I have clients telling me that they do not make enough money. In one conversation I recently suggested to consider to turn around the perspective: Put aside what you would like to save and see how much you have left to spend. Will you still struggle? Or is your need to consume just a valve
for stress release? Find out what your poverty story loop is and learn five ways to find back into reality.
1) Observe your poverty story loop and write it down when you recognize it.
A poverty story loop is a recurring theme that you tell yourself about what will happen to you. It is usually negative and involves that you will live under a bridge, lose all your possessions and similar scenarios. Without going into the deep psychology of the why, I would like to encourage you to write down your poverty story loop when you recognize it.
I will just always have enough money to get by. I will not be hungry but never live in luxury. This is a story I was told when I was around 22 years old. Somehow it made sense to me then. I often notice that the story becomes stronger in my head when I spend time with my mother. She has a theme that must be related to being the oldest child of a large family after the 2nd world war in Germany. My mother is very good at saving money. I am not but I used to spend a lot more when I earned more. So here’s the catch: I have never been poor but I worry about money a lot since I started a company. Other people worry about health but I am not too concerned here. What is your poverty story loop? Write it down.
2) Run a reality check by writing down the counter-theory
Have you got a favorite crime story where you notice that the suspect is not the real murderer? Think about this as you write your counter-theory. Note down all the luxury you have in this world such as a big car, beautiful inner city apartment, five weeks of holiday time, trips to St. Anton and NYC. I think you understand my point, now go and jot down your counter theory. After you completed this exercise check if you still believe the story. Check all your bank accounts, count your cash and bring all the pennies and foreign currency to the bank. Cash all your cheques. Are you still poor?
3) Note down a list of wishes and take a break from impulse shopping
It might be possible to have all that we wish for. You just need to become clearer on what you wish for. It helps to write your wishes down. When your story is about money you could consider everything you need to have versus what you just want to have. For example: When you already have five suits: Do you really need one more or you just want one more? When you already have a functioning car: Do you really need a Porsche?
I have a lot of wishes on my wish list that I don’t really need. They are luxury items. Since I started to write them down I have less desire to buy them. Try it out and force yourself to wait for a month before you are allowed to buy anything that you just want. Do you still want it?
If you spend too much money when you go out you can use a simple trick we used as students: Only take as much cash with you as you are allowing yourself to spend that night. You can also check out my tricks for less affluent entrepreneurs.
4) Listen to the story voice again and tell me who this voice belongs to.
Is this really your story? Did you suck this one up with your mother’s milk or did you see your father struggling with this theme too? If you recognize the story as someone else’s write down the name of the person who owns the story. If it is you than you might understand that you can change the story into a wealth story. If you notice that it is someone else’s story keep it there.
5) Focus on other important aspects in life
Money and financial security are nice to have but too much money is also a stress factor. We have had a bit of money and lost a lot Provided you have enough money to survive and feed yourself and your loved ones ask yourself if you really need and want more money. Living in a safe place where you can voice your opinion is priceless. Being healthy is god-given and having family and friends who love you is amazing. Having healthy children is a miracle. Focus on other