The Billionaire’s Five Mental Habits

The Billionaire’s Five Mental Habits

It is hard for you to get rich if you don’t believe it’s possible.

It’s hard for you to become wealthy if you consciously or unconsciously feel a little guilty about wanting more.

It’s difficult to maintain your wealth if you’re afraid of losing money.

Nevertheless, the truth is that building, attracting, and maintaining wealth begins in your mind.

It may sound strange to some people, but nonetheless, it’s true.

What do you think about money?

Is it forbidden (“money is the root of all evil”)? Or neutral? Or maybe a means of doing potentially good stuff, like donating to orphans?

What do you tell yourself about money?

Here are some habits that can help you build generational wealth.

1. Visualize and Believe that You are Wealthy

Our minds give us what we ask for.

If you feel insecure and involuntarily fear losing it all, your mind will do anything to attract said disaster.

Your mind really wants you to be the master.

It wants you to succeed in anything you imagine.

Whatever you fear becomes a kind of prophecy.

If, on the other hand, you imagine yourself in prosperity, you will get a huge tailwind.

So why not just decide to believe in the best from the start?

You can’t gain speed when you’re stepping on the brakes

Warren Buffett said as a child that he would become a millionaire before he turned 30. He envisioned himself as rich from the very beginning.

Maybe that was precisely why he became the richest man in the world (until he started donating his fortune).

While you’re at it, imagine all the good things you will do with that wealth.

2. Set Ambitious Goals

Strong goals are the driving force that gets you moving at high speed.

It’s important to set big, juicy goals – otherwise you’re like a car without fuel.

When setting goals, don’t be like a grumpy, realistic grandpa.

If you set yourself a goal that’s in line with the progress you’re experiencing today, the energy will be flat from the outset. Why? Because there’s not really anything new in it, is there?

If you 10x the goal, you’re guaranteed to fly up from the chair with the question: “Cool, when do we get started?”

Let’s say you launch a small business and your goal is a turnover of 1 million the first year. It’s realistic and on par with your closest competitors.

If, on the other hand, you say to yourself that your turnover needs to be 10 million, then it starts to feel wild and fun.

Likewise, if your realistic goal is 10 million, up it to 100 million. Wild stuff, right?

Something happens with the energy when the goal is challenging. You become much more driven to succeed.

Your imagination is stimulated to think up new solutions all the time because you can’t get there by doing what you usually do.

3. Make Up Your Mind Wholeheartedly

The main reason most people don’t really change their lives is that they never really commit to it.

They just let the days come and go without committing wholeheartedly to whatever it is. There’s a “but” in there somewhere.

Maybe you’re on the verge of deciding to begin investing in the stock market.

Maybe you’re considering starting your own business.

Maybe it’s something completely different you’re undecided about.

Whatever it is, you know what you need to decide wholeheartedly to do.

Things start to shift when you’re 100% committed to it. The universe aligns in a crazy way to help you.

4. Ask Good Questions

We all face difficult days and unexpected events in life.

How we handle them differs enormously.

The same type of event can cause one person to become depressed and another person to commit to change.

Why do we react so differently?

Much of it has to do with the conversation we have with ourselves.

If you slow down and listen to your thoughts, you’ll hear some phrases repeated over and over again in your mind. Maybe you hear some questions too.

What type of questions do you ask yourself?

Do those questions drive you forward? Are they motivating? Or are they knocking you down?

Do you tend to ask, “Why does this always happen to me?” or “What did I do wrong?”

Or do you ask more motivating types of questions, like: “What can I learn from this?”, “How can I make sure it doesn’t happen again?”, or “how can I be grateful that this happened?”.

5. Focus, Focus, Focus

When Warren Buffett and Bill Gates met for the first time, the host asked what the most important factor contributing to their successes was.

They are both extremely wealthy. One, as you probably know, because of coding and building software, and the other, through investing.

They both gave the same one-word answer: focus.

You may have heard that it takes 10,000 hours to become really good at something.

No doubt Warren Buffett put 10,000 hours into learning about money and stock market investments before approaching the first investor for the original partnership.

No doubt Bill Gates put 10,000 hours into programming in his parents’ basement long before he even established Microsoft.

Are you ready to put 10,000 hours into something in order to have an extraordinary life?

Do you want to put 10,000 hours into learning how to invest? How about 1,000 hours? 100?

