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Follow on Google News | Stinking Thinking Makes You Poor:Have you ever noticed that two families can have the same income and same number and age of children but live very differently? What causes this enormous difference? The answer is the decisions we make about our personal finances.
Poor people have fundamentally different attitudes about money than wealthy people. I am sure we all know someone that always quickly returns to poor status even if they somehow obtain wealth in the short term. They just can’t hold on to money. On the flip side, I am sure we all know someone that always quickly returns to wealthy status if a negative event wipes out their prior fortune. My premise is that this is not a matter of luck, but instead is a matter of attitudes about money that makes the difference. Information on Credit Scores can be found here: http://www.poor- So how do we all learn to think about money like a wealthy person? How do we learn to leave the stinking thinking of a poor person behind? First, we must learn to recognize that many of our beliefs about money, when and how to spend it, and why and how we save it are not correct. These beliefs have been placed in our psyche by external sources, advertisers, marketers, and others with their own for profit agendas. We must learn how to identify these external influences that pollute our personal financial belief system. We must stop the stinking thinking. Second, we must re-examine our concepts of needs verses wants. What most of us believe we need has been greatly influenced by Madison Avenue’s advertising executives. Are you content with advertising executive hands in your wallet or would you like to regain control? Let’s learn how to make sane purchasing decisions. Third, we must re-examine our need to have everything now. We must learn the benefits of patience. Owning everything through buying on credit is not true ownership. Instead we own nothing and the banks own us and the benefits of our future income. We have become slaves working to pay off debt. When did it become “Ok” to be in debt? Forth, we must re-examine our concepts of security and normalcy. Many feel that working for a big, well establish corporation equates to job security and safety of future income. This “normal” view has been proven to be quite incorrect in the current economic downturn. Just like the “normal” desire to own a big house (and subsequent big mortgage) has bankrupted many families. We must learn that we are the only people we can count on – not a corporate job, and not a bank financial officer telling us what we can afford. Size does matter, sometimes smaller is better. http://www.poor- Fifth, we must re-examine our concepts of retirement and savings for retirement. Retirement is an obsolete concept that poor people cling to. The traditional concept of retirement is stinking thinking. Wealthy people work to achieve financial serenity in order to do the things they enjoy much earlier in life. Why wait for a retirement age? Learn how to defrost your frozen dreams as soon as possible. There is a book that addresses these issues. Poor No More: Wealth Is Within Reach by Curtis Hill is can change lives and open the doors to financial freedom and building personal wealth for everyone. http://www.Poor- # # # urtis Hill, CFP® holds two bachelor’s degrees from North Carolina State University plus a master degree from Southern Methodist University. Mr. Hill had been a successful businessman and manager for fifteen years before becoming a financial advisor. He worked at three major brokerage firms beginning with Morgan Stanley in 1994, where he obtained the title of Senior Vice President, and earned his CERTIFIED FINANCIAL PLANNER™ certification. End
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