Money Mindset
What is your relationship with money?
Does this sound like a daft question?
They say we earn the average of the 5 people we associate most with. Are you frightened that if you have money people will disapprove? That you will change?
Many feelings about money are hard-wired into our brains - How often as a child where you told ‘Don't be greedy’ - “Money is the root of all evil”
All money does is magnify the person you are, so if you are innately bad then money will magnify this, but if you are innately good then you’ll do good. It's not about the money - do not love money - love what it can do. It can build hospitals and schools, there is nothing evil in building a hospital.
Money is a servant and will serve good or evil. When you have it, you get to choose how it will serve you.
So in your marketplace are you adding value and therefore earning more money?
Markets exchange money for value so what value are you bringing? Markets do not make moral judgments, markets are just weighing machines, weighing up the value of what you bring and paying you accordingly.
There are 2 different kinds of value;
If you believe in a creator - then you will say we are all created equally and indeed we are, but it doesn't stay that way for long. There is a difference between human value and economic value.
Two generations ago it was all about education, the working classes became socially mobile through education. People gained qualifications from university and the daughters and sons of mill workers moved away and became doctors and lawyers, accountants and teachers.
Now there are so many people with degrees, that its value has gone down. There are about 19 graduates for every graduate job. (This was a stat before COVID hit)
I get paid because I make myself valuable to the market. I'm building a business at the moment in the UK, the UAE and more recently in the USA, so my team and I are adding value and because of the training and support, (they get me, aren't they lucky) they are also becoming more valuable to the marketplace and therefore earning more.
It doesn't mean I'm more valuable in human terms, just more valuable to the market.
MONEY - 3 things we need money for
Money for Living - needs; mortgage/rent, food, clothing, warmth
2. Money for lifestyle
3. Money for life
I want to look at the latter 2, as we all know about the first one.
2. Lifestyle money - What do you want to have, do, become?
Expand your thinking from needs to lifestyle and how you would like your life to look?
3.. Money for life - what do I mean by that? It's the money that works for you, building up investments
to keep you and your family secure. It builds a financial wall around your family.
For instance; when I did a show at ExCel last year I met guys from a company called Enertor, who were crowdfunding, and I was able to invest in this. The money I’ve put in is at risk, but I like their product and have a good feeling about them, so the money I’ve invested may pay me further down the line. I’ve also invested in Go Henry which is a pocket money app with a card for kids and parents. This also may make some money or may not. Any investment in start-ups is a gamble.
This is money working for me.
Psychologist Dr Tom Barrett defined 6 ‘realities’ about money –
1. Most people have been taught how to work for money, they’ve not been taught how money works.
2. Most people make just enough money to qualify to get into debt, they don’t make enough money
to get out of debt or avoid it completely.
3. You are not ‘well off’ until you can take time off and still live well.
4. Being around money is not the same thing as having money.
5. Most people prepare for retirement with a little bit of planning, a fair amount of hope and a
great deal of denial.
6. Income-producing assets are the key to financial freedom.
Most people are within the second statement.
So where do you want to be? What are your money blocks? Do they stem from childhood? Or do you simply not want to be different, from the company you keep?