10,000 hours is enough to make almost anybody bail, but the good news is that you don’t need to put 10,000 hours into investing in the stock market in order to succeed with it.

The Shortcut

The good news is that there’s a shortcut.

You can learn from others who have focused and spent 10,ooo hours learning it.

If you are willing to spend time learning from someone who has put in 10,000 hours of learning, you can get to a pretty high level much faster.

To jump some plateaus, it’s an excellent idea to learn from someone who knows more about a subject than you do. Learn from the best.

That way, you can save time by learning from others’ mistakes and successes and fast-track your success.

Learn faster by downloading my free e-book. Click here to get it.

Three Mistakes You Make When Haggling

Three Mistakes You Make When Haggling

The other day on Facebook, I read some tips and tricks to negotiate discounts and rebates.

There were many creative ideas and examples of white lies.

Here are some of the tricks that came up:

  • One person always said “This is above my budget” and waited for an answer.
  • One asked for a student discount… in his seventies.
  • One person said they had seen a better offer elsewhere (a white lie).
  • One stated it was too expensive and waited for a reaction.
  • Someone lied in a house trade by saying the bank only approved a smaller loan.
  • Someone else called up a hotel and asked for 5 dollars less per night.

What’s the problem with applying for discounts and rebates?

There are three main problems:

Your Focus Is on Lack of Resources

What thoughts lie behind haggling?

It’s a mindset of seeing money as a scarce resource, and it’s rooted in a mindset of lack.

That mindset is being reinforced as you haggle and tell little white lies about not being able to afford something.

It may well be that you call it a “white lie” when you tell a clerk that you can’t afford a dress, but it becomes your truth.

What do I mean by that? It’s a phrase that you say out loud, and your subconscious mind is listening in.

When you say “It’s too expensive” or “It’s over my budget”, that becomes the reality you create for yourself.

Your psyche thinks, “Aha, that’s what you want” and begins to create situations that confirm it, over and over again.

Do you use affirmations? Those small, positive phrases that we say to ourselves to affect the outcome?

It can be phrases like:

“I can do this!”

Or:

“There is abundance in my life.”

“I attract prosperity from all sides.”

With the little white lies, you create negative affirmations.

You Won’t Get the Best

The wealthiest people do the exact opposite of haggling.

They pay more for things.

They spontaneously treat their friends to dinner, they give generous tips, and they look for quality when they buy things – almost ignoring price.

They don’t like sales (have you ever wondered why there are never sales in shops like Hermès and Louis Vuitton?)

I got help from a friend when I moved to Portugal. She had lived in Portugal before and could show me the shops and help me get adjusted.

While we walked around and bought everything from drying racks to floor scrubbers, she kept saying, “Get the most expensive one”.

“Why?” I asked.

“It’s better,” she replied.

As we stood by the drying racks, I noticed how the cheap one was light in material. The expensive one was heavy and seemed better quality.

This is often the case. Quality costs more. We already know that. The best ones won’t go on sale.

After she flew back home, I continued looking for the best quality above all.

When shopping for a hair dryer, I thought of my old one that I had left behind.

I had bought it on sale in Lidl shortly after I had been fired on maternity leave (oddly enough, I still remember the price).

At the time, the focus of my life was largely on lack and fear.

That hair dryer smelled of plastic – it smelled toxic – and that smell didn’t go away with time.

When I dry my hair, the children often come over and want me to blow on them. They think it’s fun. I was often torn between denying them a little everyday fun or sending hot toxic air at a dancing and laughing toddler.

I ended up throwing it out when we moved – which is so bad for the environment too.

What did I do at the store in Portugal?

I pointed to the most expensive one they had. It felt heavy and solid. It had a place of its own in the store. Slightly raised above the others, as if it were the king of the hair dryers.

They had to order it in for me because they didn’t have it in stock.

What did it cost? I can’t remember. I didn’t care.

Does it smell like plastic?

Not at all.

It’s worth all the money because now I can enjoy my children’s excitement without fear.

You Might Lose the Trade and Hurt the Relationship

When you’re in a situation where there are several buyers, such as buying a house, a service, or a recycled item, you could lose the deal if you begin to seek out a bargain.

If you start haggling over the house, you may lose the chance to buy your dream home.

If you ask for a discount at the hairdresser, she may ask you to find another place or get annoyed with you.

