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6 False Beliefs You Must Let Go of to Make Money Efficiently

6 False Beliefs You Must Let Go of to Make Money Efficiently

I don’t really want to go much into the philosophical side of what it means to make money, but I feel that a quote by Tony Robbins really comes in handy here: “Where focus goes, energy flows.”

So what does this exactly mean in the context of our topic? Well, it is not a secret that any action that we have ever done (excluding reflexes and automated body functions), existed first in the form of a thought. Hence, our thoughts shape our life. Regardless of whether you are happy or depressed, it doesn’t matter. It isn’t the surroundings or events that make us feel that way, but our reactions towards these things. A car breaking down for one person may mean the end of the world, while another person may see it as a great opportunity to finally start using public transportation. It really is up to you how you react.

Now, coming back to the idea of making money, I must admit that I was raised with a number of limiting beliefs that I could not easily accept and let go of. In fact, most of the people I know have the same beliefs. It is just the way most of us were raised and something we never really questioned or thought of proving wrong – we simply went with the flow. But after spending some time trying to rationalize my thoughts, I finally came to the conclusion that there exists a number of beliefs that will always hold us back from making money no matter what. And the only way to battle this is by becoming fully aware of these beliefs.

1. Rich people are greedy

One of the most common misconceptions I hear about rich people is that they are greedy. They are rich, and they always want more! But how do we know this? From movies? Or from those clips that we once saw on the news? Obviously, there are corrupted people in the world that have attained their wealth in an unethical way, but what we don’t want to consider is that the world goes far beyond that. As a matter of fact, rich people are the ones to donate the biggest amounts of money to various charities, which is something that their offenders will never be able to afford.

Another thing that I have recently come to understand is that many rich people are wealthy because they dare to take action in life in a way that others can’t. Most rich people are driven by risk-taking and self-development. I think that instead of judging them, we should see them as an example of what it means to have an exciting and proactive life.

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2. I was not born in a rich family, so I can’t become rich

This is another very popular belief. Because one was not born in a wealthy family, they automatically think that they don’t have the opportunity to make a lot of money. The only way we can become rich is by winning a lottery, they say. Moreover, that becomes their excuse to avoid working hard and coming up with brilliant ideas. They point fingers at people driving a Lamborghini and say that their rich dad bought it for them.

Again, it doesn’t matter what the story is behind that young dude driving his sports car. The idea that I am trying to get across is that we should avoid irrational judgment. “Where focus goes, energy flows,” so don’t focus your mind on why it’s wrong to have a sports car, but rather on what you could do to be in a similar position, if that is what you want, of course.

Most of my life, I would look at people with nice cars and judge them, thinking that they probably never paid for that car. But with time, I learned to look at them and to admire the fact that they have the opportunity to drive the car of my dreams. I motivate myself by thinking that if that person found a way to make enough money to buy that car, then I can find a way as well. I am sure it is possible. I convince myself that it is.

3. Money will not make you happy

This one is my all-time favorite. The funny thing is, I hear this phrase more from people that are broke. Moreover, they constantly talk about all the great things that they would do if they had the money or the things they want to do in order to make that money. When they forget about what they said before, they repeat once again that money does not make anyone happy.

I don’t want to be hypocritical about this, but I also think that money does not equal happiness. However, even though I am not excited about being able to buy things for myself, I really love being able to give to other people. And guess how much it hurt me when I was not able to buy a simple gift on a birthday to my parents simply because I had no money? So, while I don’t think that money can make you happy, I think it can impact your happiness indirectly.

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By being able to help others with money, you can give them so much! Unfortunately, everything in this world costs money. And the more quality you want, the more you will need in order to pay for it. Therefore, I am aware that I must make a lot of money to be able to help as many people as possible in ways that they could really benefit from. I also feel that I could give back to my family that has put so much time and effort into raising me. I will never be able to give back all of it, but I would be extremely happy to be able to offer them the comfort that they need. Money will not make you happy, but if you know how to use it, you can make so many people around you feel so much better, be it by buying them food, shelter, expensive treatments and medicine, or just plain gifts.

4. Money will destroy your soul

I am a vegetarian and I am very big on yoga and meditation. Throughout my whole life, I was convinced that spirituality and money do not go hand in hand. It was clear to me that I must choose between the two. Thinking about the way I used to rationalize then makes me want to scream out loud now.

This belief is so powerful that it completely destroys any opportunity of making any amount of money exceeding your monthly salary. I know this is closely related to the belief regarding greed, but, nevertheless, I want to look at it separately because there is much more to it than just greed.

