Are You the Master Or Slave of Money?
Money - Master or Slave? Do you know that your attitude about money is the biggest factor determining whether or not you will have money beyond your wildest dreams or struggle from week-to-week and month-to-month to pay your bills? Here is a simple truth that is the foundation of your success with money: Money runs quickly, and in vast amounts, to those who are its master.
The corollary truth is that money just as quickly runs away from those who are its slave.
This is the primary reason that over 90% of million dollar lotteries are in almost exactly the same financial condition two years after winning the lottery as they were before they won.
Or why millionaires, you can interview millionaires (earned, not inherited), will tell you that they lost the first million dollars they earned because they did not understand money.
For many they went through this process a second or even a third time.
Money is a hard task master if you are its servant.
It is an equally obedient slave if you are its master.
Here are they questions about money you must answer correctly to be money's master.
1.
Do I have a Millionaire Mindset or am I a Poverty Pimp? The starting point: How much money is a lot of money? Your answer is the ceiling on how much you will receive.
Is $10,000 a month a gigantic income? How about $100,000 a month? Is $1,000,000 a huge fortune or is $10,000,000,000 huge? What you bargain for with life is what life will pay, no more and possibly much less.
2.
Do I have an abundance mentality or a scarcity mentality? Are you worried that there is not enough money to go around? That if you have success and earn a large income that someone else will receive less? Do you worry that the economy will not support a huge fortune for you but not for others? A basic understanding of how money (called value by economists) is created is essential to changing your mentality if you have a scarcity mentality.
3.
Do I know the difference between borrowing and using OPM (Other People's Money)? This is one of the biggest mistakes made by new people entering into business.
The pros on Wall Street know this as the foundation of success in business.
OPM is money you DO NOT have to repay.
When economists refer to the capital markets they are talking about money that does not have to be repaid.
Borrowing is money you have to repay, it is not OPM it is future revenue that you are obligated to give to someone else.
4.
Do I have a sharing or non-sharing mentality? Most people do not realize sharing with those who are unable to provide for themselves is a critical aspect of managing money.
A small percentage of sharing is all that is required.
You do not need to give most.
Just a portion to help those who are truly needy.
5.
Do I have a money management plan? Money goes where it chooses unless you tell it where it must go.
Create a weekly or monthly money management plan to direct where money must go.
Include all areas of your financial life.
These five points are the beginning of your mastery of money.
There is much more to learn to learn to "fill in the blanks".
Get all the education you are able.
You can be the master if you choose!
The corollary truth is that money just as quickly runs away from those who are its slave.
This is the primary reason that over 90% of million dollar lotteries are in almost exactly the same financial condition two years after winning the lottery as they were before they won.
Or why millionaires, you can interview millionaires (earned, not inherited), will tell you that they lost the first million dollars they earned because they did not understand money.
For many they went through this process a second or even a third time.
Money is a hard task master if you are its servant.
It is an equally obedient slave if you are its master.
Here are they questions about money you must answer correctly to be money's master.
1.
Do I have a Millionaire Mindset or am I a Poverty Pimp? The starting point: How much money is a lot of money? Your answer is the ceiling on how much you will receive.
Is $10,000 a month a gigantic income? How about $100,000 a month? Is $1,000,000 a huge fortune or is $10,000,000,000 huge? What you bargain for with life is what life will pay, no more and possibly much less.
2.
Do I have an abundance mentality or a scarcity mentality? Are you worried that there is not enough money to go around? That if you have success and earn a large income that someone else will receive less? Do you worry that the economy will not support a huge fortune for you but not for others? A basic understanding of how money (called value by economists) is created is essential to changing your mentality if you have a scarcity mentality.
3.
Do I know the difference between borrowing and using OPM (Other People's Money)? This is one of the biggest mistakes made by new people entering into business.
The pros on Wall Street know this as the foundation of success in business.
OPM is money you DO NOT have to repay.
When economists refer to the capital markets they are talking about money that does not have to be repaid.
Borrowing is money you have to repay, it is not OPM it is future revenue that you are obligated to give to someone else.
4.
Do I have a sharing or non-sharing mentality? Most people do not realize sharing with those who are unable to provide for themselves is a critical aspect of managing money.
A small percentage of sharing is all that is required.
You do not need to give most.
Just a portion to help those who are truly needy.
5.
Do I have a money management plan? Money goes where it chooses unless you tell it where it must go.
Create a weekly or monthly money management plan to direct where money must go.
Include all areas of your financial life.
These five points are the beginning of your mastery of money.
There is much more to learn to learn to "fill in the blanks".
Get all the education you are able.
You can be the master if you choose!
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