Both in my business and privately, I don’t bother to go ahead with those who ask for a discount.

I only want customers who pay the full price with an attitude of excitement and gratitude. They’re the most fun customers that focus on learning and getting the most out of it.

What Should You Do Instead?

Try to focus on prosperity every day.

Focus on how much you have and cultivate an attitude of gratitude.

It doesn’t have to have anything to do with material things.

You can go for a walk and enjoy the view. Enjoy the beauty of the scenery. Enjoy the generosity of the trees. The dance of the clouds. The fresh air. The chirping of the birds.

If you quiet your mind, you can reach a place where you can feel prosperity as a strong physical force.

Some will feel goosebumps. Others a trembling sensation of joy through the body.

Try to meditate on your inner sense of prosperity for at least 15 minutes three times a day. Morning, midday, and evening.

True prosperity is so much more than money. It is an inner sense of freedom, love, generosity, gratitude, physical well-being, and wonderful relationships.

There is an infinite stream of wealth, abundance, and prosperity, and it lives within you.

When you become good at cultivating this feeling, you’ll also attract outer prosperity.

It sounds like abracadabra, but it’s not.

Your inner world and your outer world are connected. Of course they are.

As long as you focus on chasing deals and getting special discounts, you focus on scarcity and the material part of prosperity.

The good news (for those who are stuck on “lack attack”) is that daily meditations on prosperity are completely free. Not only that: It’s also 15 minutes that you don’t spend chasing deals on stuff you’ll probably never use anyway.

How does this relate to investments? It’s a perfect fit.

You’ll become a better and calmer investor when you feel inner prosperity and abundance.

You’ll be less likely to panic and sell in fear or buy in greed because you are beyond that.

Learn how to invest with my (free) e-book Free Yourself. You can download it here

Ten Crazy Things People Dependent on a Salary Say

Ten Crazy Things People Dependent on a Salary Say

If you are dependent on receiving a monthly salary, you have a particular way of thinking that has been encoded in you through years of schooling and socialization in the job market.

There are some special phrases, sentences and wordings that repeat themselves.

Maybe you use them too, and maybe you have never questioned your choice of wording.

Have a look at this list of ten typical phrases.

Maybe you can recognize yourself in one or more of them?

1. “It’s Not Good for My Career to ____”

You can put almost anything in here.

For example:

“It’s not good for my career to have children now.”

“It’s not good for my career to move now.”

“It’s not good for my career to take a leave to travel the world.”

People who are addicted to work tend to rob themselves of – or procrastinate on – some of life’s greatest gifts because they elevate their careers to a sacred spot.

It may not be consciously that they place a higher value on work than life.

It may be caused by an inner insecurity about what will happen and how they’ll survive and support their family if they don’t have a “career”.

But what exactly is a career?

It sounds like a thing you should have, right?

But what does that mean?

It means a job where you strive to do it well so your boss will approve and give you a promotion. But let’s be honest, it’s a job, even if it’s a fancy one.

Try to replace the word “career” with “job”.

“It’s not good for my job right now that I take a leave to travel the world.”

That sounds silly, right?

Try not to use the word “career”.

It makes you behave in a certain way that’s not really in your interest.

Avoiding the word “career” abolishes that tendency to put the world of jobs and salary on a pedestal as something almost sacred. Almost religious..

2. “There’s a Gap in Your/My Resume.”

Thinking of a resume as something fragile that unravels if you are not constantly on the go is probably one of the most foolish one of the most foolish mistakes you can make.

Nevertheless, both employees and employers often think along those lines.

You even hear the question during job interviews.

“Why is there a gap in your CV from 2009 to 2010?”

HR people ask these questions.

I think you should challenge it. Explain what you spent the time doing and emphasize what skills you got out of it.

Maybe you can even explain it on the resume so you tackle the gap question upfront.

3. “It’s Good for Your Resume”

I wish people didn’t make decisions solely based on how impressive it looks on a piece of paper.

But they do.

People take courses, do internships, and even pursue education and jobs because they think about what impression it gives on their resume.

Next time you say something about how it looks on a resume, try saying “It will look good on a piece of paper” instead.

Silly, right?

How about thinking about what skills you get from those pursuits and how you can use them in the future?

4. “I Can’t Afford to Take That Course”

The best investment you can make is an investment in yourself.

