Develop a Positive Money Mindset
How you think about money is the single most important factor that determines whether you are wealthy or not. So, if you want more money in your life it is essential that you develop a positive money mindset.
However, many of us are taught to think negatively about money. We’re told things like “the love of money is the root of all evil,” and “money doesn’t grow on trees.” No wonder we have such a difficult time thinking positively about money! You may have even been taught that rich people are greedy and as a result are subconsciously avoiding wealth and missing out on the great opportunities having money can provide.
As long as you hold on to negative and incorrect beliefs about money, you will never create the wealth you desire or deserve.
To change your money mindset, you must first recognize that money is not good or bad by itself. It is just a tool. In fact, money is more often used to do good than bad. Think about the wonderful charities that have been able to help people all around the world when they are given large donations of money. Appreciate all the good that money is used for. It is important part of life and is used to make positive changes in the world. Money should be sought after, not avoided.
Recognize that money is abundant. When you were young, you may have been told by your parents that money doesn’t grow on trees. If you’re holding onto that belief now, your own mindset could be holding you back from attracting money. Money may not grow on trees, but there is an abundant amount of it for everyone, including you. However, if you believe that money is scarce, that belief will keep it far away from you.
Giving money away is another way you can develop a positive money mindset. Wanting to hang onto every cent you have is a sign of a stingy mindset and reinforces the idea that there is not enough of it. Giving reinforces the concept of abundance.
Finally, be happy for those who are successful and have money. We often remember being told that those who have money are greedy and are tempted to think negatively about them. In fact, the opposite is usually true. Rich people often accumulate their wealth by sharing what they have with others and believing in the idea of abundance.
When someone else has money, don’t resent their success. If you have feelings of jealousy, that will only hold you back from achieving your own wealth and success. Instead, be happy for them and remember that there is enough wealth for you too, and your turn will come.
By making these changes in how you think about money, you will be on your way to developing a positive money mindset. Once you begin thinking about money in a positive way, you will be on the path to achieving your own wealth.
What’s your money mindset? What are the mental obstacles you have or that you’ve overcome? What else might be blocking you from making the kind of money you want and building wealth?
Loral
P.S. If you’re new to my blog, you can learn more about me here >>
Good Debt vs. Bad Debt… The Answer May Surprise You
In today’s economy there’s a lot of chatter regarding debt. People who have over extended themselves are scrambling to pay down debt when the focus should be on creating new cash. If you’re in trouble with mounting consumer debt the only choice for you is to find ways to put more money in your pocket.
Once you have a Cash Machine plan in action you need to focus your attention on keeping that income coming in and creating a cycle of cash flow. The biggest slowdown of a new Cash Machine is once you start making money you go into a continuous cycle to pay down debt. This will get you nowhere fast. In fact it will stop you in your tracks. In six months you’ll find yourself stuck with a Cash Machine that’s not profiting because your money went straight to your consumer debt.
Your seed money, i.e. the money you use to get your Cash Machine going, is business capitalization. This is an example of good debt. If you borrowed money to start your business, then you need to show profits. Pay the minimums on this good debt so you’re showing progress.
Don’t get me wrong you need to keep making your minimum payments on all you consumer debt but stay focused on the broader picture. In my Millionaire Maker’s Guide, you’ll find an equitable format for paying down debt while still investing in your future.
When you’re starting out, you need some life support so you can continue to create new cash in your life. That means you need a team, people who support your life to give you the time you need to make money. This is where your first money should go. Once you have that life support you need to focus your earned money on marketing, marketing, and marketing. That means if you need a website it’s time to invest your earned money. Once you have established your life support and marketing plans you’ll see more money coming in the door.
You want three to five layers of marketing so that you can start to put money away for your wealth account. Then you can start putting a little extra money toward your debt. You’re not pouring your money on that debt, you’re just making some headway. In this model you will pay off debt, it’s just going to take you a little longer.
The best advice I can give to those of you facing large amounts of debt is to create new money. Get your Cash Machine off the ground based on a successful model company. Do not focus so much on your credit cards and lines of credit, it’s not that you don’t care, you’re just making sure you have a plan that will create a steady flow of income. Your future is not based on the amount of debt you carry, it’s based on how much cash you can bring in to change it.
Ready GO!
Loral
Still on the money diet?
With all that is going on with the economy lately it seems all the chatter is centered on pinching pennies, going without, and stretching the dollar. I’ve been asked a lot lately about good ways to budget. If you follow my methods you already know that I don’t believe in budgets. They just don’t work.