I used to hear stories about how people would make money, and then they would make more and more money, and would not be able to think about anything else other than money. I also heard people tell me that you don’t need to make a lot – just a bit. Well, I agree that you can be poor on the outside but rich on the inside, as well as be rich on the outside, but poor on the inside. Like I already mentioned, it is all about the mindset. You can earn millions, but still have that scarcity mindset where your fear of losing all that wealth takes over and rules your life.

On the other hand, why would money kill spirituality? Can you not meditate, do yoga, be generous, kind and loving with a lot of money? Since you have a lot more money to spend on comfort, you can probably be more loving, kind, and generous with money, than without it. You have less basic things to worry about.

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I have observed that people that do make a lot are simply more capable of making more money. By having the action-taking mindset that they do and by having more money to invest, they can afford to take more risks, and therefore make even more money. And it isn’t always about living in the scarcity mindset, but about simply rich people loving what they do and their business lifestyle. Think about it, would a lazy person be making a lot in the first place? Of course not! Only people that are passionate and ambitious find ways to create that wealth, and they will continue being passionate and ambitious even after they have become rich. It isn’t always about the wealth, it’s the attitude.

5. Make money to make the world a better place

When my friends talk about making money, they make it sound so dull, so black and white. It’s always about making big bucks and buying cars and houses. I used to also think this way, but after shifting my beliefs, I gained a whole new understanding of what making money really means.

If you think of wealth only in terms of houses and cars, you should definitely reconsider your beliefs. This is exactly why you see rich people being depressed and people like me writing about the topic. Bad examples are always a lot more noticeable than the good ones.

To be able to view richness as something worth striving for, you must create interesting, intriguing, and virtuous goals. If you see money as a way to make only yourself wealthy, it will never be a big enough motivation to actually make it happen. However, if you set real and meaningful goals, you will have a totally different attitude towards money.

Isn’t being able to build hospitals and schools for people all over the world worth living for? Isn’t being able to offer water to dry areas of earth virtuous? What about helping homeless people and animals, investing in research against deadly viruses, or helping invent new technology for the benefit of all humankind? Aren’t all those things worth getting rich for? You can do so many great things with money, and it all comes down to your imagination.

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6. Becoming rich is difficult

I don’t think it is easy either. But I do not think working your whole life eight hours a day at a job you hate is any easier. On the other hand, being able to earn a lot of money for something you love doing, and then being able to help the rest of the world, seems like a good cause for hard work.

Also, if your motivation is more than just making a lot of money, you will be able to work all day long without having the feeling that you are at work. As I already mentioned, it is all about the mindset.

Conclusion

I have many times heard that money is energy, but I was not sure about what that meant. Now I understand that making money is not only about earning the actual money, but more about the way you look at things. If you are totally confident about why you want to become rich, if you have learned to see wealth as something beneficial to the whole world, as opposed to something “wrong”, then you allow your focus to go towards that reality where money and richness are a part of your life. But if you keep judging others and finding excuses why money is evil, there is no way you will ever earn more than what you get paid at your normal job.

Get rid of limiting beliefs and don’t let anything stop you from achieving your goals!

More by this author

Victor Stepanchikov

Software Engineer, Blogger, Personal Development Freak

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Published on September 17, 2018

How Being Smart With Your Money Leads to Financial Success

How Being Smart With Your Money Leads to Financial Success

Achieving financial success is not something that just happens. Maybe if you win the lottery or something, but for the average person like you or me, it comes from a series of small steps you take over a long period of time.

With each step, you form a new smart money habit. And with each smart money habit, you build towards financial independence.

So what sort of habits can you form to get on that path? Let’s take a look at smart money habits you can start today to get you closer to a financially independent future.

1. Avoid being “penny wise but pound foolish”

It’s tempting to try saving a couple cents here and there when buying small items. However, that’s not where the real money is saved. You’re putting in extra effort for something that doesn’t move the needle.

You get the most bang when you’re able to cut down on your bigger bills. For example, finding a lower interest rate for your mortgage could save you $50+ per month. And cutting your transportation bill by purchasing a cheaper car or taking public transportation can provide large gains as well.

So, look at your recurring expenses such as housing, transportation, and insurance, and see where there’s wiggle room. It’s a much better use of your time than trying to pinch pennies here and there on smaller purchases.

2. When you want something big, wait

Impulsivity can get you in trouble in most aspects of life. Finances are no different.

It’s human nature to see something and want it right then and there. It starts as a kid in the checkout line at the grocery store, and it continues on through adulthood.

We get an idea in our head of something we want, and it’s hard not to go out and get it right then.

