money making process.

When you create something once or do it seldom and you receive income from it over and over again this is Residual Income. It is also known as leveraging yourself. This allows you to multiply yourself or be in more than one place at a time. An example of this that I like to use is Vending Machines. You fill them up and they will continue to earn you money no matter where you are. But more importantly, you control how much you earn by the pricing you set for each item. Good luck doing that at your job. 

Try this Exercise:

Go to a quite place and write down your beliefs on wealth and money.

How much money do you believe needs to be coming in to be considered wealthy?   

Does your belief about money require you to work hard or work smart?

What do you consider work?

 Are you a Doer or a creator?

How do you feel about creating something new or original that will benefit you financially?

What beliefs have you gained from the authority figures in your life (Parents, guardians, School Religion and Culture)?

How have these effected your money decisions?

Have these beliefs helped or hurt your financial outcome?

 

Now take these answers and examine them to determine which of these beliefs are helping which are interfering with your growth and achievement of your greater financial success. “Reflect on how this wealth will improve your family and your community.” Keep this thought in your mind as you look for and engage in ventures that you did not notice before.

You will be amazed at how changing your thoughts will open up opportunities that are right in front of you waiting to be discovered and acted on.

Your next step should be to go online and to your local library and read and learn everything you can about Money, Income and Finance. Educate yourself then “open up your mind” look around and ask yourself. What can I Create that other people would pay to have that would bring me income many times over and over again without me having to be there all the time in order for it to function?

There are many opportunities out there where you could be using your money to make Residual Income and leverage yourself.

Some examples are: starting an Internet Business – (selling products or your knowledge online), pooling your money with others in a Venture Capital Group to buy commercial entities, buying Vending Machines and adding more as you go, buying Commercial Real Estate or joining with others to buy. These are just a few examples. Everyone will have different answers and see their own unique opportunities.

If you change your beliefs and open your mind to growing your wealth you will be surprised at what you will discover and you will be able to create what people need and design it so it keeps paying you without you having to be there yourself.

Only you will be able to see these opportunities. But to do this you must have a positive view on making money and growing and achieving wealth.

I wish you much success and happiness in your new found acceptance of wealth!

Mark