Spending over 20 years in financial services I learned a great deal about the practices of the wealthy and the practices of the majority – most others.

There are many myths about achieving wealth and it may surprise you to learn – only a few tactics – separating the wealthy from those who struggle living pay cheque to pay cheque.

The biggest is mindset.

Differing Beliefs

Have you heard the many stories of lottery winners who won big, only to find themselves back in the same financial position a few years later?

Have you observed generation after generation in which the financial situation is relatively unchanged?  Sustained wealth, sustained middle class or sustained poverty.

Have you read interviews or heard stories of rags to riches?

The common thread in all of these resides in beliefs. The lottery winners who found themselves back in the same financial position didn’t believe they were worthy of being wealthy or they didn’t believe that they were capable of handling wealth.

The repeated cycle of poverty from one generation to the next results from a belief that that is their lot in life and that others are luckier or were born rich with unique advantages or abilities.

And the people in the rags to riches stories… they achieved this because they saw themselves in a different place. They knew they had the capability to work hard, to create new ideas, to provide a product or service. In most cases they didn’t know how they would achieve wealth but they believed they could.

When you think about money, what phrases come to mind?

“Money doesn’t grow on trees” or

“There is more where that came from.”

“It is too late.” “I am too old to build wealth” or

“I am too young. I don’t make enough money.”

Look at your financial situation. Does it reflect your beliefs? What beliefs are serving you? Which are getting in your way?

Join me for the next post in which you will learn why income has little to do with growing wealth.

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