If You Think Poor You’ll Be Poor

How you think about money has a huge influence on how much you make long term.

One of the best examples of money thinking became apparent when I was a bookkeeper years ago. Part of my job was to be responsible for payroll and delivering checks to the employees.

I quickly noticed there were two types of people who received money. I’ll call one group visionaries and the other group money-blind.

The visionaries almost didn’t care that Friday was payday. They may or may not have come by to pick up their checks on payday. Some of them let their checks sit for one or two weeks before they picked them up.

The money-blind group usually lingered outside my office door waiting for me to sign the paychecks. If the check delivery service was late, these people would panic. I’d hear stories of doom and gloom if they didn’t get paid that day.

They would sometimes confess worries that if the checks weren’t available today they’d never get paid. In their minds, Friday was the only day I could sign a check, if the day passed without me doing so, then that was it, their check was gone forever. Sometimes conspiracy theories would develop about how we managers may have planned this horrible day all along and they’d have to find another job.

I learned a lot from both groups during this time. They confirmed much of my philosophy about money and career mobility.

The visionary group always turned out ok. They concentrated more on working and long-term planning. They moved on to bigger and brighter things. Their non-concern with a paycheck meant they hadn’t blown it all over the previous weekend. They knew payday wasn’t a zero-sum game. If the checks weren’t there at 9am, they’d arrive before day end; and if not, they’d be there Saturday.

The money-blind group already had their checks spent before payday even arrived. Drinking, smoking and drugs would often take their pay by the Monday after payday. Their standard of living was lower, their debt load was extraordinary.

So what can we learn from these two groups?

1. Your attitude and vision brings you more money and a higher standard of living
2. Without a savings account and savings plan, you become a slave to money

Vision

If you find yourself in the worry category, now is the time to relax. There are laws in place to make sure you are paid. But also realize the person who signs your check is doing their job. You should give that person the same respect and leeway that you get in doing your job. It’s their job to do it and they will.

But more importantly, you want to have your future clear and decided by you – not dependent on a piece of paper that arrives every week or so. The only way to do that is through careful goal setting and planning as discussed on this site.

Financial

If you find yourself lacking money, now is the time to open a savings account. This is your mental money account and you should not touch it. On your next payday put 10% of your paycheck in that account. Each payday, before you do anything else with your check, put the same 10% into your savings account. Eventually, you will want to make it more, but 10% every payday from now on is a good start.

Remember; do not withdraw money from this account. It is for your future and your mental well-being. Think of this account as untouchable. You would only take money from it if the repo-man was at your door ready to take your car.

You will see as the money begins to grow in the account, paydays start to mean less and less to you. You become less concerned with payday and money ceases to have power over you.

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