Mastering Your Money Mindset

 Let’s Talk About Money

They call me the Master of Money Mindset mainly because I have made it clear that mastering your mind and its beliefs about money is the key to your financial success.  Above everything else, mastering your mindset is crucial.

Get ready to break some rules here.  We are going to talk about money.  It is by talking about money that we’re going to learn what’s going on with our finances and how we can control them.  Some of what we’ve learned may be true, but much of what we know to be "truth" may have been taught to us in order to misdirect us.  Yes, misdirect you exactly the way that millions of Americans were tricked and misdirected into foreclosure since 2007.  MILLIONS!  There were more than four million completed foreclosures and twice as many started foreclosures in the five-year period between 2007 and 2011.  This is way more than the estimated 1% of homes foreclosed on during the Great Depression, but no real statistics were kept during that time, so it’s really hard to determine. 

Think about it.  There was once a time when the majority of Americans thought debt, even mortgage debt, was a bad thing.  People paid cash for their houses and pretty much cash for everything.  There have only been a few generations of borrowers in America, or worldwide, but it has never been worse.  We owe a lot of money and it’s not good debt (there is good debt, believe it or not).

We’re going to have to sort out the truth from the fiction, and beneficial knowledge from the misdirected.  Fortunately, we’re intelligent and we can do that!  But unlearning is not an easy task.  Much of what I ask you to think about and do is going to take some effort.  I ask that you please just keep your mind open to possibilities. 

Our Beliefs Control Our Actions
 

Our thoughts and beliefs control the way we act.  We are prone to close our eyes, ears, and minds to what is uncomfortable and frightening to us or what we believe is not true.  We have to be open and willing to investigate and learn what is real.  Truly, whatever it is that we believe becomes our reality.  We have to be brave explorers and, as the saying goes, grow a pair.  Let’s talk and act like millionaires have been talking and acting for years in their boy’s clubs and cigar rooms.  Let’s become the people we were meant to be; strong and in control!

I’m going to use the diet analogy here.  If you were overweight, what are some things you know you should be doing?  Exercising?  Eating more vegetables?  Taking the stairs instead of the elevator, right?  What are some things you know you should be avoiding?  High processed foods?  Junk food?  Cruises?  No, I like cruises.  But an excess of foods with white flour, sugar, or that are heavily processed, right?  Exactly.  You know this.  It’s old news.

There’s a lot of common sense knowledge in your brain.  And so it is with finances.  Some of what we’re going to go over is – or should be – common sense to you.  But some things may come as a surprise. 

For instance, when dieting, I always thought one should eat three nutritious meals a day and avoid snacks.  But, it turns out, some believe you should eat a little something every two to three hours in order to keep your metabolism moving.  Others believe in fasting and only eating within an eight-hour window.  With money, I always thought it was safest in a bank collecting interest.  But, it turns out, banks are not safe places anymore, nor do we earn much, if any, interest in them.  In this economy, especially, inflation is moving faster than any CD or money market account in a bank.  This is why investors like Robert Kiyosaki says, “Savers are losers;” because money in the bank is just losing its value.  Instead, we should invest wisely.  If we are going to BE millionaires, we must ACT like millionaires, and be proactive with our money and our investments.

Back to the diet analogy:  If we decide we need to lose weight, we’re going to have to educate ourselves about a few things first before we can fix it.  The same holds true for our finances.  If we were dieting, we would start reading about healthier foods and lifestyles.  We would eliminate processed foods, red meat, GMO’s, and high glucose corn syrup from our diet.  We would begin an exercise regime.  Well, we should do the same for our finances.  We should be reading about money and educating ourselves on today’s economy.  We should eliminate unnecessary spending and less-than-worthy saving plans.  We should take control of our IRAs and 401s, making certain they are self-directed.  We should organize and invest our money, making it work for us, instead of being in fear or in lack and limitation.  However, what we should do is not what we do.  Most people don’t or won’t do anything because they're either afraid of making a mistake or believe that the process may be too complicated for them.  Well, it’s not complicated.  Money flows where our mind goes.  If we are constantly thinking we don't have enough, that is exactly the reality we create for ourselves. 

