Learn seven toxic financial beliefs. Read carefully and think about them. How many of them concern myself? What can I do to change my mindset and revolutionize my finances?
1. You shall not talk about money
One of the most common financial toxic beliefs is to avoid any talk about money. If you have been taught that money is not talked about in your family, you treat this topic as taboo. Perhaps, in spite of this, you say: “there is nothing to talk about at all – most of my friends are in debt and live.” Or do you accept opinions such as “the most important thing is to have for the basic needs” or “it is just important to be healthy and have a job” – as revealed truth?
You forget that what is here and now does not have to be the same in 3, 5 or 10 years. Health and permanent work are very changeable things, and nothing is more certain in life than uncertainty.
2. You shall not treat your debt seriously
3. Taking a loan is having more
4. Demanding attitude
5. It is good to improvise
Perhaps you are no longer the owner of your own business, but your business now owns you? You give your money, which you invest entirely in the company, to the Tax Office, bailiff, and creditors. Of course you can live without planning and without a plan, however this is also a plan. It leads to the fact that in the least expected moment you put both your leg yourself. Because I will try to convince you to plan what you want to achieve in a year, three or five years, you will probably be offended, saying: “Well, how am I supposed to know what will be next year?” Well, out of nowhere, it can’t be predicted. The plan is not intended to predict the future or set the direction in which you want to go.
6. I won’t find time for this
6. The sixth toxic financial belief is that the lack of time does not allow you to deal with your finances. Meanwhile, time is one of your most important assets. Moment by moment, minute by minute, hour by hour, and you can’t use all that time anyway. It seems to you that life time is close to infinity, unfortunately you forget that you only have a certain number of hours, days and years to survive. You can’t stretch time, you can’t accumulate, you can’t save. The only thing you can do is to make the most of this time. If you think that you don’t have time to deal with your finances, you probably use fancy tricks: “I want to think about this decision, I should discuss it with my partner, I would like to compare offers”. In fact, your own mind, which doesn’t like to make uncertain decisions very much, tries to postpone it. Unfortunately, this “later” never comes, and your mind quickly forgets important issues, busy with many urgent matters.
7. It’s not my cup of tea
The seventh toxic financial belief is acceptance of a lack of financial knowledge. You use such tactics by saying:
“I already have my own financial advisor, I have a friend in the bank, my work friend advises me.” Claiming that finance is complex and completely useless knowledge is just a convenient excuse not to take responsibility for it. In the meantime, you just need to use a few simple tools shown in this book to change your approach to your finances radically. Now take something to write, sit back and write down what they are:
Your current financial beliefs:
1. Do you openly talk about money and investments?
2. Can you talk to your family about it as well?
3. Do you take your debt seriously?
4. Do you understand that debt is a major obstacle to independence?
5. Do you often have a claim attitude?
6. Do you plan your finances?
7. How long does it take to plan your financial moves (weekly, monthly)?
8. How do you implement your plans?
9. Do you think that finance is such a difficult topic that you have to be a specialist to deal with it?
Consider the above questions.