TAKE THESE IN
An article by Dr. Matthew James, the President of The Empowerment Partnership, enlightened its readers on the essence of prosperity. He interviewed several people who embodied a healthy relationship with money. This research led him to eight financial beliefs, which the “prosperous participants” agreed upon. Here are just three beliefs to consider:
“Money demands attention.”
Failure to keep up with your monetary affairs can result to trouble. Your mountain of bills and outstanding loans will not disappear on its own! Avoiding your responsibilities may make you blissful for now, but it will haunt you in the long run. Invest your valuable time on getting your finances straight. Pay attention to details and foster realistic commitments.
“The universe wants me to prosper.”
Dr. James stresses on the influence of the “Law of Attraction” towards money. Made popular by self-help books, Law of Attraction is the belief that we receive the energy that we emit to the world. Cultivating positive thoughts brings positive experiences. While, focusing on negative thoughts brings negative experiences. The effect of our thoughts is apparent when it comes to money or the lack of it. Re-frame your thoughts to resemble your financial behavior.
“Money will respond to the instructions I give it.”
Compared to other areas in our lives, our believes surrounding money is probably more limiting. Realizing that you are in control of your finances will enable you to be accountable for your actions. Although the beautiful Prada bag is tempting, your money follows your instructions. It does not have its own intelligence!
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The first step that you must take is to set your financial goals. These goals will help guide and motivate you when things get though.
GIVE THESE UP
After knowing about Dr. James’ prosperous beliefs, let us turn the spotlight to the irrational financial beliefs. Following irrational or wrongful beliefs on money might jeopardize your financial health. Awareness is the first step! Expand your knowledge about these three:
“There is an optimum way to becoming successful.”
Say your expat co-worker spent his entire savings on gold investments (i.e., Gold Exchange-Traded Fund). He used his gains to build his own enterprise. He was onto something and so must you. If you believe that one size fits all, you are mistaken. Generalizing is a cognitive bias that you must overcome.
Stick to employing a strategy that will suit your spending habits, financial goals, and current situation!
“Money can buy me people’s attention and love.”
You cannot please everybody, even if you are the shiniest coin in the purse. Having money does not guarantee that you will gain genuine affection and attention from others. It is better to focus on the things that you can directly influence (e.g., loving yourself, seeing your friends, or donating to charity).
“Earning money is a competition.”
Most of us will agree that Singapore unintentionally cultivates a competitive atmosphere from school to working years. For people who treat money as a scorecard, losing money can be immensely difficult. Imagine what will happen to those individuals when unforeseen circumstances (such as layoff and recession) occur! Their self-worth may shrink once their wealth depletes.
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Instead of placing money as your top priority, put greater value to your family and friends.
