Secret No. 2: Enlarge Your Psychological Wallet (8 Secrets of the Truly Rich)

This is a summary of Bo Sanchez' book on personal finance entitled 8 Secrets of the Truly Rich.

Secret No. 2 is Enlarging your psychological wallet.

Most of us are poor because psychologically we don't want to be rich. Our minds have been programmed to resist money. Our money problems are actually mind problems. Here are some situations why this could be so:

  • Your mind has been conditioned to think that receiving a lot of money is shameful and is against the will of God .
  • You are uncomfortable with money. So when you receive more than what you usually earn, you try to get rid of the excess amount as soon as possible.
  • You parents (the people you grew up with) have made you come to believe that you are poor. Most parents would reprimand their kids telling them not to insist on buying this or that stating that 'we don't have money and we are poor' as the main reason. This somehow conditions the mind of the child to think that he/she is poor.
  • Subconsciously, you could be believing that money is bad, that rich people are evil, and that doing business is dirty. Subconsciously, you are avoiding wealth.
How do you overcome this?

  • You must increase your money comfort zone. You must learn to be comfortable to receive money.
  • One way is to visualize and imagine receiving money. See yourself earning double of what you're earning now. Get comfortable with that.
  • Improve your self-image. At the end of the day, who you are doesn't count. It's who you THINK you are that determines your SUCCESS.
  • Align your desires with the results that you want. Contradicting desires create contradicting results.
  • Rip out your negative family labels.
  • After you've changed your mindset, it's time to enlarge your skills to match the size of your psychological wallet. Read financial books, ask financial mentors, read personal finance blogs like this one, learn how to invest, start your own business, and reap the benefits of earning passive income. (More on this in the chapters to come.)

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2 comments:

  1. Anna Samovar said,

    Hi, I noticed you mentioned Bo Sanchez's book. Just wanted you to know
    that he has a new Children's book (Eagles Don't Fly, They Soar!!).
    if this interests you, please check it out at http://www.bostories.com.

    Oh by the way, I'll put a link to your blog -from Bo's site in a few
    days. Thanks.

    Anna

    on September 14, 2008 at 6:49 PM  


  2. Sun Jun said,

    Hi Anna!

    Thanks for dropping by and sharing the link.

    I'll check out the book someday. ^^

    on September 14, 2008 at 9:59 PM