Your Financial Future, Part 8

March 25, 2010

Creating the Mind Set for Wealth

“I have been poor and I have been rich.   Believe me, honey, rich is better.”

Sophie Tucker (1884-1966)

Vaudeville Entertainer

As this series on your finance comes to a close I want you to think long and hard about your current financial situation.  Look at the quote above, how does it make you feel?  Some will argue that money is not everything.  I would agree, but it sure as hell makes life easier if you have it in abundance.

Do not expect over night results.  It has taken me 19 years to get my business to the point it is now, where I can enjoy free time and financial independence.  Answer the following questions honestly and then begin taking the necessary action to begin your path to financial success.

  • What amount of money would you need to earn each year to feel financially stable?  At this level, you may not be able to have the vacation or car you want, but all of your basic needs would be met and all bills would be paid.
  • What amount of money would you need to earn each year to feel financially satisfied?  At this level you can afford the home you want, all of your basic needs and bills are paid.  You are investing for college (if necessary); you are saving 10% and giving away 10% of your income.
  • What amount of money would you have to earn each year to feel financially independent?  At this level, you can afford the home, vacation and car you want, all basic needs and bills are paid.  You are investing for college (if necessary); you are saving 10% and giving away 10% of your income.  You are also able to afford other luxuries like a second home, additional vacations, additional giving to charities or your church and you can do pretty much what you want without thinking too much about the financial impact it may have.
  • Try to imagine how good it would feel if all of your bills were paid each month, your retirement plans were funded, you donated to the charities of choice and you still had an extra $2000, $5000, or $10,000 per month left over.  What would you do with the extra money?
  • Finally, for those of you who have huge financial dreams and aspirations, what amount of money would you need to earn to feel truly financially free?  At this level, you could do whatever you wanted, whenever you wanted without ever having to consider the financial impact on your life.
  • No matter what your level of earning right now, imagine and write down how it would feel if you did not have to worry about money ever again.
  • Does or will your current job or business give you the income potential you need or the opportunity in the future to earn the income you desire and reach any or all of the levels described above?
  • What else could you do to earn additional income at your current job, with your current business, or by starting something new?

As I have discussed several times in this series, most of our ability to create wealth lies in our thinking more than in our doing.  Some of the wealthiest people I know only have a high school education.  What they also had was the ability to think and act differently than the average person and in turn created huge fortunes for themselves.  They made a decision that they were deserved of great things and so the acted as such.  As Henry Ford once said “if you think you can or you think you can’t you are probably right.”

You must convince yourself that you are deserving of great wealth.  This decision alone will begin to change your thinking and automatically elevate your actions to a new level.  Good luck and I wish you strong financial future.

To learn more get my new book The Practical Guide to Exceptional Living now available online at

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