Why do the rich stay rich and the poor stay, well…poor? Is there something about how we feel about money that influences how we treat it? There are books published about the secrets wealthy parents pass on to their children. Consider that the chance of success might be a function of wise parents with financial advice, but as well, success could also be a function of feeling you are comfortable and deserve to have money or struggle for it.
When many people live on a fixed budget it can become a habit to spend down every paycheck before something “happens” to the money. Instead of fearing the money going away, try learning to fear not having it to do something great. Regardless of what the great opportunity may be, having some money means having some power. The more we feel comfortable having money, the better we may be able to save money to spend, as we want. When we use money how we want, we feel we are in control and have power.
Stop fearing money and getting rid of it all the day you get paid.
Are you one of those people who come home with your paycheck and spend it down to zero within a few hours? Many people on fixed incomes worry about something coming up that might get in the way of paying bills and affording gas and food until the next paycheck. When we do this over and over, we reinforce the notion that we are not supposed to have any extra money. Try setting your same budget but keep the money in your account until the bills are actually due and the car needs that last tank of gas before payday. Make sure you safeguard your account like Fort Knox and stick to your budget. That way you get to sit on your money and feel a sense of ownership and control of it while you responsibly spend it according to your fixed budget.
Love what money can do and start using it to make even more.
When you get over your fear of having money and learn to sit on it for a while, you find ways to use it better because you do not like having less to sit on. Start with spending some time renegotiating your cable or mobile phone bill. Move on to mortgages, car notes and credit ratings. Imagine you save some money with all these activities, building a savings account and slowly increasing your cash assets. When you have money, you can use it to generate more! Imagine you invest in something small like an acre of land in an up and coming area. Maybe you buy stocks or start a side business. What might start very small can start to grow to something bigger than you thought you could build.
Decide how much money you want and get in control of your future.
Many professors of financial success tell you that millionaires are people who know how to grow money. Some very wealthy people lose it all and are in horrible debt at some point in their career. People who know how to make money and grow wealth once, are able to do it all over again when they embrace the love of what money can do. Moneymakers understand the importance of a plan and its execution. If you decide you want a certain amount of monthly income, make a plan and keep working to hit your goal. One option might be an additional income source such as a second job. The time spent working a second job might encourage you to take another stab at a side business. Set goals you can meet and after a while, raise the bar and keep seeing if you can reach higher results.
Taking control of your finances is important. Too many people who end up in bad financial circumstances think they are destined to fail. Changing your attitude towards money is the first step in loving what it can do for you after you take control.
Joseph Wrobel, Ltd. helps people get control of their finances and a fresh start at financial freedom. The firm’s website contains informative videos about financial issues as well as bankruptcy protection for families who want a fresh start. To keep in touch and read about consumer finance news and stories you can Like the firm’s Facebook page and Follow Joseph Wrobel. Ltd. on Twitter. If you need immediate legal assistance, please call Joseph Wrobel, Ltd. by calling (312) 781-0996 to talk to an attorney today.