Personal Finance

5 more rules for taking control of your finances

“Your positive energy and vision must be greater than anyone’s and everyone’s negativity. Your certainty must be greater than anyone’s doubt.” – Jon Gordon

A recent study at Stanford University discovered that making consumers feel more powerful increases their motivation to save. What’s especially interesting about this study is that because a person’s perception of how powerful they are can be manipulated, this can be used to increase (or decrease) their motivation to save. This makes perfect sense to me because I’ve long believed that the psychology of money plays an extremely significant role in a person’s ability to earn, hold and grow their money and that our beliefs, attitudes and social circles are critically important when it comes to building wealth.

Last week I shared the first five rules of taking control of your finances from the book, “The Energy Bus” by Jon Gordon and explored how they could be applied to financial success. This week I’d like to share the other five rules.

Post a sign that says “no energy vampires allowed”

Energy Vampires are people whose presence drains your energy and leaves you feeling discouraged and demotivated. Whether they’re family members, friends, partners, co-workers or total strangers, limiting your exposure to energy vampires makes it a lot easier to stay focused on your goals and motivated to achieve them.

Whenever you set your sights on a new goal and start making changes there’s a good chance that your positive steps will make others feel uncomfortable and they may try to discourage or dissuade you from what you’re trying to achieve. Eliminating the energy vampires from your life isn’t easy (especially if they happen to be family members or long-term friends) but once you focus on spending time with people who believe in and support your goals and who lift your spirits rather than drain them you’re sure to notice a dramatic difference in your own success.

Enthusiasm attracts more passengers and energizes them during the ride

Enthusiasm is contagious; if you’re passionate and excited about your journey then those around you will be too (and if they’re not, you should probably kick them off your bus!). It might seem illogical to draw such a strong connection between your social circle and your level of financial success but it’s important not to underestimate its importance. When you’re working in a high energy environment you tend to be more focused, more energized and more productive because there’s so much positive energy being exchanged.

Related article: You are the sum of 5 people

The people you surround yourself with are key factors in your success and when it comes to building wealth, it pays to associate yourself with those people who already are where you’re aiming to be. Mentors can play an extremely valuable role in helping you achieve financial success and in helping to overcome limiting beliefs and negative associations about wealth and wealthy people.

Love your passengers

Associate with people you have a genuine liking, respect and admiration for and who reciprocate those feelings. People respond to authenticity and life is far too short to spend time and energy on people you don’t really like or who don’t really like you. As you work on building wealth and creating success it’s important to be able to share your journey and your accomplishments with those who really matter to you. Investing in your peer group pays dividends that are just as valuable (if not more so) than your investment returns.

Drive with purpose

It’s not enough to simply step into the driver’s seat, fire up the engine and tentatively put your foot on the gas pedal. You have to drive with purpose and confidence even when you’re not feeling that way inside. I’ve heard more than one successful leader talk about how, in their early years, they applied the tactic “fake it ’til you make it” over and over again until their fakery became their actual reality.

Related article: The power of having a purpose

Being the leader doesn’t make you immune to fear, worry, and stress but what separates leaders from their followers is their ability to act in spite of fear and to put their own concerns aside in order to focus on the bigger goal. When it comes to building wealth and financial success, the mountaintop you’re aiming for may be dramatically different from your current plateau but that’s not a good enough reason not to start walking towards it. Feel the fear and do it anyway! Your future self will thank you for it.

Have fun and enjoy the ride

Life is too short to live small. It’s also too short not to appreciate every part of it; the mountaintops, valleys, and hillsides all have a role to play in the experience of the journey. Every obstacle can be seen as a hurdle or a stepping stone, it’s often just a question of perspective… if you’re sitting at the roadside with a flat tire and all you’re focused on is the tire, you could well be missing out on something that’s happening right beside you. If you’re frustrated because you hit a dead end, maybe that frustration is keeping you from seeing that there’s another path a few feet away. If you’re focused on finding a bridge to get across the river, maybe you’ll miss seeing the passenger ferry. Sometimes all it takes to get you past an obstacle is a change of attitude and a willingness to look at things differently. Any company that has found success after reinventing itself will attest to how powerful (and lucrative) that strategy can be. Corning is a great example of this.

Whether we like it or not, psychology plays a significant role in our success. Strong self-belief, a clear vision, a solid plan and the right blend of people around us can make all the difference when it comes to building wealth and achieving financial success. Wherever your “energy bus” is heading on its wealth-building tour, I hope these 10 rules will help you along the route to taking control of your finances!

Leave a reply

Your email address will not be published. Required fields are marked*