3 Money Beliefs That Will Destroy Your Life Sharpen Your Axe

3 Money Beliefs That Will Destroy Your Life

3 Money Beliefs That Will Destroy Your Life Worried

3 Money Beliefs That Will Destroy Your Life Worried: Image source

Much of our lives revolve around money. In a sense, money does make the world go round. We rely on money to get things done and fulfil our basic needs each day. 

As a result, money can be the source of a lot of our worries and problems. A lack of money can cause a high level of stress and lead to negative thoughts. 

The set of beliefs that we have about money can either make things better or worse.  When we have disempowering beliefs, it’s difficult to see opportunities and possibilities since we’re so focused on the negative. E.g. I can’t, I don’t, I’m never going to, It’s hard. 

These negative thoughts lead to negative feelings, which then go on to impact every other aspect of our lives. 

I believe that having the right mindset can change the way that we perceive and experience life. Here are three money beliefs that can hold you back from living a fulfilled life, and ways that you can shift your perspective on them.  

 

Belief #1: If you work harder, you’ll be able to earn more 

This might’ve been true back in the day. But nowadays, with the possibilities that the internet affords, more and more people are finding ways to work less and earn more. Your income no longer needs to be tied to the amount of hours you put in. 

Instead of working harder, you can work smarter. It’s like the difference between trying to chop down trees with a dull vs. sharpened axe. Spend some time sharpening your axe (upfront effort), and you’ll be able to get the job done much faster. 

3 Money Beliefs That Will Destroy Your Life Sharpen Your Axe

3 Money Beliefs That Will Destroy Your Life Sharpen Your Axe Image source

Internet entrepreneurs who sell a product that doesn’t require a huge ongoing time commitment can work fewer hours and might eventually even earn more than salaried employees. The internet enables you to reach customers at scale from all over the world and earn money while you sleep. 

One way to start selling something online without needing to spend much money upfront is teaching something that you know. 

For example, you can use platforms like Skillshare or Udemy to create an online course. You create it once, and each time someone enrols, you get paid!  

Of course, this will require some time and effort upfront, but once it’s done, the money will keep coming in without you having to lift a finger. And this is just ONE potential business idea. A quick Google will enable you to find many, many more. 

3 Money Beliefs That Will Destroy Your Life New Skills

3 Money Beliefs That Will Destroy Your Life New Skills: Image source

Nevertheless, if you think that the internet entrepreneur thing is not for you, there are still ways that you can increase your income potential without working harder. 

You can learn some new skills online through the very same platforms that I just mentioned (+ many more) and increase your value to an employer. If you’re a Singaporean over the age of 25, you can also make use of your SkillsFuture credit

Instead of waiting and hoping for a promotion, you can make the leap to a new field with skills that are in demand, e.g. digital marketing, AI/machine learning, data analytics. 

Of course, don’t learn something for the sake of learning it — ideally, you’d actually have some interest in it! Otherwise, it’ll be very painful and it won’t be a career that you’ll enjoy. 

 

Belief #2: It’s not possible to become wealthy without a good family background 

It’s true that being from a well-off family provides you with many opportunities that might not be available to others. You can move in the right social circles, get access to a good education and have more financial resources at your disposal. 

But there are many examples of people who became wealthy despite not growing up with a valuable network, getting a prestigious education or having money readily available. 

You shouldn’t let your upbringing or circumstances hold you back, nor complain about all the entitled people who seem to have an easy life because they got handed a silver spoon. 

Daymond John from Shark Tank was raised by a single mom in a rough neighbourhood and is dyslexic. He’s now got an estimated net worth of $300 million. 

3 Money Beliefs That Will Destroy Your Life Daymond John

3 Money Beliefs That Will Destroy Your Life Daymond John: Image source

He didn’t win the lottery or have it easy. He started a business called FUBU from the ground up, and their “office” was his mother’s house. He even closed the business three times from 1989-1992 because he ran out of capital. 

You might think, “oh sure, he’s probably one of those rare lucky people,” but there are also quite a few (largely unfamiliar) examples of Asian entrepreneurs going from rags to riches. 

Just because these people are not famous in mainstream media and their stories are not well-known, it doesn’t mean that they don’t exist. There are probably many more people out there who haven’t had a story written about them. You could become one of them. 