A good example is wanting a new car. Perhaps you’ve had your car for several years. It’s crossed the 100k mile mark. Maybe maintenance is due, and you’re annoyed that you need to replace the timing belt or purchase new tires.

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So, you get the itch.

You start digging around online, and you realize you could trade in your current car for something newer and more exciting… all for a few hundred bucks a month. Then you get obsessed.

Here’s where you have to take a step back.

Your newfound obsession is clouding your judgement. Rather than giving into the impulse, wait it out.

Set a timeframe for yourself. Maybe you come back to the decision three months down the road. See if the obsession lasts.

It might, but often, a funny thing happens. Often, you forget about it. And often, you find that the new car wasn’t a need at all.

The impulse faded. And you just saved yourself a ton of money.

3. Live smaller than you can afford

You finally get that big raise. And you want to celebrate – and why not?

You’ve been looking forward to this forever. And after all, it was all due to your hard work.

That’s fine, splurge a little. However, make it a one-time deal and be done.

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Don’t get caught in the trap that just because you’re now making more money, you should spend more.

Too often, people get more money and feel like they that gives them the means to buy a bigger house, a bigger car… you know the drill. Resist.

The fact is that living smaller than what you can afford is one of the fastest ways to build savings.

But if you constantly upgrade as you begin to make more, then you’ll never get ahead. You’ll just build up more debt along the way and have just as little wiggle room as before.

4. Practice smart grocery shopping

Food… it’s one of the biggest portions of any budget. And if you’re not careful, it can be one of the biggest drains on your wallet.

But luckily, there are a few things you can do to ensure that you stay smart with your money when buying groceries.

Create a grocery budget

Set a strict weekly grocery budget. When you know how much you can spend on groceries, you can then plan your weekly menu around it.

Once you know what all you need, you can go shopping and keep a running tally as you shop to ensure you’re on track.

I tend to do this in my head, rounding for each item. However, writing it down as you go would probably work best for most people.

Make a list… and never deviate

Never go to the grocery store without a list. If you go to the store with a ballpark idea in mind, you don’t have a true ide of what you need.

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You’re not well-researched. You don’t know what the sales are. As a result, you’re going to make decisions on the fly.

These impulse decisions will lead to overspending, which will derail your grocery budget.

Eat before going grocery shopping

It’s also important to eat prior to going to the grocery store. Hunger is a powerful force.

If you’re shopping on an empty stomach, everything is going to look good. In particular, you may find a lot of ready-made, processed snacks will look enticing.

After all, you’re hungry now and that food is easily available. So subconsciously, you may lean towards those items.

Unfortunately, not only are those items typically less healthy, but they’re likely more expensive. You pay for convenience.

However, when you eat prior to shopping, then you’ll shop with a clear mind. Your hunger won’t cloud your judgement, influencing you to make poor decisions like a cartoon devil resting on your shoulder whispering in your ear.

This makes it much easier to stick to your grocery plan.

5. Cancel your gym membership

Now that you’re all set on your food, it’s time to get smart about managing your budget in terms of physical fitness. And let’s begin by avoiding the gym. The gym bill, that is.

The average gym membership costs around $60 per month. That’s $720 a year.

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Yet, two out of three gym memberships go unused. That means two-thirds of people who have a gym membership are literally giving away almost a thousand bucks a year. It’s crazy!

I recommend seeking an alternative. One good alternative is to look into fitness streaming services.

Streaming services allow you to stream hundreds of workouts like Insanity and p90x, right in your own home for around $10-20 a month. That’s $40-50 less a month than the average gym membership.

Of course, then there’s the free option. The internet is full of free workouts that you can do on your own with minimal or no equipment.

For example, there’s the Couch to 5K program, that I personally used a decade ago to ease myself from couch potato to running my first 5K race. If I could do it, anyone could.

Then there are free resources like reddit that have limitless information on workouts. The Fitness subreddit has done all the research for you, populating workout tips and detailed workout routines for anyone to use in their wiki.

There are several routines that require no equipment. And you can join in on the subreddit to become part of the community, making it easier for those seeking comraderie and encouragement in their fitness goals. All for free.

It’s baby steps… And baby steps can start now!

I’ve never met anyone that can’t stand to be a bit smarter with their money. And on the flip side, anyone can get smarter with their money. But remember, it doesn’t happen all at once.

Begin by fighting your impulses. Prepare for the week and be smart at the store. And cut monthly expenses like gym memberships that are overpriced and you probably aren’t getting your money’s worth out of anyway.

The devil is in the details. And the details can change your lifestyle and prep you for a financially independent future.

Featured photo credit: Unsplash via unsplash.com

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