Before we begin to tackle debt and living a life of riches, we need to change the way we think about money. There are two mindsets which will destroy your hopes of living the life you dream of: believing wealth has negative connotations and keeping up with the Jones’. Lets discuss each mindset, what it means, and why it will keep you from achieving your goals.
Negative beliefs around Wealth
Do you want to be rich in life, but have negative views of people who seem to amass wealth effortlessly? Do you view them as individuals who don’t work hard or get their hands dirty, are greedy or don’t care for others? You wouldn’t want to become something you dislike or don’t respect. Your mindset and actions will follow your core beliefs. Without intentionally making an effort to falter on your goals, you will self sabotage your plans so you don’t become that which your beliefs do not align with.
If what I am mentioning applies to you, spend some time thinking about your core beliefs around money. Why you feel that way? Is it really the truth? How can you change your thinking about money to better align your beliefs with your goals.
Keeping up with the Jones’
Do you need the newest phone? How about that brand new car to replace the one you purchased last year? A new computer? Your colleagues and friends are all getting the newest trends. Of course you wouldn’t want to be left out! It would be awesome to have the newest version of everything! Even though the version you have is perfectly good! These are all examples of the phenomena “Keeping up with the Jones'”.
Does anyone truly need the newest of new item when the one they currently have works perfectly? Of course not! And yet every year, people across the world will line up just waiting to get their hands on the brand new iPhone that is due out, typically while using last years “old” model while they wait in line. This type of mentality will limit your ability to have “extra” money on hand to pay off debts and achieve your dreams.
Awareness of thoughts
To break free from your previous thoughts, first you need to be aware that you are having them and why you are having them. Why do you need to make sure you have the latest and greatest? Why do you have negative thoughts about wealth? Determining why you have these impulses and thoughts, and changing your perspective, is the key to removing them from your life so you can grow as a person and make your dreams come true.
Once you are able to remove the restraints that you yourself have created in your mind, you need to determine what your core beliefs truly are. What keeps you going? What are your goals in life? And do your goals and beliefs align? Only when your core beliefs align with your goals will you see the path forward.
These are not easy questions to answer, nor will you be able to answer them quickly. They will take time and deep inward thinking to determine the answers. As with the entire debt payoff process, the time you take to make sure everything within yourself aligns, the larger the return you will see throughout, not just the debt payment process, but for the rest of your life!
Dreams
Lets take a quick moment to talk about dreams. What are your dreams in life? My dream is to visit each National Park in the U.S.! This is why you will see many pictures of various National Parks throughout this blog. While they may seem to have nothing to do with the subject matter, they actually have everything to do with it!
Our dreams are what keeps us going when the going gets tough. Paying off your debt may seem like an insurmountable goal but if you keep your mind on the prize, you will see that it is a goal you can achieve quicker than you ever imagined and your dreams will be well within your reach.
My wife and I have been to a few National Parks together; Bryce Canyon, Zion, Grand Canyon. Bryce Canyon is my wife’s favorite place on the planet and I love reminiscing about the hike we did at Zion. Overlooking the valley below from the top of one of the majestic peaks was awe-inspiring. We are hoping to schedule a trip to see more of the natural beauty the National Parks have to offer later this year.
These are the dreams that keep me going. I want to make sure we have the security and financial flexibility to go wherever we want to go. Let me know what your dreams are in the comments below! Whether your dream is to go on an unforgettable trip, buy a home, or start a family, together, we will make your dream a REALITY!
Summary of Questions to Ask Yourself
- What are my beliefs around money, and people who have wealth, and those who don’t?
- Are the above statements 100% true and if not, how can I change my perspective and thought process to align more with the truth?
- What are my goals and dreams for financial independence and freedom?
- What is my WHY, for my above goal and dreams?
- Do my goals for debt or financial freedom align with my recently scrutinized belief system?
Book Recommendation
As part of this journey, I believe it is worth while to pick up a hobby that will expand upon the topics that we have discussed and increase your knowledge on various topics: Reading.
The first book I will recommend is “Starts with Why: How Great Leaders Inspire Everyone to Take Action” by Simon Sinek. This book, while more of a leadership book, will show you the power of making sure you know why you are doing what you are doing. You can apply the principles in this book to anything and everything you do in life. If you have a true purpose to what you are doing, you are already on the way to success!
Start with Why: How Great Leaders Inspire Everyone to Take Action