 

Belief #3: Money can buy happiness 

Money can buy a lot of things. And it can definitely help you solve a lot of problems. But it can’t buy happiness, because that’s something that can only be achieved internally. 

Our minds are programmed to keep wanting something new, something better, something different. We build up a sense of excitement and believe that getting X thing will bring us long-lasting happiness. 

We may be really happy for a moment, but the feeling will soon pass and we’ll be back to wanting something else to experience the same high. 

Having a good meal — that’s great in the moment, but forgotten in a few hours. 

Getting a nice bag/car/house/[insert other material thing here] — that’s great for a while, and then you get used to it. What’s next? 

3 Money Beliefs That Will Destroy Your Life Shopping

3 Money Beliefs That Will Destroy Your Life Shopping: Image source

And for the people who want the money not for the high of consumption, but for the high you get by showing off your status, when will it ever be enough? 

The truth is, we don’t end up happier after fulfilling our wants. 

We just end up wanting more. 

It’s funny, though, because our happiness actually comes from the absence of wanting. When we’ve gotten that new [insert material thing here], for a moment we don’t want anything else. But once our mind gets bored, it looks for something else to focus on… 

To find more lasting happiness and fulfilment, we should work towards things that also benefit others, or things that have a sense of profound importance to us (e.g. things we want to do before we die).  

Having a daily gratitude practice is also beneficial to remind us of everything that we already have and lessen our urge to have more.

 

Change your beliefs, change your life

We always act in accordance with our beliefs. That’s why a simple mindset shift can do wonders. I believe that we should seek to learn about different perspectives and find role models who have achieved what we might’ve once thought was impossible. 

Have you had any of these beliefs? If so, will you take steps to overcome them? 

This is a guest post by Rachel from Hey, it’s Rachel. She writes about mindset, personal finance, and all things personal development. She’s on a mission to empower millions of people around the world to live their best lives through education on mindset and growth.

 

Final thoughts by Wealthdojo

These are my favorite quotes from Rachel. Thanks for the beautiful article.

  1. Money can buy a lot of things. And it can definitely help you solve a lot of problems. But it can’t buy happiness, because that’s something that can only be achieved internally. 
  2. It’s funny, though, because our happiness actually comes from the absence of wanting. When we’ve gotten that new [insert material thing here], for a moment we don’t want anything else.
  3. Instead of working harder, you can work smarter.

 

Join my Telegram Channel for a tip a day! In Wealthdojo, we dedicate a small amount of time daily for learning new things. Continuous learning is one of the greatest secrets of success.

For those of you who want to turbocharge your journey, contact me at chengkokoh@gmail.com. I would like to hear from you what your experiences are currently and from there, we develop a plan specially catered just for your journey.

We wish you all the best! Stay Safe and Take Care!

Chengkok, Sensei of Wealthdojo.

Once Upon a Time, You Met Money

Once Upon a Time, You Met Money

Once Upon a Time, You Met Money

Do you remember the day when you first met money? Perhaps it was when you went to the store with your parents. Or perhaps it was before entering primary school, when an adult or older sibling sat you down to learn how to use the various metal discs and paper slips to buy a meal at the school canteen. Adults never seemed to have enough of these coins and notes and it was what they suffered at work for. With other priorities in life such as catching the next episode of your favourite cartoon, you did not think much about how money would affect your life. Little did you know then, that from the time that you were born, you have already involuntarily entered an inescapable relationship with money.

Once Upon a Time, You Met Money

Once Upon a Time, You Met Money.

Back in the days of your childhood, your relationship with money was like a series of summer flings. Money came and went. There was no need to work very hard to keep money with you, or find ways to grow your relationship with money. What for? Money always came back to you whenever it was time to get your allowance from your parents. An extra fifty cents or dollar gifted to you would brighten your entire day, much like when your crush flashed a smile at you, but you were fine without money for you had your parents to feed and clothe you. Oh the simple days of puppy love.

 

Some years go by and as you grew, involuntarily once again, your relationship with money got a little more serious. You started to see the nice things and experiences that money could give you.  For this reason you probably started to take a little more initiative in sustaining the relationship, putting in more effort to help money grow and stay by your side. Maybe you started taking part-time jobs while studying, and maybe you started learning to save a little bit more for days when you really want that new pair of jeans.

