Eliminate Financial stress

Post 4
By Trafford R. Cole PsyD

Another area where many people feel out of control and frustrated is with their personal finances. The purpose of this part of my blog is to lead everyone to personal wealth, including myself of course.

How many of you feel like you are like a hamster in one of those wheels where they run and run and run but they never get anywhere. This, maybe, is why they call it the “rat race.” It is extremely frustrating to get up every morning, work hard, do all your chores and duties, and then find yourself at the end of the month paying your bills with nothing left over, or even more debt. You dream of a raise or new job and maybe after years it comes, but strangely enough there you are working hard and getting nowhere. You’re running to keep up with your obligations, paying off student loans, mortgage on your house and just feeding your kids, but it never seems to get any better. You read of others who are making it, who are getting rich and you think what is wrong with me?

Well, you are the majority. You are the middle class. So how do you take control? You might think that I will start talking about how to get out of debt as a first necessary step. I will, but not yet. That is only step four in the process. The first step, just like weight loss starts with your attitude towards life and towards money. Money, like food, is a very emotional subject. Our attitude towards money was rooted early in life from our family. What we heard, the model our parents gave us deeply effects us even though we may not be aware of it.

Were you taught that money is the root of all evil? Did you parents talk about the rich exploiting the poor? Did you hear pride in your father’s voice because he worked with his hands, not like those dump college boys who don’t know how to do anything? Is security your most important need? Or, do you believe that the world owes you a living? Do you believe that there is a shortcut to wealth? Do you believe that you deserve more without paying the price of success?

What research shows is that the rich think differently from the rest of us. They view money differently. They view the world differently. As a result the first step of this blog is to enter into the millionaire’s mindset. Some of the exercises will be taken from Secrets of the Millionaire Mind by T. Harv Eker; Harperbusiness, NY 2005.

Wealth tip # 1
Write down all the statements you heard about money, wealth and rich people when you were young. Don’t just think about them – write them down. Now, write down how you think those statements and attitudes have effected your financial life up until now.