Money is more than just something we use to pay for the things we need and want. It is something that affects each of us on a psychological level. It defines who we are and how we see the world. You will likely have a different perspective on life depending on how well off you are financially. In fact, your net worth can actually be determined by the relationship you establish with your money.
Our identity is made up of components of our spirituality, neurology, emotions and mentality and all of these things affect how we manage and value money. In essence, money is an outcome of the identity that is maintained in your financial domain. The ideas we have about money and how to use it are generally obtained from our parents as we are growing up and this to a greater degree dictates what we are willing to believe and what we are not willing to believe when it comes to our own money and money in general. However, the good news according to latest neuroscience and psychology research reveals that even though we might have limiting imprints early on in our life, it is possible to replace them with attitudes and beliefs that can serve you well in life.
We have all needed or wanted to improve our financial situation at some point in our life. However, making these improvements is not always an easy thing to do. On a neurological level we must believe we can change our identity to be that of someone who is smart enough and educated enough to manage their finances successfully. In other words, simply wanting to be financially successful isn’t enough to make us that way. Apparently, reaching financial success depends a lot on your level of self-esteem and what you think you are worth because if you don’t think you deserve to be financially successful, you won’t be. The higher your self-esteem is and the more you feel you are worth the better your chances are in being OK with handling higher income.
Our brains are hardwired to help us survive, and this includes having enough money to live off of comfortably. When we feel threatened, especially in a financial sense, we tend to stop thinking logically and go into survival mode. This is when our “critter brain” kicks in to tell us what we need to do to sustain ourselves. There is a strong relationship between our “critter brain” and the relationship that we have with our money. Far too often it causes us to have financial biases that are designed to keep us ‘safe’ by maintaining a stasis and we don’t wander off beyond our ‘approved’ financial blueprint.
Steve Siebold, a financial expert who has studied the relationship between people and their money, has declared an importance difference between the world’s average earners and the world’s top earners. Those who earn an average amount of money generally think that they have to do something special and significant to do so, while top earners believe that they have to be someone who really matters in this world.
Many people who only earn an average amount of money think that the reason for this is because they are not good with money. Oftentimes, those who make an average amount of money do so because they don’t think they deserve anymore. This is one thing that can lead people to feel like they are bad with money.
The good news is that anyone who feels they are not good with money can learn to become better at making it and managing it. Working with the right coaches who specialize in money mindset and actual financial strategies can definitely enhance your financial wellbeing and help change your neurology in this area.
It is not uncommon for those who struggle to make enough money to declare that money is not important. The truth is, money is an essential part of everyone’s life and it holds a great deal of importance everywhere in the world. Anyone who can’t see the value of money will never be financially successful because they don’t appreciate money they way they should.
So, next time when you think about having more money, ask yourself this question, “Who do I have to be in order to have the financial success that I am seeking?” The ‘how to’ part of this will eventually work itself out to align with who you believe you are.
Executive & Transformation Coach
Founder, The Money Experience System
For the last 30 years, Mihir has been passionately involved with the best of Eastern and Western mind sciences in the area of human potential, excellence and advanced change. He runs his professional coaching practice for executives, professionals & business owners in the area of money mindset, leadership & excellence and personal transformation. He can be reached at firstname.lastname@example.org