 

In the blink of an eye, you have now entered adulthood. A relationship with money is starting to become more and more of a mainstay of your life. Yet it feels like the more you need money, the more it gets further out of reach. You constantly complain about money to your friends and family, about how insecure money is making you feel.

 

Sometimes you try to turn a blind eye and pretend that everything is going to be fine as long as you keep working. However, you know that a healthy relationship is hardly sustainable when you are putting in the bare minimum, for no one can predict when sickness or misfortune will hit them. Is your relationship with money strong enough to withstand all possible tribulations in life? Is it strong enough to give you enough capital when you need it to achieve your goals? “Heck, they never taught us this in school”, you may lament.

 

What are you going to do about it? Perhaps it is time to realise that just getting a paycheck every month is no longer enough to sustain a stable relationship with money. Are you willing to take steps to fortify the relationship to ensure that money will not leave you in times of poor health and adversity? Or to ensure that money can help you get what you want?

 

Just like how far you have come from that awkward first kiss in your romantic relations, the skills to maintaining a healthy relationship with money comes with practice and research. It is impertinent that you start this journey with a resolute belief in the benefits of prioritising a stable relationship with your finances.

 

It is understandable that this task can appear arduous and overwhelming, especially with the gargantuan amount of information out there relating to personal finance. One may even say that the thought of having to do it is repulsive. However, a healthy relationship with your money would reap immense benefits, just like how a healthy romantic relationship would.

 

Final Thoughts

There are a plethora of resources out there to aid your efforts. If it all seems overwhelming, you can start by following channels such as Wealthdojo’s Telegram channel to learn bite-sized tips in handling your relationship with money. Gradually, whenever you feel ready for more, you can reach out to our Sensei, Chengkok, with an email to chengkokoh@gmail.com. Be bold in your endeavour to become a better partner for money, for there is nothing embarrassing about wanting to become better.

Good luck, and may you find your ‘happily ever after’ with money!

Article by: Michelle Er

Confession I used to believe that millionaires were always right about money

Confession: I used to believe that millionaires were always right about money.

Confession I used to believe that millionaires were always right about money

Confession: I used to believe that millionaires were always right about money

I still remember the first Wealth Management Seminar that I went. I woke up early that morning to take a 1.5 hours bus ride to expo. It was going to be 3 days where millionaires were invited on the big stage to share how they become rich. There were various strategies. Properties, Tax Lien, Value Investing, Options Trading, E-commerce, SRS hacks, you just have to name it.

I have to admit. I was impressed by the seminar. I thought I was in the presence of legends. I was introduced to a few “self-made millionaires” and I thought that I was really blessed to be able to hear their sharing. I took notes of every single word they say, every single habit they have and every single tip they gave.

I was all fired up.

Today, I’m a little wiser and can tell you with 100% conviction that just because they are a millionaire (or appear to be), it does not mean they are right about money.

 

Confession #1: I look up to them without knowing their source of wealth

I know of a guy who was in his 20s (I will not be sharing his name to protect the identify of the speaker). On stage, he was explaining his methodology on how he became rich. He shared that to be successful you have to be humble, live within your means, invest and compound. He went from a $1000 portfolio to managing a 7 digits portfolio in 3 years and he was still in his 20s! That’s incredible.

After being acquainted with this person, I realised that he wasn’t really following any budget and was spending lavishly. I questioned his habits only be dismissed by saying he can make it back easily by selling his course.

I was really disturbed after I heard that. I acknowledge his ability to make money but lost respect for he did not practice what he preached.

I believe many young people (like myself) look up to these “rich” people hoping to be one of them. At the end of the day, you do need capital to invest. It is easier to grow toward 7 digits portfolio when you already have a property that you want sell or an high income skillset.

Don’t look up to “successful” people blindly without truly understanding where their source of wealth is from. It could be range from inheritance to insurance proceeds and not what you thought it is.

 

Confession #2: I get intimated by fanciful titles

Just because someone is financially educated or more experienced than you, doesn’t mean that they’re always right. “Fund manager”, “Assets Enhancing Specialist”, “Chief Investment Officer” etc are fanciful titles that you probably see on the newspaper. It could come in other forms like “Value Investing Guru”, “The Options Specialist” or “Asia Real Estate Guru”.

