There is perhaps an even more important question to ask – will your thinking allow you to stay rich?
In my last blog post A Powerful Money Mindset Exercise I challenged readers to try an activity to explore some of the buried beliefs many of us have around money.
The comments were excellent and one in particular by Oliver Tausend has prompted me to further discuss the subject. Oliver shared he had done this exercise with 500 € (710 AUD) and concluded “The key is: If you are afraid of losing 500 € in cash, you’d better not start getting rich.” – pop over and read Oliver’s comment.
I am going to take Oliver’s statement a little deeper. I for one have had the thinking that supported me to get rich – however my subsequent thinking also resulted in me losing a lot of money. I want to share a very personal story with you on this video about the way I thought and how important it is for us to develop the thinking that will support us not only to get Rich but to Stay Rich – if that is what you want.
Please leave me your comments below. I would love to know if you have any personal stories or experiences like me.
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{ 24 comments… read them below or add one }
Hi Sue
Love your story. Isn’t it amazing what our minds can do and what a great topic, getting rich is no good if you can’t stay rich and I think sometime all we tend to focus on is the getting of the wealth. The stories abound of people winning the lottery and losing it all a few years later as they just don’t have the mindset to support the keeping of the money.
Belinda
Belinda Cunningham recently posted..Think and Grow Rich – Self Confidence Formula
Belinda you are spot on it is amazing what our minds can do and sometimes we are blind to what is going on. I try to catch myself quickly these days but don’t always succeed.
Those lottery stories are amazing. It really is similar for people in business too. I am not alone in ups and downs. I firmly believe these days it has more to do with mindset than it does to business skills.
Take care
Sue
Sue~
This is a wonderful post! I have heard of people winning the lottery and blowing the money in no time, ending as poor as they were before the lottery!
You’re story is a great one! Thank you for sharing your personal experiences!
Alaska has the reputation of a “Boom, Bust” economy. We’ll be growing and individuals will be succeeding then things will go down again. Just as you said, we need to plan for our future.
A good friend of mine, was married to a builder. When times were good, they were very busy, buying and building. In about 2008, we had a mini recession and the family weathered the storm. When I I asked Kathy how they did it, she remembered in 1989, the last huge ‘bust’ when most of the builders closed shop and moved to the lower 48. They didn’t. They tightened their belts and pressed on. Now the economy was booming again and they were saving more than they were spending. They truly have gotten in touch with their financial mindset, created wealth and maintained it.
Linda G. Cox recently posted..Multiple Sclerosis- It’s All In Your Mind
Linda thanks for sharing the story of your friend. It sounds like they do have a true wealth mindset. I think it is also about understanding there will be booms and busts. Too many people think the booms will go on forever.
We never know what someone else is thinking (and creating) so your friend must have thoughts that support going forward and combine this with the practicality of tightening the belt.
I find the topic fascinating. I did not always think like that though
Have a wonderful weekend
Sue
Hi Sue,
I love your story…you tell it in such a personal and genuine way.
As Belinda and Linda suggest there are lots of stories about people achieving massive wealth and then losing it very quickly. I saw a post recently that said people that win the lottery or suddenly become disabled return to the same state of happiness 6 months later as they were in prior to winning the lottery or becoming disabled. I found that to b an interesting look at how the mind works.
Developing the right mindset to attain and Keep wealth is certainly key to the puzzle. Thanks for sharing your story.
Don Enck recently posted..A Must Have For Successful Facebook Marketing…
Thanks for the comment Don.
I was always amazed at the lotto stories until I had a client in my Financial Planning days win several million. She was paranoid. She did not want even her partner to know. Every fear imaginable came up for her. She basically left it in a bank account and pretended it was not there. (I guess that is better than blowing it right away!)
I see for me now it had a lot to do with how I saw myself and my self esteem and what I deserved. All big topics
Have a great weekend and enjoy your special day.
Sue
Hi Sue,
thanks for the mentions of my comment and my blog, I feel honoured. I can totally relate to your story. I appreciate that you share it frankly in order to prevent your readers from experiencing the same. I used to have problems with accepting recognition and keeping money I made. I tried to hide it and I felt embarrassed if I wasn’t able to hide it. Well, at the end of the day, I didn’t need to hide much money any more – because large portions of it were gone due to decreasing income and bad investments. A lot of this is related to the feeling of self-worth. If our self-worth gets damaged, for whatever reason, crisis mode sets in unless we set up our self-worth again.
