Getting money is one thing.
Keeping it is another.
Below are three actionable takeaways you can learn to eliminate the money behaviors keeping you broke:
- PROGRAM YOURSELF For Prosperity
- The More You Learn, The More You Earn
- Manage & Multiply Money Infinitely
1/ Program Yourself For Prosperity
We are all programmed based on our unique experiences in life. In the words of Morgan Hansel, the author of The Psychology of Money,
“DIFFERENT EXPERIENCES CAN
LEAD TO VASTLY DIFFERENT VIEWS
WITHIN TOPICS THAT ONE SIDE INTUITIVELY THINKS SHOULD BE BLACK AND WHITE.“
Robert T. Kiyosaki, the author of Rich Dad Poor Dad, did a great job of clarifying this point with his comparison of his “rich dad” and “poor dad”. His dads had contrasting points of view about money.
For most people, they don’t have two dads or in my case, no dad at all. Therefore, we tend to adopt the point of view of the closest authority figure in our life, rich or poor. For impressionable youths, these authority figures’ points of view can become our natural response (i.e. program) to money events that occur throughout our life. Subsequently, you develop either poverty or prosperity programming.
Essentially, the poverty programming is the money behaviors keeping you broke.
According to T. Harv Eker, author of Secrets of the Millionaire Mind, whatever we hear, see, and experience regarding money as children, conditions us to behave/act a certain way.
Studies have shown that lottery winners, no matter how much they earn, return in the end to their original financial state. Due to the fact, they are conditioned for poverty.
Therefore, the first step to being wealthy is to disregard your old thought patterns and overwrite them with millionaire thinking.
It’s important you tell yourself a new story about money with declarations.
For as a man thinketh in his heart, so is he.Poverbs 23:7
Eker has 17 Wealth Files (how rich people think) in his book and they each come with declarations to reprogram you to think like a millionaire.
The commitment to continual learning and growth is the second actionable takeaway to go from poverty to a prosperity mindset.
2/ The More You Learn, The More You Earn
Kiyosaki believes “the single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth seemingly instantaneously.”
His rich dad encouraged him to study to be rich, to understand how money works, and to learn how to have it work for him.
He even recommends becoming creative at solving financial problems. What he calls turning lemons into millions. Due to the fact, opportunities normally are present when the economy is terrible.
His rich dad gave him work without pay (like most business owners) to learn how to recognize opportunities to create money (aka finding opportunities that most will miss). In essence, you want to create your own luck.
In Chapter 6 of the Psychology of the Mind entitled Tails, You Win, Housel expounds on Kiyosaki’s rich dad philosophy stating the most impressive people are packed full of horrendous ideas that are OFTEN ACTED UPON.
The rich dad taught Kiyosaki that we learn in life by making mistakes through trial and error.
Kiyosaki believes most people never win because they’re more afraid of losing. His philosophy is “I play hard, make mistakes, correct, make more mistakes, correct, and get better.”
In the words of Thomas A. Edison,
“I have not failed.
I just found 10,000 ways that won’t work.”
Eker states in his seminars, involvement (or experimental learning) is necessary for accelerated learning. He believes what you do, you understand. Therefore, the more you learn through action, the more you earn.
The authors also suggest learning from seminars, books, and industry experts.
The third actional takeaway is to manage and multiply those earnings infinitely.
3/ Manage & Multiply Money Infinitely
Eker states the single biggest difference between financial success and financial failure is how well you manage your money.
Therefore, you can add poorly managed finances to the money behaviors keeping you broke.
Eker and Kiyosaki agree to manage money successfully, one must learn how to manage cash flows, systems, and people. This is how the rich put money to work for them.
For instance, McDonald’s does not have the best burgers but they have a superior business system.
Hansel states the only way to be wealthy is NOT to spend the money you do have. Instead, be frugal and have a high savings rate. He explains that wealth is hidden. It’s the things you cannot see – savings, retirement accounts, and investment portfolios.
“Rich people see every dollar as a “seed”
planted to earn a hundred more dollars,
then replanted to earn a thousand more dollars.”T. Harv Eker
Each author agrees it’s not how much money you make but how much you keep. Kiyosaki adds “And for how many generations you keep it.”
A good man leaves an inheritance for
his children’s children.Proverbs 13:22
Kiyosaki recommends paying yourself first period and then buying income-producing assets (i.e. businesses, stocks, income-producing real estate, bonds) to pay for your lifestyle (i.e. houses, cars, clothes, vacations).
He gave an example of how his wife paid for a luxury vehicle. Instead of using earned (job) income or going into debt to buy a vehicle, she purchased income-producing real estate (asset) to pay for the vehicle.
Wealthy people buy luxuries last and buy income-producing assets first.
I love the fact Kiyosaki said that money as your employee can work 24 hours a day. Supporting Eker’s Wealth File #15 that “Rich people have their money work hard for them.”
The Ultimate Reward to Break Money Behaviors Keeping You Broke
True wealth is philanthropy, leaving money to perpetually fund foundations that will have a positive impact on the world. Warren Buffet and Bill Gates are leaving the majority of their wealth to charities.
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