Learn how to be a Money Master
80% of wealth is psychology!
Why do most people fail at making money? According to Tony Robbins, “many people blame their lack of resources.” However, Robbins argues that “only 20% of the money game is mechanics while 80% is psychology.”
“If you think you can’t master the money game, you’ll find ways to sabotage yourself,” Team Tony adds. “Those who are wealthy turn obstacles into opportunities and see every failure as an opportunity to learn and grow.” But, if you “focus on your strengths and adopt an abundance mindset, you can get out of your own way and achieve monetary success.”
One of the most important aspects of thinking like a Money Master is to understand the psychology of money. Most people think about money in terms of its material, tangible value. Psychologically, however, it’s much more than that. We all want security and happiness in life, but these are things that money can’t give us on its own. A Money Master understands this concept and uses this knowledge to meet their financial goals.
The psychology of money is quite fascinating. It is important for you to understand how your brain works with regard to money because this will allow you to get more out of what you have and become more equipped for any financial struggles that might come your way. Even the most successful people have moments of self-doubt. It can be hard to constantly know what you are doing or if it is actually working. Because of this, there are some things you should know about yourself to help you maintain your success with money. One of these things is how addicted to money you are?
A “money master” is someone who has no need for money, is able to maintain their life without the need for more money, and has the ability to make more money than they spend. If you are addicted to money then your psychology is that of dependence. You are either dependent on your salary or income for your personal happiness, or constantly looking for ways to make more money. This is an addiction. And addiction is never good.
You have to understand a “money master” will never NEED money, they know they will always have it. Thus, in their minds money is infinite.
Another important aspect of money is how you handle money? There is no right or wrong way to handle money. What works for one person may not work for another person because we all have different personality traits and values that will help shape our financial decisions. To be a money master, you need to understand your own psychology and have a deep understanding of how money works for you. Knowing what will work for you is the first step in mastering your money. It’s also important to know how the world works when it comes to money.
You know that saying, “money doesn’t grow on trees?”, and you’ve probably heard your family and friends grumble about their money troubles. Yeah, NEVER DO THAT.
Being a Money Master is not about being wealthy. It’s about understanding your own psychology of money. There are three types of people in the world: A) Those who don’t believe that money can happen, B) Those who believe that money can happen but doesn’t want it, and C) Those who believe that money can happen and will do anything to make it happen. Guess what, if you’re someone who believes in any of these three types, then congratulations! You’re ready to be a Money Master.
All you need is a story that you can relate to. The reason why you’re going to succeed. Figure out what your “why” is and use it as a guide in everything you do.
Ask yourself why you’re going to succeed? What is your story?
Money will come to you once you are in sync with who you are.
Types of psychological influences on us
“People are really good at rationalizing behaviour that they think is in their best interest even when it’s not.” – A.G. Lafley
The three psychological influences on people are 1) social influence, 2) personal influence and 3) cognitive influence. Social influence is when people tend to follow the behaviours of those around them. Personal influence happens when we tend to copy what we see other people doing instead of looking for information or opportunities to do it ourselves. Cognitive influences are how most of us make decisions with our emotions rather than rational thoughts. Some other psychological influences on people are low self-esteem, the need to belong, and the desire for social acceptance. These influences can lead to poor decision-making and thereby decide your relationship with money.
The psychology of scarcity is one of the most powerful influences on the human psyche. Scarcity is when a person feels that they need to have a particular item or resource. Scarcity can be a feeling or a belief, and these can be created by influential people in our lives. This includes family members who have gone through something difficult, such as going bankrupt or losing a loved one. Another type of influencer is social proof, which consists of things like celebrity endorsement, recommendations from friends and family members. Who are your influencers? What are you consuming on a daily basis?
To be a money master is to be a master of knowing yourself in its truest form. How do you see money? What feelings do you harbour towards money? What is your story of success? Why you’re going to succeed? Do you think you can be a money master? Do you feel deserving of becoming a money master?
Write your answers, make peace with your psychology of money and decide to turn it around. If you’re wondering how then you haven’t understood your psychology of money yet because once you’ll understand the how will come naturally.
Written by Pragya Singh