Those titles are impressive. My friend was “promoted” to be a senior manager in her company because her customers only want to work with someone from the management. Her pay scale was the same, her job scope was the same but the company had to inflate her title so that she will get a response from her customers. It sounds weird but titles do make an impression in our lives.

Another friend of mine is a Chief Financial Officer of a company. He was earning around $15,000 monthly (Our most popular article: Is $30,000 salary a month enough?) and I thought he probably had a good financial plan. It turns out that he have less than $1,000 in his bank account, owes 5 digit credit card bills and no asset under his name.

Morale of the story: Don’t be intimated by fanciful titles. (Not even wealth sensei)

Ridiculous job titles

Ridiculous job titles

 

Confession #3: I was impressed by jargons

When I first started investing, there were many times I felt being out-jargon in a seminar. The more jargons they said, the more I felt I needed to learn. I love it when the trainers pop out words like “50 days exponential moving average”, “cashflow conversion cycle” or the “gamma of the option” out of the blue. I was impressed on their wealth of knowledge and want to learn from them.

While they have the wealth of knowledge, I realised that some of them never invest before in the stock market. They were using “difficult terms” but when I asked about the practicality and the application, they don’t seemed to have the answer or able share any experience. I was really surprised.

Don’t be impressed by jargons.

 

Final Thoughts

Whether it is the love of jargons or fanciful titles, find someone who embodies the meaning of wealth to you. Follow them, learn from them, become wealthy yourself too.

True Wealth

True Wealth

PS: Wealthdojo was selected by Feedspot as one of the Top 75 Singapore Investment Blogs on the web. I would like thank our readers (yes you) for your support in reading and sharing our articles. We will strive to be better and better in the years ahead!

Top 75 Singapore Investment Blog

Top 75 Singapore Investment Blog

Join my Telegram Channel for a tip a day! In Wealthdojo, we dedicate a small amount of time daily for learning new things. Continuous learning is one of the greatest secrets of success.

For those of you who want to turbocharge your journey, contact me at chengkokoh@gmail.com. I would like to hear from you what your experiences are currently and from there, we develop a plan specially catered just for your journey.

We wish you all the best! Stay Safe and Take Care!

Chengkok, Sensei of Wealthdojo.

 

1 year old

We are 1 year old!

[Compounded Effect of Small Wins]

In 2009, I participated in my University Freshman Orientation Camp. I met many interesting characters and I’m grateful that I still keep in contact with some of them. (You know who you are 😉).

Part of the Freshman Orientation Camp is playing games in teams to outwit, outplay and outlast (*insert survivor music). Our group called Deathnote was off to a flying start. We were winning games and defeating the other teams easily. I felt a sense of pride as we kept winning. However, things changed when we started to lose our first game. As a team, we started to strategise and we continue to win the other games too. We were so focused on winning that our Group Leader, Teo Jiaqi asked us.

 

Why you all look so unhappy ah?
(Why is everyone looking unhappy?)

 

It was already night time. We looked at each other and had a HTHT (heart to heart talk) conversation. We realised that we had a mindset of “Okay. what’s next?” when we win. Our wins were meaningless but our losses were painful. We dwell on the losses but we didn’t celebrate our wins. That was a recipe for misery. We promised ourselves that we will celebrate our wins no matter how small it is the very next day.

The next day came and we won the first game. In a very awkward way, we tried to celebrate. The first “Yay” was full of awkwardness, confusion but yet funny. As we progress more into the other games, the “Yay” became more authentic, passionate and joyful. When the whole camp was over, we all agreed that we enjoyed ourselves. I’m grateful to the seniors and my group for making that possible.

 

In life, we probably had times where we chose not to celebrate the small wins. I’m an example of that.

“Aiya. Like that also need to celebrate”

“It is something minor leh.”

“After we finish this, then we celebrate”

 

I am certainly guilty of not celebrating the small wins and because of that, after everything was finished, the joy was small. I didn’t allow the small wins to compound.

I wish I knew this earlier. Life would have been more joyful. Nevertheless, it is not too late to start now.

Celebrate your small wins. Allow your joy to compound. Wishing you the best!

“Yay! My website is officially 1 year old!”