Remember, just like being healthy, our relationship with money is a lifelong process that does not change overnight.  How we think about money and how we use our money are both habits we control.  Also, like a diet, there may be times when we slip, make a bad investment, and have to recommit to our plan.  With diligence through self-education, we can become experts in finance on our own terms and in control of our own destiny.  Remember, you control your economy and no one else.  Be an investor by acting and thinking like an investor now and always.

From Overwhelmed to Overjoyed
 

Are you starting to feel overwhelmed?  Is your little voice saying, “Oh, my!  There’s a lot to learn here!  I’ll never be able to grasp all of this.  Where do I begin?”  Let’s just step back for a second.  This does not have to be difficult. 

You have to take a look at your priorities in life.  Where are your priorities?  What’s important to you?  Who’s important to you?  What would be your ideal lifestyle for yourself and for those you care about?  What would you be doing right now if money were not an issue?  If you are determined to live life as if you are there already, saving and spending like an investor, then your actions will soon reap the rewards of your thoughts and habits and you will be an investor.

Oddly enough, most people SAY they want to earn more money and be in control of their finances, but few people do anything about it.  It’s just like most people saying they wish they were healthier, yet they eat fast food nearly every night of the week.  As Americans, I’m sorry to say, we are the worst offenders saying we want one thing but then continuing actions that take us in the opposite direction.  We want the benefits of our needs and desires, without the effort that goes along with it.  So, when I say that you are going to have to learn to read a little and grow a little and move outside your comfort zone, you may hear your little voice say, “Sh*t!  This is going to be a lot of work and it may even be uncomfortable.  I don’t know if I want to do this.”  Well, maybe you don’t.  Maybe you’re happy right where you are.  I have a hard time believing that, though, because it was YOU who decided to read this article.  There's probably something you can change right now to get you even closer to your goal of where you really want to be.  Become that person now.  Make the changes in your habits now. 

What is missing in your life right now?  What do you really want when it comes to your finances?  Are your bills paid easily and on time?  Is your mortgage under control (meaning it has some equity) or is it paid off?  Do you have resources set aside in case of emergencies like injuries, job loss, or a change in the economy?  Are you ready for retirement and feel confident you won’t be pushing carts at Walmart in your seventies (unless you want to be pushing carts in a Walmart)?  Look at your answer. It’s time for a reality check.  Unless you enjoy the struggle and the chaos of just getting by, you owe it to yourself to change and become a much happier person, confident in the knowledge that, no matter what, you’ve got this thing covered.  Become the person you really want to be.  The good news is, it’s really not that difficult.  It’s actually kind of fun!

Creating a Money Mindset
 

Here is what I know.  There are two main ingredients to success.  The first is mindset and the second is action.  You’ll need to get your mind right if you have any chance of being a prosperous and wealthy person.  Most people say the change took place when they made a decision.  Bang!  That was it.  It was like flipping a switch.  Really.  I watched hundreds of people attend Tony Robbins and Robert Kiyosaki events over many years.  After a while, I began to really study what made one person succeed where most had failed.  It was always either their beliefs or their ability or desire to take massive action. 

Nike has it half right when they say, “Just do it.”  My slogan is, “Believe it, then be it!”  It is what I’ve seen to be true.  Mindset, believing, is the key to doing anything, especially getting your finances in order.  People have got to stop dwelling on the lack of money or the need for more money, because that is exactly what they are creating in their lives.  Instead, know and believe that you always have exactly what you need.  You are always safe and money comes to you easily.  You are a money magnet!  

I’ve written a couple of books on the subject of money mindset and I’ve read dozens on the subject.  The concepts are always the same.  You’ve got to wrap your mind around being wealthy.  You’ve got to embrace what you want to become and then be it.  If you have any hesitation inside you, even subconsciously, you’re going to hit a few bumps along the way.  Get your mind right by taking a good look at money and your current beliefs around it.  Then, design the life and the beliefs you WANT to have about money.

