When we first began networking with high income/high
net-worth clients, we were surprised that for many of them,
money came often up as an issue. Men and women with
millions of pounds were dealing with the same kinds of
fears and concerns around money as the people we knew with
no money and no income to speak of.
We would often hear phrases like:
-"I don't want to do this work, but I need the money."
-"With the economy the way it is, I don't think I'll ever
be able to retire."
-"I have to worry - otherwise I might lose it all!"
-"I'm not sure what's happening to the housing market,
better keep working"
For these people, having a high-income or a huge bank
balance had little or no impact on feeling secure about
money. To understand what lead to financial security,
imagine this scenario:
The night is chilly. Your partner asks you to put some
more wood on the fire, but when you look in the woodpile
it's almost empty. What do you do next?
Well, if you're like most people, you either go out back
and chop up some more or drive down to the nearest shop and
buy some. In fact, you get extra so the next time you want
to build a fire you don't have to go back out unless you
want to.
Now, imagine this scenario:
You live wherever it is that you live. Your partner asks
you if there's enough money to go on vacation this year,
but when you look in the bank account it's almost empty.
What do you do next?
Well, if you're like most people, you panic. You either
make up excuses as to why you can't go on vacation or lay
down the law about why vacations are overrated and a waste
of money. Secretly, you feel a bit of a failure and resent
your partner for wanting to go in the first place (even
though you'd love to get away as well). Perhaps you vow to
yourself to work harder, or find a better paying job or
less demanding partner.
What's the difference between the two scenarios?
In the first, you recognize that wood is just a commodity -
something you need from time to time for a specific purpose
and is easy enough to get more of with a little bit of
effort.
In the second, you are acting as if money is in some way
magical - something you always need more of and would make
your problems magically disappear if only you could somehow
get enough of it.
But what if money was just a commodity too - something you
need from time to time for a specific purpose and is easy
enough to get more of with a little bit of effort?
If money was just a commodity, you wouldn't panic when you
were running low - you'd simply go out and get more of it
whenever you had something you wanted to buy. You might
even get plenty of extra so the next time you want to buy
something or go somewhere you don't have to go back out
unless you want to.
And here we can discover the secret of financial security:
- Financial security does not come from the amount of money
you currently have - it comes from your belief in your
ability to get more of it whenever you want
The fact is, money and wood (and metal and pork bellies)
ARE just commodities. The difference between them is you
buy wood with money, and you "buy" money with service.
So putting it all together, we have the secret to a
lifetime of financial security:
- Master the art of serving others and you will secure your
financial future
----------------------------------------------------
Pam Kennett is Founder and CEO of WealthBeing. WealthBeing
is a wealth education and coaching company which helps
individuals develop practical skills and knowledge in
wealth building. Pam has trained with Loral Langemeier, the
Millionaire Maker in the US and is based in London, UK. For
free resources and downloads visit
http://www.wealthbeing.co.uk or contact Pam direct at
pam@wealthbeing.co.uk
