This week I was interviewed for an investing podcast. During the chat I was asked what holds us back from success with money.
This is an interesting question, because most people don’t expect the answer.
You might think it has something to do with the strategy you select, or the type of investments that you choose, or even timing the market…
BUT none of these are the real success slayer.
When it comes to money and your wealth, the success slayer is YOU!
Now before you get upset and start hating on me, understand that you aren’t alone. Everyone suffers from this success slayer at some point, including me.
What you do next knowing this to be the case is what is important.
There are many reasons why I believe you are your success slayer, so let’s have a look at some now.
Procrastination
If there ever was a more damaging trait to your success than procrastination, then I am yet to observe it…
Society is full of people who are going to do something, not just related to wealth creation. Think about weight loss, fitness, a change in career or even starting a business.
How many times have you heard someone say they are going to start a diet tomorrow, or join the gym on Monday.
The problem is, tomorrow never comes. There is always another reason (or excuse) for not taking the step and DOING what you planned to do.
Procrastination is the destroyer of results. If you don’t take action you just can’t achieve anything.
I bang on about action because simply, small actions today lead to large outcomes tomorrow.
Scarcity vs Abundant Mindset
Another of the characteristics of YOU that is a success slayer is a scarcity mindset.
This is a lesson that I learned from T. Harv Eker, and once you understand the impact it has on your results, you will quickly learn to eliminate scarcity thinking from your personality.
Scarcity thinking is thinking small. Thinking that someone has to lose for you to win. That you can’t have all that you dream of having, or that you aren’t worthy of having everything that you dream of achieving.
Imagine for a moment that you could achieve whatever you wanted. What would you choose?
Mentally see it, see yourself in that moment, enjoying the outcome of your success.
Now ask why can’t you have what you thought of…
The opposite of scarcity thinking is the abundance mindset.
The abundance mindset has become popular by the book and move called ‘The Secret’.
Abundance simply means that you believe there is plenty for everyone. It doesn’t just apply to money or wealth, it can be anything.
When you think in abundance, you believe no matter the bumps along the way you think things will work out.
Once you accept that scarcity thinking is not helping you, it becomes easier to adapt to the abundance mindset, one where you believe you can achieve whatever you want and dream.
Walt Disney is credited with the quote: ‘if you can dream it, you can achieve it’, and Napoleon Hill started the concept with his quote: ‘whatever the mind of man can conceive and believe, it can achieve’.
These are both examples of the abundant mindset at work. Walt Disney saw the theme park in his mind long before it was built…
Limiting Beliefs
As you have grown and matured, you will have developed certain beliefs about money and your success.
Without realising it, some of these beliefs will have created limitations as to what you believe is achievable…
The unfortunate part is that these beliefs will have come from people close to you, whether it be parents, teachers, relatives or friends. They all have had an influence on what you now believe when it comes to creating wealth.
These limiting beliefs are now another success slayer to you becoming wealthy; one that you may not even know exists.
Have you ever heard any of these sayings?
‘money doesn’t grow on trees’ or
‘go to school, get a job, work hard so you can look after you and your family’ or
‘rich people are lucky’ or
‘money doesn’t buy you happiness’ or worse
‘rich people are probably crooks’
If you have, it is highly likely these thoughts will have created a limiting belief in your mindset…
If you were on the path of creating wealth for yourself but had the belief that ‘rich people are all crooks’, it is likely that the belief would prevent you from achieving your big goals.
In some manner, the belief would manifest a way to prevent you from achieving your goals. A form of self-sabotage would materialise, again likely without you knowing why.
Overcome the Success Slayer
The solution to the success slayer, YOU, is to first notice these thoughts and habits in your life.
Once you are aware of them, you can take steps to overcome them.
My suggestion is to start for one day noticing these thoughts or habits. Every time you notice them, immediately stop and change the thought or habit with an empowering one…
If procrastination is the problem, take an action as quickly as possible that moves you forward.
A scarcity thought can instantly be replaced with a thought and vision of you enjoying something that you aspire to do or have. Maybe it is a holiday or experience…
And if it is a limiting belief that comes to you, instantly convert it to a positive thought of what you can achieve.
Once you can do this for a day, try it for a week, a month and before you know it… You have overcome the success slayer. You will be the success creator!
Let me know what holds you back and how you are going to slay it this week.
Oh, one more thing, I will share the podcast when it is released, you will enjoy it 🙂