Copyright (c) 2007 WealthBeing
When we first began networking with high income/high net-worth clients, we were surprised that for many of them, money came often up as an issue. Men and women with millions of pounds were dealing with the same kinds of fears and concerns around money as the people we knew with no money and no income to speak of.
We would often hear phrases like:
-"I don't want to do this work, but I need the money."
-"With the economy the way it is, I don't think I'll ever be able to retire."
-"I have to worry - otherwise I might lose it all!"
-"I'm not sure what's happening to the housing market, better keep working"
For these people, having a high-income or a huge bank balance had little or no impact on feeling secure about money. To understand what lead to financial security, imagine this scenario:
The night is chilly. Your partner asks you to put some more wood on the fire, but when you look in the woodpile it's almost empty. What do you do next?
If you're like most people, you drag yourself outside to chop some more wood or drive to the nearest petrol station to buy some more. Of course, you probably get a stockpile of logs so you don't have to go out into the cold unnecessarily.
Now, imagine this scenario:
You live wherever it is that you live. Your partner asks you if there's enough money to go on vacation this year, but when you look in the bank account it's almost empty. What do you do next?
Well, if you're like most people, you panic. You either make up excuses as to why you can't go on vacation or lay down the law about why vacations are overrated and a waste of money. Secretly, you feel a bit of a failure and resent your partner for wanting to go in the first place (even though you'd love to get away as well). Perhaps you vow to yourself to work harder, or find a better paying job or less demanding partner.
What's the difference between the two scenarios?
In the first, you recognize that wood is just a commodity - something you need from time to time for a specific purpose and is easy enough to get more of with a little bit of effort.
In the second, you are acting as if money is in some way magical - something you always need more of and would make your problems magically disappear if only you could somehow get enough of it.
What if you looked at money as a commodity also - something you need for a specific purpose or to meet a particular need, and something that is easy enough to get more of with a little effort?
If money was just a commodity, you wouldn't panic when you were running low - you'd simply go out and get more of it whenever you had something you wanted to buy. You might even get plenty of extra so the next time you want to buy something or go somewhere you don't have to go back out unless you want to.
And here we can discover the secret of financial security:
- Financial security does not come from the amount of money you currently have - it comes from your belief in your ability to get more of it whenever you want
The fact is, money and wood (and metal and pork bellies) ARE just commodities. The difference is that you buy wood with money and you 'buy' or earn money with service.
So putting it all together, we have the secret to a lifetime of financial security:
- Master the art of serving others and you will secure your financial future
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Pam Kennett is the CEO of WealthBeing. WealthBeing helps individuals build skills, knowledge and the correct mindset to be financially free. For free resources and downloads visit
http://www.wealthbeing.co.uk or contact Pam direct at pam@wealthbeing.co.uk
