Some Myths And Attitudes About Money

by Bret Bradshaw

Attitude has huge role to play with creating wealth because many people have become wealthy who have started with nothing. Your circumstances do not dictate your potential to generate wealth. Wealth is something that you learn and you should never start a business or be involved in a business that you are not willing to invest your time into learning that business. The rich are wealthy because they manage their spending appetite and hunger.

Some Myths About Money

• You need to be dishonest in business to make good money.

• Money destroys relationships.

• You are on the moral high ground if you are poor.

The truth is generating wealth through dishonest or illegal means will ruin your soul, and most business owners researched in the books The Millionaire Mind and The Millionaire Next Door will say your business deserves to fail if you are dishonest. The truth is many wealthy people are miserable and many happy people are poor. Money does not promise happiness.

How do you define wealth? Is it based on the things you acquire for the purposes of keeping up with your neighbor? Do you define yourself by the status symbols you have? Is it not living from paycheck to paycheck? Is it having a business that pays you tremendous passive income? The secret most experts say to acquire great wealth is to have multiple streams of passive income, which could be from investments and or businesses.

Assess your money situation. Know where your money is going. There are basically two schools of thought about this; the first is to track almost every penny you spend and the second is to live well below your means. It makes sense to me that if you are wealthy and live a frugal life living well below your means in general you don't need to track every penny you spend. If you are living pay check to paycheck regardless of how much money you make, you probably should be tracking your pennies.

When assessing your financial situation pay the closest attention to your debts. Getting out of debt is the smartest thing you can do and do whatever you can to do so because debt is slavery. Some important mindsets to avoid about debt and getting out of debt is not to rely on future income. People have a tendency to splurge when they land a much higher paying job that in the end they don't get or is short lived.

If you make impulsive purchases don't use credit.

Another key is to think hard if you really need to make the purchase, analyze and examine in your mind if it really is a want or need. The more expensive the item is allow more time to pass before you buy it.

Don't forget about planning for emergencies when assessing your financial situation. You need something to fall back on when emergencies happen; whether that is natural disasters, losing your job or some other catastrophes.

What about old age? Most of us have a hard time thinking about years into the future. People always remind us about retirement and enjoying those years but fewer experts emphasize the high medical costs of growing old with a deteriorating body. That would not be a fun financial burden for your posterity to cover.

Finally charity is a big principle the wealthy understand. Most wealthy people understand the universal law that the more you give the more you receive in return. Use extra caution when giving money to family, and because there is nothing more important than family give without expectation of receiving back, this way you will not run the risk of causing anger and contention.

For additional articles on finances and to see what the prophets have to say about money visit The-Living-Prophets.com.

Article submitted Tuesday, August 16, 2011 & read 2 times.

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