Okay, here in the “back to the basics” series we arrive at a junction where people either really agree, or really disagree.
It concerns PMA. (No, not the stock Powershares Mega) Call it your “Prosperity Mental Attitude”, or “Positive Mental Attitude”. Some view this attribute as too New-Agey or soft, but, it’s been my experience that attitude about your finances changes everything. So ask yourself: am I thinking thoughts that will benefit my financial life, or harm it?
Your PMA is part of the bigger picture. Everyone is born with different talents. We’re born into families who either provide, or do not provide, financially-favorable conditions. What’s the one thing you can control? Your PMA. You can choose to see possibility and opportunity — and act on it.
Here are some attitudes that will quickly destroy even the best budget or most diligent investing:
Blame
At some point we’re all a bit guilty here. Blame places the responsibility of your financial failure on forces “out there”. Blame seldom solves a financial problem. And, if you’re the type who constantly complains and blames…you’ll find that economic opportunities dry up as fast as the willingness of others willing to listen.
Quick phrase to stop an incessant blamer: “I just don’t understand how you can possibly go on with [insert object of blame here]. How do you go on?” It’s my experience people who complain and blame are looking for attention more than actual problem solving. This phrase forces their hand. Frequently, they’ll back up and say, “it’s not that bad…”
Scarcity
This is the viewpoint that originates in fear and says “there isn’t enough for everyone”. This is the view that financial life is a constant battle. The problem is self-serving. Battles need victims and to participate in this view you need to be the victim. This can trigger the stupid battles you witness over coupons at the grocery store, for example.
Why change: if you stop fighting and start giving thanks, life becomes a lot more enjoyable. We all have something to be thankful for — if only that living in the U.S. gives us rights, freedoms, and opportunities.
More is Better
More money can solve some problems. But money alone can’t solve all problems. Worse: many of us work to achieve a symbol of financial success rather than focus on what makes our lives truly meaningful (however you define that).
Security cannot be purchased. It doesn’t come from possessions or status items. Chasing after the bigger house, newer car, latest clothes, etc., doesn’t bring happiness. Focusing only on achieving these symbols with your money can leave you feeling empty. Do more with your money than simply making more of it.
Procrastination
In money management it’s often repeated that the best time to save or invest was yesterday. To really achieve the financial success you desire, you must commit to action. You need to remember that small steps add up. Dropping a habit of procrastination will do wonders for your wallet.
Educate yourself now. Take action now. Continue on your financial journey with an internal commitment to keep a Prosperity Mental Attitude. It will prevent vanishing money and you’ll be happier, too. Good luck!
June 26th, 2008 at 1:11 pm
“Chasing after the bigger house, newer car, latest clothes, etc., doesn’t bring happiness.”
I agree, Katie. Here is what Ayn Rand said:
“But money is only a tool. It will take you wherever you wish, but it will not replace you as the driver. It will give you the means for the satisfaction of your desires, but it will not provide you with desires ….. Money will not purchase happiness for the man who has no concept of what he wants; money will not give him a code of values, if he’s evaded the knowledge of what to value, and it will not provide him with a purpose, if he’s evaded the choice of what to seek. Money will not buy intelligence for the fool, or admiration for the coward, or respect for the incompetent.”
http://www.working-minds.com/money.htm
I thought that summed it up nicely.