I believe budgets are like people who go on “yo-yo diets” to lose weight. Yo-yo dieting starts out great but soon you’re at the end of your string. Same goes for money diets, they just don’t work.
If you’re not wealth healthy it’s time to go to the core of your money habits, learn the purpose of money, exercise your money muscles, and commit to a lifestyle where you control your money, not the other way around.
Let’s break this down…
What are your money habits?
How do you communicate with your money? Are you an impulsive spender? Is money a negative thought? Or is money something you fear?
Start to understand how you communicate with your money. If money is a scary thought you have to change your thinking. If you overspend you need to find out why. People often say things like; “Money is root of all evil”… the quote is actually “the love (or lust) of money is the root of all evil”. If you are thinking negatively about money, chances are your bank account reflects that same negativity.
Learn the purpose of money.
Once you’ve begun to think about your conversation with money it’s time to understand it’s purpose, how much do you need to sustain a wealth healthy lifestyle??
Exercise Your Money!
If you are thinking clearly about money you want to build up those Money Muscles! If you’ve got a problem with spending you need to be in resistance training. Once you get the hang of it you’re building your wealth muscles. When you’re paying down your debt and practicing healthy spending, doing what it takes to earn more money, and investing, your wealth muscles are very strong and will get even stronger. Keep building your wealth.
There’s good debt and bad debt. Do you know the difference? There’s ways to make more money… everyone has a marketable skill. Have you thought about that? What can you do today to make more money? Be in the cycle of continuous learning.
Stay connected with others on your same path. Create a network! Keep each other in line and focused.
Commit to the wealth healthy lifestyle.
Stay strong in wealth training. Be on the path to learning, generating, and creating healthy money habits and also understand your limits and or triggers for spending. Money is not supposed to run your life, it’s meant to accommodate and enrich your lifestyle. Commit to that thinking and you will be wealth healthy for life!
Loral
Recession Proof Businesses
The news continues to report on the many industries that are implementing mass layoffs. So this week I wanted to talk to you about creating recession proof Cash Machines. Now, I know many of you are already balking at the idea of starting a business in this kind of economy and to them I say it’s time to shift and adjust your thinking.
For months I have been writing about how to create your own economic climate. My latest publication is a multi media ebook called ‘Get Off Your Lazy Assets‘ where I show the 9 Essential Assets you already possess to create continuous wealth cycles. (I hope you downloaded your copy — you can get a free preview chapter here). Right now it’s helping people just like you discover what it takes to survive in any economy.
If you or someone you know is facing a layoff… this could be your golden opportunity to create a Cash Machine for Life! Yes, the economy is shaky. We’re in a bit of a slump but it doesn’t mean there’s not an opportunity for you.
REMEMBER your Cash Machine is not your dream business (it could be, but for most it’s not). A Cash Machine is a business that creates continuous streams of cash flow, which is then re-invested. Many people have several different Cash Machines. So be very careful with your thinking. Don’t get stumped with trying to fit or find your passion in business. You’ll have plenty of time for that when you are in a cycle of wealth.
So what are some businesses that could be used in this kind of economy?
If you’ve followed my methods and strategies you may already know what your skills and talents are, now you need to leverage those ‘assets’ into cash. You also have to think about what’s going on around you. How can your skills and talents be utilized for profit?
Think of what people and businesses need BECAUSE of the current economy. Don’t think of things they are likely to be cut, like advertising or elaborate personal shoppers.
For example…
Foreclosures are up.
Banks might need people to maintain properties.
There have been large amounts of layoffs.
People looking for work need all kinds of services like resumes, computer training, and headhunters, just for starters.
As the old adage says “You can always count on death and taxes”.
It sounds morbid but there are many services people who have lost loved ones could benefit from i.e. someone to organize estate sales or box items for charity, or a person to help prepare homes for listing.
If your skill set includes accounting you already know…’tis the season.
You might not want to do taxes for people so think of ways to help other accountants. They need to eat, drink loads of coffee, and maybe could use a quick chair massage. Perhaps delivering coffee and sandwiches or organizing a group of massage students to make rounds at local H&R Blocks, do a 10-minute massage for $10, split the difference.
Big businesses and small businesses alike are looking for ways to save money. Consumers are looking for much of the same. How can you help them do that? What are your skills and assets? How do you fit in?
Remember not all businesses will do well in economic down turns. Think niche. It’s a cash machine — you need to be using your resourcefulness muscles.
What are your ideas for Cash Machines that could do well in this economic climate?
To Your Wealth!
Loral
P.S. Comment below. I’d love to hear from you. What’s on your mind?