When you ask yourself if you can afford to do something, also ask yourself if you can afford not to do it.

When I sign up for a course, I always ask myself what it will take before I can earn that money back with the new skills I get.

There is usually not that much that needs to happen.

This is how entrepreneurs and investors think.

I don’t think much about what it costs – I think much more about what I can get out of it and what it can do for me and my clients in the future.

5. I Can’t Afford to Hire Help

I can’t afford cleaning help. I can’t afford an accountant. I can’t afford a babysitter.

Okay. So you say.

Have you calculated what you make in an hour?

Don’t you earn more than a cleaning assistant per hour? I should hope so.

You think like a wage slave who sees money as a fixed monthly salary.

Entrepreneurs and investors know that time is money, and that they need to buy more time by outsourcing so they have as much time as possible to focus on what they are good at.

6. “I Don’t Have Time to Pursue My Hobby”

You don’t have time to play tennis, swim in the ocean or do horseback riding (or whatever you love)?

You’re robbing yourself of the most precious thing in life … namely, life itself.

Time-poor people are the new poor.

Unfortunately, it’s very common to not prioritize old hobbies in order to have more time for a career.

7. “Do You Want to Meet for a Coffee in Week 34?”

Seriously?

Normal people don’t talk like that.

Oh, wait. All the career people do.

If you find yourself thinking in terms of ‘project weeks’ and have to plan beyond this week and next in order to schedule time for your best friend, it’s probably a sign you should kick it down a notch.”

8. “Sorry, I Can’t Tell You How Much I Earn”

It’s a shame to think like that, because you and your colleague have no opportunity to assess whether you get a reasonable salary or not.

At least be transparent with your colleagues. Transparency can put you and your coworkers in a better position when you have to renegotiate your salary.

9. “I Can’t Resign or Change Jobs Because They Need Me”

I’m sorry to tell you the harsh truth, but your workplace wouldn’t bat an eye at firing you.

You don’t owe them your life.

I made this mistake early on in my career when I worked as an office manager.

I thought the office would fall apart without me, and I postponed an internship at my dream workplace for 6 months (a newspaper).

To be in good standing with the new place, I found another guy to take the internship for the first 6 months.

Guess what. They hired him for a real permanent job – not me. He got there first.

The office management job couldn’t even find the time to write me a decent recommendation.

I still resent to this day that I wasn’t more selfish.

10. “What Am I Going to Do With All That Money?”

Some people think they will get corrupt if they have too much money.

They almost feel that it’s immoral to have more than their monthly salary in the bank account.

Where in the world does that idea come from?

Money isn’t dangerous. Money is a wonderful tool for living a great life.

Learn to appreciate money and make it grow so you have other sources of income than your paid work.

If you want to learn how to invest in stocks, you can download my investment book, Free Yourself, right here.

 

Ten Personal Rules for Getting Things Done

Ten Personal Rules for Getting Things Done

In just a few weeks, I have moved myself and my two children from Nørrebro in Denmark to Cascais in Portugal.

It has been a huge project with so much involved: finding a new house, a new school, getting the old apartment sold, sorting, packing, and shipping our belongings, emptying an apartment of big and small things, getting it cleaned, closing a business and opening a new one, getting the new house furnished, getting gas, internet, and phones up and running, getting a local bank account, hiring a housekeeper, getting the new house cleaned and organized, and unpacking all the boxes.

How did I get it done? Alone with two children, and so fast?

I’ve realized that I have an operating system without knowing it. I have a certain way of doing things, and it’ actually pretty efficient.

Here are my key principles:

1. Write It Down

Between you and me: I love making lists.

When you write something down, it relieves the brain of the burden of trying to remember it.

The to-do list has a bad rep, but it should be honored.

Some people say it makes you focus on chasing your own tail because you focus on the amount of things that need to be done without prioritizing.

I say that no one can remember much in their head, so it’s important to get it all written down, and then you prioritize the tasks afterwards.

Here’s how I do it:

I write a large list on the first page of a notebook. I set aside pages so I can keep adding things to the “main list”.

I use the rest of the book for making daily lists. I make a new page every day. When I put the daily list together – which I do the night before so I can sleep peacefully – I make sure that there is at least one task that is important and high-priority.

2. Get Something Done Every Day

You need to move forward smoothly, and that’s why it’s important to get something done every day. As the saying goes: the way to eat an elephant is one bite at a time.

