Yesterday I listened to day seventeen of Anthony Robbins Personal Power a 30 day program to change your life.
Personal Power Day Seventeen
On this audio Tony explains why he believes most people are not as successful with money as they would like to be. He states that there are seven major reasons why people do not master this area of their lives. He calls these reasons the seven “wealth wounds.”
What are the seven “wealth wounds?”
- As crazy as it sounds most people have negative associations to having excess money.
- People never make having an abundance of money and absolute must.
- People never develop an effective strategy for accumulating an abundance of money.
- People fail to consistently follow their own wealth building plans.
- Many people let others manage their finances by relying on experts-trusting fully in others without learning enough to make your own financial decisions
- People fall into the trap of financial complacency-getting comfortable and stop trying to grow
- Many people fail by allowing financial crisis to turn into financial ruin.
Daily Exercise Day 17
- Ask yourself- what are some the beliefs that I have that are probably keeping me from increasing my personal wealth?
- Ask yourself-Do I have a specific amount of money that I have selected that is well beyond my bare necessities, something that would represent massive financial abundance that I have made a must?
- Ask yourself-Do I have an effective strategy to build my wealth and achieve those results and surpass them?
- Ask yourself-Have you in the past gotten yourself to follow through on your financial plan?
- Ask yourself-What do you need to learn to make the financial decisions in your life?
- Write a sentence or two that makes it really clear why you will commit to following through consistently.
- Develop a belief that will support you in the event of a financial crisis. Finances is not the game of life.
Understand the essence of real wealth-gratitude. If you are not grateful for what you already have it doesn’t matter how wealthy you become.
Ask yourself- what are some the beliefs that I have that are probably keeping me from increasing my personal wealth?
- One belief I have that is holding me back from increasing my personal wealth is the belief that I am already doing well compared to my friends or other people that are my age or older. It really shouldn’t matter, I should be striving to earn and grow my wealth to my own maximum potential, not justifying my lack of effort based on others poor performance in this area.
- Another belief that I have that is preventing me from increasing my personal wealth is my belief that it is okay to not make progress increasing my wealth right now because I am still young and have lots of time to save and grow my wealth. This is simply just an easy excuse to not try to live in a way that I can reach my maximum potential.
- One more belief I have that is not supporting me in increasing my wealth is the negative belief that at my job I am earning more than I am worth. This simply does not make any sense, if this was true then I would not have a job. In my commission based job my pay is directly correlated to how much value I add to my customers and for my employer.
Ask yourself-Do I have a specific amount of money that I have selected that is well beyond my bare necessities, something that would represent massive financial abundance that i have made a must?
- No, I have not selected a specific amount of money that I want to earn and accumulate that is absolutely beyond my necessities. I am going to change that today.
- I am absolutely committed to earning between my wife and myself $120,000 a year in working income and will do whatever it takes to reach that income level.
- I am absolutely committed in the long term to accumulating an income investing portfolio that will produce the same $120,000 of annual income whether I choose to continue working or not.
Ask yourself-Do I have an effective strategy to build my wealth and achieve those results and surpass them?
- Yes, I have already selected an effective strategy to build my wealth and achieve my stated wealth accumulation requirements. I have committed to investing my money using my income investing strategy. You can view my current portfolio here.
- I have also began to adjust how I spend my money daily so that after I pay off some of my credit card debt I can begin contributing new money to my income portfolio.
Ask yourself-Have you in the past gotten yourself to follow through on your financial plan?
- In the past I was much more consistent at saving and investing my money. Lately I have been making some poor financial decisions and my finances have been strained lately by a combination of factors.
- Getting married, buying a house, and having a daughter have caused my expenses to go up significantly. This is not to be interpreted as a complaint at all but it is the truth. I love my wife, my daughter, and my house.
- Shortly after finding out that my wife was pregnant I was able to secure my current job which is the highest paying job that I have ever had. When I began working there my income increased four times over what I was earning at my previous job.
- However, my job is 100% commission based and my pay can fluctuate wildly from month to month depending on how busy we are and my own sales performance. My boss made some changes to my pay plan and to how the dealer operates that have resulted in my income from my job decreasing. This is not to be taken as a complaint, as I still love my job.
- It has been difficult to adjust from making way more than enough money from my job to the current pay level. I was making so much money that I inadvertently developed some bad money habits but it “didn’t matter” because I was still able to stash money away every month.
- I was making more than enough money so my wife and I decided that she would continue to stay with my daughter for the first few years. We decided this because we didn’t want her to be under the care of a stranger instead of her mother as long our bills were still covered.
- My wife also had an unexpected medical concern that resulted in her having to have multiple surgeries that we didn’t have adequate savings to cover. This has also resulted in her taking more time off from working than initially planned for.
- My wife and I decided in late January that it would make sense for her to return back to work. We began searching for a daycare that we liked and eventually made our decision. We signed her up and after a few weeks of waiting to see if it would work out my wife visited her previous employer to inquire about returning to work. Her old employer was excited to have her back and immediately began her on-boarding process.
- However, due to some major changes in how the system works in my wife’s profession my wife was forced to wait months before her she was able to return to work. A few days ago, my wife and I decided we could not wait any longer for her previous employer to be ready. My wife put her resume online and almost immediately was contacted by multiple employers and was able to choose the one that was the best fit for her.
- My wife started her new job today and we are both very excited to start turning around our finances. We are both fully committed to doing whatever it takes to get back on our feet and start paying down our debts and saving again.
Ask yourself-What do you need to learn to make the financial decisions in your life?
- I need to learn to be more organized with how I spend my money.
- I need to find a way to earn more from my job so that I have more money available to pay off our debt and begin saving again.
Write a sentence or two that makes it really clear why you will commit to following through consistently.
- I am committed to following through consistently to achieve my personal wealth goals because I want to be able to provide for my family and leave money for my daughter.
- I am also committed to following through consistently because I do not want to live like how I have been living lately, constantly worried about money and bills. It’s overwhelming and it makes me feel sick. Going to war with myself over every purchase and expense. It’s taken a toll on my happiness, my relationship, and has started to effect every area of my life.
- I have written about what motivates me in this post and about how I want to make my mother proud.
Develop a belief that will support you in the event of a financial crisis. Finances is not the game of life.
- No matter how bad my finances might currently feel be or even if they get much worse, I know I am still extremely blessed to have found the perfect woman for me. To have someone that I can share my life with is such a blessing. To get to grow closer and more in love as we go through our experience of life. My wife has been there next to me when I was broke and just starting out and when I was doing my best financially and when I was doing my worst emotionally after my mother passed. I am so lucky to have her as my partner for life.
- Financial struggles can not break me, I am equally committed to being happy and enjoying my time on this planet as I am earning more money and succeeding financially. If I am miserable all the time it won’t matter how much money I have. If my wife is not next to me it doesn’t matter how much money I have. If my daughter grows up to resent me it doesn’t matter what my bank account looks like.