This week, I am tasked to analyze the way I think. The ways in which I view myself, my habits and of course the way I view my money, determines my levels of financial success. Where we are and what we become depends on how we think.
Unfortunately, we are conditioned that he with all the marbles wins. Therefore, we collect, we hoard, we store marbles. It does not really dawn on us, how we are going to pay for all these damned pieces of round glass, but we have them and we are keeping them. The new question becomes, are these marbles an asset or a liability?
First let’s make sure we are on the same sheet of music. An asset increases in value. A liability decreases in value (Cashology, pg 28) and takes money out of your pocket. In this instance, that liability is a bad debt. It’s kind of like loaning money to your third cousin. That is a bad debt and you will never get that money back.
When you take a financial snapshot of yourself and your personal goals, are you an asset or a liability. Again, you have been conditioned to think that more is better. This includes a wallet full of credit cards, two car notes, a second mortgage, and debt. Having all of these things are a liability and you, my friend are a bad debt.
These things can weigh you down and hinder how you view yourself. If you cannot see yourself as a winner, then you become a liability to those whom share a life. A negative cash flow can also do this to the way you feel about yourself.
In order to transform your thinking, is to replace your bad habits with better practices.
Here are some steps:
1) Always look for a positive outcome.
2) Educate yourself on the direction you wish to head.
3) Develop some ambition to move up a step.
4) Plan a vision for your future.
5) Find a way to give back.
Now you are on the right track, you are ready to transform your world.