I actually used the same principle on an hourly schedule when I had to pack tons of boxes and later unpack the same boxes. It seems so unmanageable to stand in front of a mountain of 32 boxes.

I told myself just to take one box at a time and that it was okay that it was just one box for now. One box an hour would get me far in a few days.

3. Do the Hardest Thing First

My oldest son (8) has already learned this principle. He abhors having the nail on his little toe cut. That’s why he always asks me to cut it first, and I praise him every time for it. Doing it that way, it’s over fast, and he doesn’t have to dread it the rest of the time.

There are always some tasks that are fun, and some that are difficult. Most people tend to take on the easy task first. Instead, you need to go consciously after the worst task first, getting it out of your way so it doesn’t bother you the rest of the day.

4. Do the Little Things Right Away

“Just answer right away.”

My favorite professor at NYU told our class this. I no longer remember the context, but I remember the point.

If you can reply with a simple message to an email, reply immediately so it doesn’t become yet another item on your to-do list. It keeps the number of things on your list down.

For small things that take less than a minute to get done, just do them right away. Of course, you need to be a little mindful when checking emails so that you don’t constantly interrupt yourself.

In the relocation situation, this has meant that if I spotted something important that I could not forget to pack, I immediately went and put it in a box so that the thought would not bother me again and again.

5. Do It At the Right Time

Some tasks require you to be vigilant and sharp.

Do those tasks when you are vigilant and sharp.

I can’t write blog posts late at night. They turn out better if I write them early in the day. So, I’d rather go to bed early and set the alarm clock for 5 a.m. to get them written.

6. Delegate Tasks

I’m a single mom with no parents or family around, but I still get a lot of help from others.

Some are paid helpers and some are not.

I have an accountant and a lawyer in Portugal to help with the practicalities of getting a NIF (this is the kind of tax number you need to order or buy anything bigger than a pencil).

I hired someone to shut the old apartment down.

At the other end, I hired someone to open the new apartment and pick up and assemble the new furniture.

I also got help from friends.

A friend with a flair for decor made a giant IKEA shopping list for me. Another friend helped me empty the last of the things out of the apartment.

A third friend, who herself has lived in Portugal, flew in with us and helped keep track of the boys a little and helped me find my way to the nearest supermarket and back.

While she was here, I hired a cleaning assistant and a housekeeper.

7. Make Quick Decisions on Non-Essentials

Some decisions require careful consideration and analysis. Most decisions don’t.

Who to marry is a big decision, but where the first date takes place isn’t really that important. That’s the kind of decision you need to force yourself to make in less than a minute, because if you’re not careful, it will swallow hours of your time. Which country you want to move to is important, but which airline or moving company you choose is not.

In the investment world, it’s important to analyze what you want to invest in, but which platform you use is less important. I mention this because many actually get stuck there, which is silly.

In my process, this has meant that it took me 45 seconds to choose a name for the new companies that I opened, 20 seconds to choose a bank, 20 seconds to choose an ISP, and so on.

These are small decisions that you shouldn’t let drag on.

8. Get There Early

As I say to my oldest child: “the difference between leaving early and being late is the difference between being able to appreciate the birds chirping.”

When it’s a habit, it’s really the difference between being happy or not.

I can’t stand being late. It creates chaos, a foul mood, and it gives a bad first impression

Leave early, show up first, and be prepared.

This also applies when you have to finish packing or when you’re going to the airport.

Life is more fun and enjoyable when you give yourself enough time.

9. Keep it Simple

There are always several ways to do things, and I always ask myself which way is the most simple and straightforward.

It’s called “simple living.” Part of the philosophy is that you don’t have to have so many material things, and the ones you have, you don’t always have to own them.

I have chosen to live in a condominium, as they call it down here. It’s a guarded compound with a shared pool and garden.

This means that I don’t have to worry about taking care of a yard, caring for the pool, picking up packages (they can be delivered at the gate), driving my children to playdates (so far they have playdates with the other children in the same area, and they just run back and forth between the houses).

In the investment world, simple can mean having a buy-and-hold strategy so that you don’t have to constantly find new investments.

10. Get Help From the Best

This isn’t so much about delegating as it is about learning, taking advice, and imitating.

