Most people, when asked about their biggest worry in life, would respond with “Money,” or more specifically, a lack thereof.
Interestingly, there have been many studies conducted into the psychology of money. What makes some people better at attaining and keeping large sums of the ‘green stuff’ and what keeps others in a cycle of mediocrity or worse, poverty?
Would you believe that most research in this area presumes a direct correlation, a symbiotic relationship if you will, between how much value you place on yourself as a person, and how much money you’ll manage to accumulate in your lifetime?
How our thinking shapes our bank account
When you look at most successful people, those renowned for being particularly good at something and in turn, attracting vast sums of wealth (even if it IS only reality TV!), what’s the one personality trait they all have in spades?
Confidence! We might laugh at some of the so-called ‘stars’ of today’s world and the questionable means by which they gained their status, but they couldn’t care less what we think of them! Why would they? They’re the ones with the money remember?
People who think highly of themselves naturally tend to behave in ways that enable them to attract greater financial abundance, through consistent opportunities to make more money.
These are the folks who see their past successes as even more evidence of their capacity to do well in life, hence that old saying, “Money begets money.” They believe in their ability to be financially successful.
As Jim Rohn once famously said, “Income seldom exceeds your personal development.”
How worthy do you feel?
Obviously the biggest impact on our self-esteem comes from childhood experiences, and the various messages we heard from our peers whilst growing up.
While some of us are fortunate to be born into high functioning families and instilled with a strong sense of self, many are not quite as lucky, with limitations and life’s struggles detracting from our core of self worth.
Importantly, how our parents and other significant role models act and react as we navigate our way through those critical formative years will leave a lasting impression.
Were we encouraged to get back up and keep on going if we encountered a setback in learning simple things, like riding a bike? Or were we told to stop trying, lest we hurt ourselves or something bad happened?
When you feel worthy in yourself, you’re less likely to see each failure along your path as an insurmountable limitation, and more likely to allow and embrace the lesson these ‘failures’ present.
Resourcefulness and resilience are learnt by working through your perceived failures with an open mind and lack of judgment. It’s not about what you did wrong. It’s about what you can learn to do differently next time, and the solutions you can implement in life to ensure you don’t make the same mistake twice.
It’s all about taking action and looking for solutions. All of us will fail at times. But what separates the successful fiscal managers from the ‘losers’ is the time it takes to acknowledge and accept your failure, then get back on your feet and come out swinging again.
About the Author
Since 2008, David Thomas has built a business aimed at servicing the needs of property investors, owner occupiers and small business owners. David is recognised as one of the top 10 independent mortgage brokerages in the country, David and his team have settled almost billions of dollars worth of residential and investment loans over the last decade.
Known for his straightforward, relatable style, David believes by educating people about property funding; they fare better in the market. By sharing his expertise openly, some of the people he educates will likely become his clients. It's a win-win approach.
David Thomas is a credit representative (Representative Number 506153) of BLSSA Pty Ltd, ACN 117 651 760 (Australian Credit Licence 391237).