Why Many People Are Stay Poor, While Others are Growing Rich(http://www.earneasymoney.moogo.com). What keeps people from thinking rich? All myths contain truths. Because they contain truths, people tend to believe in them. But the falsehoods overpower the truths contained in the myth. Falsehoods lead to confusion of thought, they need to make clear distinctions between what is false and what is true. That’s what I hope to do here by stating the myth and then the right belief. Myth no. 1 Financial security lies with having a good-paying job with a good company. What a good-paying job in a stable company gives you is earned income. Once, it was widely believed that earned income would be enough to bring financial security. The idea was to go to school get good grades and get a good-paying job – preferably with a bank or a multinational company. Then you would work your way up the ladder, your good efforts would be recognized and your employer would pay you ample wages so you could afford your dream – a car and a house and lot. Even with a good job, most people have bad habits about money. They do not know how to use money wisely. From childhood, they learned to spend on practically anything The right belief is that financial security lies in wisely investing the money that you earn. With every paycheck you receive, pay yourself first. Set aside 10% of your earnings as savings for investments. Start now. If you don’t do it when you have little money you won’t do it when you have more money. When you already have savings, don’t keep your money in the bank simply earning interest. Start investing. The goal is to have your investments generate enough passive income to cover your monthly expenses. Myth no. 2 You must have money to make money. Many people believe that they can’t make it rich because they don’t have money to start with. They don’t have the capital to start business. The right belief is that money is an idea and ideas create wealth. The fact is, if you can’t make money without money, you can’t make money with money. Why? Because making money depends on our ability to spot opportunities and take advantage of such opportunities. This ability to see an opportunity and act on it is what creates wealth.
Myth No. 3 All debts are bad. The right belief is that there’s such a thing as good debt. You have to make a distinction between good debts as bad debt. Bad debt is debt that takes money out of your pocket. Credit cards offer convenience – they allow you to purchase things without having to carry cash around. But if you’re not careful, you could be spending money that you haven’t earned yet. If you’re spending more on your card than you could pay in a month, your credit card debt piles up with hefty interest charges. That’s bad debt. Good debt is debt that puts money into your pocket. Good debt provides leverage, that magic word in wealth creation. , Myth No. 4
I don’t have what it takes to be rich. People say I don’t have what it takes to be rich because I’m not worthy. Now, that’s mixed up thinking! The right belief is that I can make any amount of money, passively or through my job or both. This is connected to I love myself and I accept the greatness in me. This is connected to really, really believing that I am special, child of God. As a child of God, I deserve nothing but the best and I give nothing less than my best. Whom should you love? First, love yourself. Then, love your neighbour. How can you love your neighbour if you can’t love yourself? Myth No. 5
Money is scarce. The right belief is that money is all around me. In the book, The Alchemist written by Paulo Coelho, the old man says, “When you want something, all the world conspires in helping you to achieve it.”4 So set your goals and adopt the practice of affirming your goals three times a day. Then watch. Behold the universe conspiring in your behalf! It’s awesome when that happens! Tied up with the mistaken belief that money is scarce is the notion that if you give it away, you won’t have enough for yourself. Myth No. 6
The rich are defined by their incomes. The right belief is that the rich are defined by their net worth. You have people with huge monthly incomes, hundreds of thousands of dollars, but at the end of the month, there’s none left. The money flows to their house, car and credit card payments, their club dues and so on. And there’s nothing left in the bank. In contrast, there are people who understand the real definition of being rich. Some of our young people today have a looming problem. They’re living fantastic lifestyles and visibly so! Big house, several cars, nice clothes, latest toys, expensive vacations. The yuppie lifestyle. They think that’s wealth. But they don’t understand that the true measure of wealth is simply – assets minus liabilities. It’s the net worth that matters.