Is wealth something that you have in abundance in your life? Do you aspire to have more wealth? Do you feel that wealth is within your reach or does it seem that everyone else has more wealth than you?
I’ll let you into a little secret – wealth isn’t exclusive to some of us and not to others. We all have access to create and generate more wealth and abundance in our lives we just need to know how. That "how" requires you to get clear on what you think (your thoughts), how you feel (your emotions) and what you do with our money (your actions).
When your relationship with money is driven by your thoughts, emotions or poor habits then you’re less likely to be able to create, keep and grow your wealth.
If you seem to struggle with wealth, here may be the reason why:
1. You’re too busy living in the moment. Spending, not saving. Using credit instead of cash. Only paying the minimum repayments on credit cards and personal loans. Living the life and loving the present moment, but ignoring the future.
Solution: Connect with your future self. Studies on the brain actually show that we tend to think of our future self as a strange and someone we don’t really know. And because of this we find it hard to imagine and connect with the future version of yourself, which means we tend to prioritise our current self (now) over our future self (later). Try connecting to your future self – think ahead 1 year, how do you want to be living your life? Now consider, are your current habits and actions with money bringing you closer or further away from this vision? If not, what do you need to do to get you closer to this future version of yourself? See if you can extend this out to 3, 5 maybe 10 years’ time.
2. It’s just not a priority for you. You say you want to be wealthy, but you aren’t doing anything to prioritise your wealth. You don’t have a plan and you let your bad habits rule. You don’t invest in your financial literacy or building the skills you need to manage money better.
Solution: Work out what you are prioritising instead in your life at the moment. If you’re not sure, have a look at your bank statement as what we spend our money on tends to reflect priorities. Do these priorities align with what you value and are they leading you to wealth? If not, why not?
3. You don’t have a plan for your spending. You don’t tell your money where to go, so you end up wondering where it went. You aren’t intentional you’re your spending and you don’t have a plan for your money.
Solution: Don’t create a budget, create a spending plan. Let’s face it budgets are restrictive and a total freedom killer. But spending plans are empowering because you allocate your money intentionally and in accordance with your priorities and values. By being more mindful with how you spend your money, you can plug spending leaks and begin to create more conscious spending habits. Remember the money you don’t spend makes you rich.
4. You’re trying to keep up with the Joneses. You love to have the latest, newest, greatest and most beautiful things. You’re attracted to shiny objects and you hate to admit it but you’re a little influenced by others opinions and expectations. You believe that your value and success lies in what you wear, how you look and what you own.
Solution: Focus on what you have already. Try practicing a little bit of gratitude for what you already have in your life. Gratitude turns what we have into enough. Embrace the minimalism movement, or just reflect on what each item is really adding to your life. And most of all remember that your net worth is totally separate from your self-worth!
5. You believe money can buy you happiness so you’re on a mission to spend your way to that happy feeling. You feel the rush when you purchase something new and you’re little addicted to the short-lived serotonin boost delivered by some retail therapy. You tend to use the statements “I’ll be happy when…… and Once I have…. I will be happy”.
Solution: Get in touch with what truly makes you happy. While money makes life easier, it won’t automatically bring lasting and true happiness. The clearer you can get on how to use money to create happiness – whether it’s spending it on others, travelling, creating experiences, spending time with others, you can begin to use wealth more on those things and less on those things that bring only fleeting happiness.
Once you realise that you are in control of your wealth and that your money is an element of wealth, you can begin to use it to build more wealth in your life. Once you begin to understand and value wealth for what it is you begin to connect to it and are far more likely to do things that support you in creating a wealthy life.