You shouldn’t listen to people who don’t have success in the field you want to master. Uncle Harry, who is deep in gambling debt, obviously has an attitude about what to invest in, and his eyes get a little big and greedy when he lectures you.

Aunt Jane who’s never lived abroad will tell you that you are selfish if you emigrate. She’ll tell you that it’s bad for the kids.

Instead of asking around randomly, seek advice from those who really know and have experience. Ask someone who lives in Portugal how their children are doing. Ask that person for practical advice to find a shortcut.

It’s your job to find the right advice and inspiration.

It pays to buy that kind of advice if you don’t know anyone in your circle.

If you want to learn about investing like Warren Buffett, you can download my investment book Free Yourself right here.

Three Reasons Why a Sabbatical Can Boost Your Career

Three Reasons Why a Sabbatical Can Boost Your Career

Does it become a “black hole” in your resume that you fall through if you take a sabbatical year or two?

I think many people stop themselves from taking life breaks or sabbaticals because they have a feeling that they can’t leave the rat race.

Maybe it also just seems unmanageable.

My opinion is that everyone should do it at least once in their life.

In this blog post, I’ll give you some reasons why it can benefit not only you, your health, and your well-being, but actually your career as well.

1. You Gain New Energy

The first reason is obvious.

When you get a break from your daily life, you’ll release built-up stress and gain new energy.

When you’re stressed, you’re not a very good employee.

First of all, it’s not very appealing with a colleague sighing deeply at their desk.

Secondly, you don’t get good, creative ideas if you’re run-down and tired.

The input you provide in the workplace will be far better after a life break. You become a better colleague and employee because of it.

Many people return from a sabbatical year and make a huge career leap afterwards.

2. You Can Rebrand Yourself

Sometimes we get stuck at work because we have become the person “who can do that”.

We have been branded into our position – perhaps without wanting to.

I have heard of actors who take a few years off because they’re tired of being offered the same role.

Then they disappear from the screen for a period of time, and when they return, they deliberately seek to rebrand themselves.

Oscar-winning actor Matthew McConaughey is an example of this.

He was tired of the romantic roles he was offered and took a two-year-long break in 2000s.

New offers began rolling in after a while.

That’s how he landed the role in Dallas Buyers Club, which won him an Oscar. You can read about this in his autobiography, Greenlights.

3. You Can Take Courses and Educate Yourself

You can spend your sabbatical on creating a new version of yourself.

Of course, there are many ways to do that.

You can travel, you can try out a new career, you can take courses, and you can even get a whole new education.

You can even do a combination of these things.

You can travel to another country and take courses there.

Many people in my courses are taking my program as a part of a sabbatical.

Some take a break voluntarily, others are in the middle of a career change, some are on maternity leave, others have been fired. What they have in common is a rare opportunity to try something different and focus on learning something new.

What To Do in Job Interviews

When you are in a job interview, the question may arise.

The HR person may point to your resume and ask why you have a gap.

It happened to me just a year after I was fired on maternity leave.

I have to admit that my answer was bad. I reacted defensively because I got a bit offended by the question.

Of course, there was no gap in my resume. But that’s how these HR people talk.

You need to prepare a good answer and explain how you spent that time sharpening your skills.

You can even write it into your resume.

You can conclude your explanation by saying something like: “I’ve never been sharper than I am right now, and that’s partly because I took the time to…” (here you explain what you spent your time on).

Warren Buffett says it very clearly:

“The best investment you can make is an investment in yourself,” he says.

Sometimes time is an investment in ourselves.

If you want to learn about investing like Warren Buffett, you can download my investment book Free Yourself right here.

Five Common Money Blocks and How to Overcome Them

Five Common Money Blocks and How to Overcome Them

What we tell ourselves about money is important.

When teaching investment, it has dawned on me how much of the work is mindset.

We can only get s0 far with knowhow about how to calculate when a company is cheap on the stock exchange.  

The other day I coached someone who had all he cards laid out to become very rich.

He was young and had compounding in his favor. He had a very solid beginner’s capital to work with. He was bright and understood the concept of value investing.

Yet, I noticed a hesitation in him. Something was holding him back. 

When we talked about setting financial goals in the future, it became clear what was difficult for him. It was hard for him to set a goal. 

“I’m not greedy,” he said.

Alarm bells ringing here: We had run into a blockage. He had made up a story about money, and that story was holding him back. 

