Many people think that in order to get rich they just need a good job, a few lucky breaks and a good network. The reality however is a little different; you can give a person a legit job with a more than decent salary and loads of opportunities but they can still end up having to scrounge chips off their friends plate on the weekends. The reason some people get rich and others stay on the wrong side of the cash stash is not so much about opportunity, or the lack of it but more about mind set. What we hear and experience growing up, can shape the way we manage money. We are exposed to all kinds of negative statements about how the world of money works.
Usually our first experiences with money involve listening to parents or family members gripe that making money is hard, life is hard and only lucky people get rich. Even if you were lucky enough to receive positive feedback from your family, more than likely the consensus was that becoming rich is for the minority.
It is really important that you reset your mind and spend some time examining how you really feel about success and making money. Do you believe you are destined to succeed or destined to fail? If you feel and know that you are heading down the fast track to success, enjoy the ride! If you feel you are destined for mediocrity, ask yourself whose voice am I listening to? Who told me I cant succeed, and more importantly why do I believe it? It is just as easy to believe you are going to succeed as it is to believe you will fail, choosing which belief you want to live by is a no-brainer
The first step you need to take in order to build wealth is to challenge and dismiss any negative beliefs that were installed in your brain as a child. Then you have to acknowledge that the behaviour you adopt now, will influence your success later. Humans are very good at promising themselves that their future selves will take care of the more responsible elements of money, like saving and staying out of debt. The reality is our future selves will let us down spectacularly. Relying on your future self to take care of your cash is like leaving your chickens in the custody of foxes, it will end in tears.
So here is a checklist to ensure you get on the right track from the start:
- Spend some time to examine your beliefs about money and chuck out the ones that may hold you back
- Make a promise to yourself that as soon as you start earning a stable income, you will save at least 10% per month
- Get familiar with your spending triggers, in other words, acknowledge the things that tempt you to overspend and set limits to ensure you dont exceed the boundaries
- When you start saving, sign a debit order for the cash to go into savings at the end of each month. Choose a savings plan that requires you to give notice before you withdraw funds. It will help you to curb impulse buys
- Avoid gratuitous debt, i.e. using your credit card to treat your friends to pizza when you have had a cocktail too many, or buying a new cell phone because it has a built in selfie stick
- Take some time out to read up on building wealth, read the stories of people who have made it, despite difficulties, it will inspire you.
- Understand how your emotions play a role in spending. If you go shopping when the going gets tough, find an alternative therapy like exercise, or a good friend.
- Dont make promises to your future self, take action now to secure your future. Now is the only time you have control over.
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