#wealthmanagement #wealthdojo #1yearold #makingwisefinancialdecisions

PS: I’m grateful for those of you who have visited my blog, read it and told me how much you enjoyed it. “Yay”

 

1 year old

1 year old

How to have better relationship with money stressed woman

How to have better relationship with money?

We talk about building better relationship, having good wealth management but have we thought of having a better relationship with money (self-care)?

In Singapore, one thing that fly under the radar of the recent politics campaign is the high stress level of working. Do you know almost 100% of Singaporeans are stressed at work? (Source: Human Resource Director).

 

“Almost 100% of Singaporeans are stressed at work”: Survey

How to have better relationship with money stressed woman

How to have better relationship with money: stressed woman

Welcome to the city where the cost of living is high, have expensive healthcare and unaffordable housing. Together with this economic situation after COVID-19, many young people struggle to find their first job after graduation. Though I agree we have our positive side, we must also recognized that these economic-social issues will affect our relationship with money.

 

Why are Singaporeans Stressed at work?

Top causes of stress for single, married and working mothers vary, but all mention personal finance, too much work and personal health.

According to a survey by Jobscentral, being overburdened with financial commitments (29%) is one of the biggest reasons Singaporeans don’t leave a job they hate. 25% cited fear of not being able to find a better job as their reason for not leaving a crappy job. (Source: 3 Big Reasons Why Singapore Employees Are Always Stressed Out!).

While money is not the only reason, it is a common reason for stress.

Relationship With Money Stressed Statistics

Relationship With Money Stressed Statistics

 

Where did this stress stems from?

In my previous article about Self-Care and Wealth Management, I’m grateful to be able to ponder in depth on why people might become narcissist on self-care. It has to do a lot with their beliefs about money and I’m going to summarize it in the chart below.

Your relationship with money will determine your money habits that you have and it will led to the financial circumstances that one will go through and finally happiness.

Relationship with money

Relationship with money

Example #1: You are undeserving of money / reward.

I had a classmate, Karen who scored straight As for her primary school examinations. One year, another classmate shared with us that he just came back from a trip to Australia because he had good results in the last year. Karen decided to tell her parents about it. Her parents told her that if she continued to score straight As, she will be able to go for the trip.

Eventually, Karen had the straight As. But, the trip didn’t happen.

As a child, Karen held a belief that no matter how much effort she puts in, she will not get a reward. Today, Karen is a hardworking individual and put in a lot of effort in her work. Despite her hard work, she was unable to climb the corporate ladder and have mediocre salary. Personally, I feel that she still believes that she’s undeserving (relationship with money), other people are luckier and so passed on several opportunities (habits). This lead to her living a miserable life (financial circumstances)

 

Example #2: Believe that People With Alot of Money is Evil / Money is the root of all evil.

When I was young, I asked my parents why my classmate could go to Europe to travel while we only went Genting. My Mom told me that my classmate’s father was a businessman and he have to spend a lot of time on entertainment. He have to do a lot of “funny/bad things” that as children, we won’t understand at that age. Lots of Taiwanese/Korean dramas also reinforce this belief that you have to ruthless to earn money.

When I grew up, there was a period of time I judged people for earning a lot of money instead of being happy for them. If I learnt that they were earning more money, I felt that they done a lot of “funny/bad” things to achieve their goals.

I felt that earning a lot of money is evil (relationship with money), I would try not to earn over a certain threshold (habit) and that led me to living a normal life (financial circumstances).

 

This is ridiculous.

Your relationship with your money is largely influenced by the money lessons you learned from your primary caregivers and mentors, as you were growing up. While it is on no fault of theirs, we need to identify and be aware of the beliefs you have on money so that we can break out of this trap.

I challenge you to write down a list of your money beliefs. It could be “Money is never enough”, “Investing is risky”, “I need to spend money to feel good” etc. Ask yourself, does this money belief serves you or hinder you. If it hinders you, spend sometime to process why has it been affecting you and make a decision to change the belief.

We wish you good luck and stay safe.

 

No one will care about your money as much as you do.

In Wealth Management, it is important to Pay yourself first. Beware of scams. Before you invest in any company or popular investment opportunity, be sure to do your own due diligence. If you wish to learn more about investment, I hope to nurture genuine relationships with all of my readers. Please feel free to contact me on my Instagram (@chengkokoh) or Facebook Page or my Telegram Channel! Or subscribe to our newsletter now!