He told himself that if he wanted too much money, he was greedy. He told himself he was taking too large a portion of the cake. He had created an image of money as a limited resource.

This is just one out of several money blocks that can hold you back. 

Let’s look at the five typical money blocks and find ways to overcome them:

1. Rich People Are Unethical

This story comes in many variations.

It can appear as a fleeting thought like thinking something is unfair or a feeling of envy when you drive past a large house with an ocean view. 

It can come as associations with pollution, corruption, and even murder when you think about very wealthy people. Maybe this association comes from something you’ve seen in a Hollywood movie. Maybe it’s a conclusion you arrived at yourself.

Whatever it is, you are associating money with negative feelings, and that’s bad news.

How do you overcome that? First of all, you need to understand that money is a means of exchanging goods and services.

There is nothing malicious about money. Money is neutral.

If your product or service is valued by others, they are willing to pay for it.

You need to look at money as a means of saying thank you for good service. Think about all the good things that you have gained or achieved through money.

Has a physiotherapist helped you with back pain? Thank money for making it possible to receive this service. 

Have you seen a good movie? Thank money for making it possible to pay for the production of the film and for you being able to purchase the film experience.

When you think of your future wealth, link it to something good you want to do in the world with your money. 

2. Rich People Are Greedy

Behind this belief is a perception of money as a limited resource, like a cake that has only so many pieces.

Why should you have four pieces of the cake if there are others who only get one crumb?

This belief isn’t true, because money – unlike cakes – is not eaten.

Money can be used over and over and over again.

Think about it. A 100-dollar bill can flow through our economy many times over, and the faster it’s spent and reused, the more goods and services are created.

Here’s a good exercise: When you buy something, visualize how the same money is spent again and how it creates joy wherever it goes.

3. It’s Not My Responsibility

This story also comes in many variations.

It may be that you hope mom or dad will fix your consumer debt with a money gift, or that all your problems will go away once you inherit.

Maybe you hope they’ll help you financially when buying a house.

Forget it.

You’re an adult now.

It’s harmful to hope that someone will fix your finances because it prevents you from taking full responsibility. You give away your power and you avoid realizing your full potential. That’s a big price to pay.

From now on, you should stop accepting monetary gifts from your parents. On the contrary, you should see yourself as someone much wealthier than them and who is able to help them.

Maybe your money block is another variation on this theme. 

Maybe you hope (unconsciously) that a rich man will come and save you. Believe me, many women suffer from this without knowing it – and it only gets worse with Netflix series like Bridgerton, which shows a defenseless woman being rescued by marrying a rich duke.

Maybe you hope your boss or a future boss will save you with a big pay raise. Maybe you hope that a future boss will see your full potential that no one has seen so far. 

It’s just another variation on the same theme.

If the feeling of someone taking pity on you or saving you is preventing you from looking at your accounts, making savings and investing wisely, then you have abdicated responsibility.

What is the antidote?

It’s doing it. It’s looking through your finances, making a plan to set money aside for investments, taking an investment course, and actually investing.

The antidote to wanting to be saved is visualizing yourself creating your future wealth and linking very positive feelings to that mental picture.

4. I’m Not Good/Smart/Talented Enough

You may be telling yourself that you are not good with numbers. Or that you’re just not good with money. Or that you are too old/fat/thin/stupid.

What you think stands between you and your ability to attract money. It’s just a story you tell yourself. A stupid story that saps your power.  

Other people don’t value you more than you value yourself.

You’ll have a hard time attracting a lot of money if you don’t fully believe in yourself because you won’t feel that you deserve it.

The antidote? Say something else to yourself like “I’ve got this” or “I’m good enough.”

It can be that simple.

5. I’m Just Not That Lucky    

Maybe you have a feeling that wealth isn’t attainable because you’re just not such a “lucky” type that such a thing happens to.

It’s a complete misunderstanding of what wealth is.

It’s not something that falls on you like rain.

It’s something you work for and plan for.

You sit down and figure out where you want to go and you do what it takes to make it happen.

Unless you want to play the lottery instead of investing. But then you probably ended up on the wrong blog.

What’s the antidote?

Look at how much money you want to make per year, how much you can put aside, what return you expect to get from your investments, and then look at the effect of compounding. 

Don’t forget to download my e-book Free Yourself where you’ll learn to invest like a pro. You can download it here.