“The primary difference between a rich and poor person is how they manage fear.”
Even when you are financially literate, you may still not grow your asset column because of the following reasons:
- Bad habits
The fear of losing money is real.I have not met anyone who doesn’t have it.Even the rich have it.Having fear is not a problem. The problem is how you handle it.My rich dad kept telling Mike and I that the greatest reason for lack of financial success was because people played it safe.Most people do not win financially because the pain of losing money is more than the joy of being rich.Most people dream of being rich but are terrified of losing money.
Another fear is that of failure.Most people play it safe.They buy big cars and houses but not investments. They are focused on balancing pay cheques.The most successful people were not balanced at the beginning. Balanced people go nowhere, they stay in the same place even when their income increases. To make progress, you must be unbalanced but focused.If you have the desire to be rich, focus! Put all your eggs in a few baskets and focus until successful.
The cynic is a chicken little.Always full of doubt.They play the “What If?” game.
“What if the economy crashes?”
“What if I lose control?”
They may also be the friends that remind ourselves of our shortcomings. Most people are afraid to invest because the world is full of chicken littles. Rich dad gave me a way of looking at chicken littles.
He said,” At the age of 66,Colonel Sanders lost his business and began to live on his social security check.He was rejected 1009 times while trying to sell his chicken recipe.He went on to become a multimillionaire at an age when most people would have given up.So, when you are in doubt and feeling afraid, do what Colonel Sanders did, he fried his chicken.”
Busy people are the most lazy.They are too busy to take care of their health,wealth and family. They are either fishing, playing golf or shopping to avoid something important. That is the most common form of laziness. So, what’s the cure for laziness? A little greed.
Most of us were raised to believe greed is bad. We were often sent to guilt trips.
“You think we are made of money?”
“Do you think money grows on trees?”
“I am sacrificing all these for you.”
A lazy mind often says, ” I cannot afford it.”
Even when the mind tells you,” I am tired of being poor.”
The little chicken says,” Rich people are greedy.”
“I cannot afford it” causes more sadness than”How can I afford it” ever will.
Overcoming Bad Habits
Most people pay bills first before they pay themselves through savings and investments. I do the opposite. I grow my asset column first before paying any bills The pressure I get from my debtors encourages me to look for more.When you pay debtors first, you become relaxed. The alternative makes you financially stronger.
Every time I have been arrogant, I lost money. People use arrogance to hide their own ignorance. There are many people in the world of money and finance who do not know what they are talking about.When you know you are ignorant about a subject, start educating yourself by finding an expert in the field or a book on the subject matter.
See you tomorrow for lifestyle feature.Have an awesome week.