Take care
Oliver
Oliver Tausend recently posted..Lessons From Robert Kiyosaki’s “Cashflow Quadrant” For My MLM Network Marketing Business
Oliver thanks for sharing your story too. Wow it is so important how we see ourselves and our ability to accept recognition. It took me a long time to take full responsibility for the things that happened to me. I didn’t think I could be so powerful as to create with my thoughts. They never taught me that in by Business Degree or Financial Planning studies
I think we do have a lot in common Oliver.
Have a wonderful weekend
Sue
Hi Sue,
Thank you for sharing your story with us. This is a great reminder that our thoughts, feelings and actions all need to be congruent. I know I still have work to do myself…
I always us to wonder why those people who won the lottery would then end up with moreor less no money in such a short space of time; now I know!
Thanks for dropping by Denise. I think most people still have work to do on themselves in this area. It is a bit one!
I too could never figure out how people winning the lottery could blow it all!
Sue
Hi Sue,
great post! As far as I’m concerned I realize that there is a deep-seated belief that prevents me from attaining the wealth that I dream of. And this believe is “I will never be able to be so wealthy”. Probably behind that thought there is a belief that tells me I don’t deserve it. And I’m sure that if I don’t release it, if I do get rich I will not be able to keep my wealth.
How many people have the same or similar thought patters and don’t realize it and will never be able to attain and keep what they desire?
Paola
paola devescovi recently posted..Get More Integrated With Your Home
Hey Paola I think you have begun the most important steps. You have identified some beliefs that you need to release. I think recognizing that is the first step because as you say when people do not know they have these thought patterns they will never be able to move on and attain their desires.
Thanks so much for commenting.
Sue
Hey Sue,
Wow…This is such a powerful post. A powerful word that I have learned which has made a big difference in my own life is the word Praxis.
Praxis simply means the integration of belief with behavior. I have seen many people say things like: “Oh I really belief that I can do a whole lot better” or… “I believe that I can multiply my income”. However, when you look at these people’s behaviors, you’d think that they never heard of the idea in the first place.
Great stuff Sue! Keep up the good work
See you at the top,
Michael Stead
Michael Stead recently posted..Sponsored Tweets- How To Get Celebrities Promoting Your Business!
Hi Michael
Wow I have never heard the word Praxis. Thanks so much for sharing it.
I will definitely see you at the top.
Take care
Sue
Thank you Sue for sharing this heart felt story. Many highly successful people go bankrupt somewhere along the way before bouncing back and becoming even more wealthy the second or even third time round. But you are right, the key is in holding on to that wealth. Sadly financial management and wealth building is not something that is generally taught, so we are left to find out the hard way, by trial and error.
Louise
Louise Steiner recently posted..10 Blogging Secrets That Will Get You Noticed!
I agree with you Louise that wealth building is not generally taught. I have a business degree and a financial planning qualification but never really understood the part that our mind and emotions play. Well I never really understood leverage and residual income either!
I have learned most from experience.
Sue
Sue,
Your story is very powerful. It is amazing where limiting beliefs lead us. I was never taught how to handle money, much less develop a proper attitude about “thinking rich.” In fact, my religious background frowned on making riches our God.
You have given me a lot to think about, Sue.
You are very relaxed in your video. Are you doing a challenge, also?
Darlene Davis recently posted..Transitions Revisited
Darlene I do not think many of us were taught much about money and certainly not around attitude to it. I think religion played that part in many people’s lives. I have friends who are very spiritual and feel therefore they cannot be wealthy. Crazy really but it is very wide spread.
I will do the video challenge when I am shifted and settled.
Sue
Super info it is really. My boss has been searching for this tips.
Bobby I am glad you find my information helpful.
Sue
I’ve always been thinking, when you lost something, you’ll definitely get something even better afterwards.
Andrew Walker recently posted..Healthy Home Filter Coupon Code
Hi Andrew, that is an interesting thought and I think it is true. I am referring to your comment on losing something and getting something better afterwards.
It is sometimes difficult to see that after the loss but then when we look back it is true.
Hope you are having a nice weekend.
Sue
The mindset of the rich is very different from the mindset of the “not-so-rich”. The rich usually sees money in a different way. Basically, they’re more focused on using money to make more money. As opposed to the average person, money is usually seen as something they use to acquire things. This explains why the average person is usually the one you see as employees and laborers depending solely on salary to earn money.
I agree with you Adam that rich people often have a very different mindset around money than the “not so rich”. It is very often difficult for people to change their mindset around money. But it can happen.
Sue