Day 22: I am a Millionaire

Welcome to Day 22. For the past few days we have been playing with the statement ‘I am not a millionaire because … ‘ and I asked you to think of all the reasons you are not a millionaire.

Then on Day 21 I asked you to sort the reasons you gathered on Days 17-20 into real and self-imposed. So what did you discover.

I’ve shared this before but I interviewed some young adults about money and some said:

“The reason I am broke is because my parents and their parents have always been broke.”

And some said:

“The reason I have money is because my parents and their parents have always been broke.”

So what’s the difference? It’s true that people grow up in harsh financial backgrounds but that does not mean you have to continue the trend.

The Money Chimp was written to help young people understand the basics of managing their money. The top three problems it addressed was how to spend less, save more and get out of debt faster.

I researched over 175 books and courses and identified five habits and five habits.

The five skills were: earning, spending, saving, investing and giving. The five skills were tracking, targeting, trimming, training and taking action. I didn’t invent all of those habits or skills – they are explained in hundreds of books – but not all in the ONE book. Now they are. (Amazon: The Money Chimp)

I road-tested the ideas with a groups of young people 18-25 and most were debt free within 90 days! At the start of the session we talked about their relationship to money.

And the comments and stories were consistent with the two statements above. “The reason I do or don’t have money is …” We then sorted the reasons into legitimate reasons and made-up self-imposed reasons. That’s what I asked you to do yesterday. (Of course its pointless to read on if you haven’t done Days 17-20).

But it became apparent that whole belief and behaviours systems are built around those reasons.

The real reasons are understandable even if they are harsh. The made-up reasons feel real. They appear to be true. In fact they appear so real that people change their behaviour to match the belief.

The young people talked about goals or dreams they had abandoned. Or delayed. Some-day. Or watered down. Dreams they wanted but didn’t didn’t think possible. Some complained that the course made them feel uncomfortable. They didn’t want to think about money. Smart young people.

When I did the money course with adults there was no difference. Some complained that the course made them feel uncomfortable. They didn’t want to think about money. Smart older people who you think would work this out. Who should know better. Who did know better!

Your turn
If you haven’t done it or done it well go back and review Days 17-20. Get a list of all the reasons you can think of why you aren’t a millionaire yet. And sort them. Don’t cut corners. Get 100 reasons at least – I know for a fact that if you spent 2 hours on this you’d have 300 reasons! I know because that’s the average. But they cluster into key themes. You will not shift your money mindset unless you put in the effort to understanding and acknowledging you’re current mindset.

 

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s