Adjusting Your Thoughts About Wealth It is often said that health is wealth. There are certain notions we have about wealth that are completely ass
Adjusting Your Thoughts About Wealth
It is often said that health is wealth. There are certain notions we have about wealth that are completely assumed whereas they may not necessarily be so. This article will attempt to identify such false assumptions and proffer solutions. We need to ask ourselves such questions as why is it that money seems to flow to some people like a magnet and seems to run away from others. The answer is in how they think about money and wealth, and until such thoughts are de-programmed, ability to generate wealth will remain a herculean task. The point to note is that wealth is not money; money is just the appearance of wealth. It is a form, not the substance.
Now let’s look at 6 false assumptions about wealth and money.
FALSE ASSUMPTION 1 -“A GOOD JOB LEADS ULTIMATELY TO WEALTH”
It is generally believed that having a good job and getting monthly or annual raises will make us retire rich and wealthy. The truth is that a job should be taken as a temporary inconvenience, an avenue for generating cash flow for living expenses while you are setting up avenues of source of income that will flow to you regardless of your job. No matter how much you love your job, it will never make you on it’s own, wealthy, irrespective of how much you earn.
FALSE ASSUMPTION 2 – “SAVING YOUR MONEY IS A GOOD INVESTMENT”
How many wealthy people do you know that got wealthy by saving their money? While it is an essential part of the wealth building process, it is not the money saved that is important but the discipline required to save it. The money saved should rather be “stored” temporarily in a liquid interest-bearing account waiting for deployment in a better interest-yielding investment. My advice is that you save smart by moving your savings to a less liquid, long range investment which generates wealth-producing rates of return.
FALSE ASSUMPTION 3 – “DEBT IS BAD, AVOID IT”
Not all debts are bad. There is a consumption debt which is tantamount to committing financial murder. It is recommended that we owe investment debt. If you avoid investment debt you are not set to be wealthy.
FALSE ASSUMPTION 4 – “RISK IS BAD, DON’T TAKE IT”
The more you love security, the less risk you are inclined to take. If you avoid risks you will lose opportunities and by extension, financial freedom. It is generally believed that risk is an essential part of progress and to be wealthy we have to learn to view risk as an essential step on the road to wealth.
FALSE ASSUMPTION 5 – “FAILURE IS BAD”
Failure is a part of success. It depends on how individuals see their failures. When we develop a positive attitude towards failure, we learn a great deal. Failure in one particular attempt will open more avenues to better options of achieving your goals. In fact a good failure can teach you more other ways to success than four years in the best university.
FALSE ASSUMPTION 6 – “WEALTH IS MEASURED IN MATERIAL POSSESSIONS”
Please note that wealth is not money, rather, money is just the appearance of wealth. You can actually be rich without having lots of money while you can also be rich and not wealthy. The bottom line is to realize and know that wealth is a state of the mind and that your wealth of experience and knowledge is what makes you wealthy.
Over the years people have somehow ceased to assume personal responsibility for their financial well-being. We expect our relations, friends, employers and even government to guarantee our financial future. The answer is not in anyone but you, as you are responsible solely for your success and failures, just as for your ultimate financial welfare and independence.
While it is a fact that it takes money to make money, the hard truth is that it does not have to be your own money. You can use other people’s money by way of investment debt, by borrowing from other sources, be they personal, official or government money to create your personal wealth and build your own financial empire.
When we learn the principles of wealth and are not afraid to use them, then we are on our road to making wealth and being wealthy.
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