What We See as Wrong with Money

When we hear the word “money,” a lot of things come to mind.  What comes to your mind?  You have to know.  Do you think money is the root of all evil?  If you do and you don’t want to be evil, then it’s going to be really hard for you to attract money.  Before Donald Trump even ran for president, I used him as an example, although it still works even though he’s president.  Do you see people like Donald Trump as evil?  Are wealthy people bad in your eyes?  Most people, when they really think about, see that society has really conditioned us to dislike the wealthy.  In movies, the rich old man was greedy and ran the town or a wealthy contractor was taking over.  Wealthy people are generally portrayed as the villain.  The poor guy is the one we’re supposed to root for.  Why do you think that is?

The problem with this is that it teaches us, subconsciously, to dislike wealth and to repel success.  We might think, “I want to be rich but not too rich.”  What’s too rich and why can’t we be too rich?  Because deep down inside, we feel being too well off will make us bad.  However, that is not true.  Money won't make you anything but who you think you have to be in order to have it.

For instance, people who cheat and steal often have a belief that they have to cheat and steal in order to stay or get ahead.  It's part of who they are.  Actions we take, behaviors and habits, are always a part of our belief system surrounding our identity of who we believe we are.  Therefore, if you believe you are a teacher, you will act and behave like you believe a teacher would act and behave.  Changing our thinking must include changing our behaviors, as well, or they really didn't set in.  Dig deep to find the habits and behaviors you want to adopt in the "new" you.

What We Should See Instead

We should focus on all the things that we can do with money when we are blessed with it.  We can build hospitals, schools, and housing for the poor.  We can feed and clothe the less fortunate and dig wells to provide freshwater where there is none.  We can pay for health care for a loved one who can’t afford it or provide for our parents or grandparents as they grow older.  Money is a tool and is not evil.  If you aren’t an evil person now, having money isn’t going to turn you evil.  It will only be a reflection of who you are.  The world needs more generous wealthy people without secret agendas.  You can be that person.

If you aren’t a Christian, please know I’m not attempting to preach to you.  However, being raised with the Christian Bible, there are so many examples of God blessing people with money.  Story after story tells of God bestowing blessings of bounty in the form of great harvests, livestock, land, and riches.  If money was a bad thing, would God “bless” His people with it?  No.  He would keep it away from them.

Luckily, my belief system says money is not evil.  That belief has allowed me to attract exactly what I want.  I always have more than enough because it is part of who I am.  What beliefs do you want to have in order to be the person you want to be? 

How to Correct Your Thinking

So, how can we correct our thinking?  We first need to notice it.  Listen to that little voice inside your head that says you don’t deserve something, that you aren’t worthy, or that you’ve made mistakes.  Maybe your voice is a bit more subtle and tells you that you don’t need a house that big because you wouldn’t want to clean all those bathrooms.  Whenever that voice says something negative, write it down, thank the little voice for its opinion, then ask him to keep quiet for a moment.  Take that moment to reflect on what the voice said.  What is your little voice saying to you?  Is it sabotaging your momentum or is it cheering you on?  If it’s not doing the latter, you need to start telling it what to say.  Re-write it so that it works towards the new and improved you: the you that you want to be.

You might say things like, "I'm an awesome millionaire because I help thousands of people.  I feed hundreds of people a day by donating to the Phoenix Rescue Mission.  I support entire classrooms of intercity kids by buying new backpacks and shoes for them.  I help build nursing homes for seniors, libraries, hospitals, and dig wells to provide clean water for those in need.  Money is a great tool and I am truly blessed to be able to use it wisely and generously.  I am grateful every single day for all that I have."  Whatever it is you’re going to do, let your little voice know that the old nagging nanny is no longer needed or necessary. 

Begin thinking differently.  Meditate, plan, then take action.  We will be posting more and more money mindset tools here, so check-in and say hello every now and then.  There’s more than enough wealth to go around and we know you can do whatever you set your mind to do.  We’re here to help.  Believe it, then be it!

Michelle R Russell

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