Jack Canfield identifies three blocks to wealth: limiting beliefs about money like "money is the root of all evil," overspending instead of saving, and not paying yourself first. He recommends automating 10% of earnings into investments and replacing negative money thoughts with affirmations.
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Hi there, I'm Jack Canfield, and today I want to talk to you about how becoming wealthy has a lot to do with your mind. Many people try to find a big break or the secret to making them rich. Well, here are three reasons why you may never become wealthy. Like everything I've said about transforming your life, financial success also starts in your mind. So first, you'll never become wealthy if you don't surface, identify, root out and replace any negative or limiting beliefs that you have about money. Things like money doesn't grow on trees. You have to have money to make money. Money is the root of all evil. Money can't buy happiness. Money is not spiritual. All these beliefs are subconsciously putting out the wrong vibrations and they conflict with your conscious intentions of becoming wealthy. Tackle these beliefs and turn them into positive turnaround statements like when it comes to me, money is the root of love, joy and good works. And remember to include money into your daily visualizations and affirmations. Visualize all your financial goals as already accomplished. See your desired paychecks, rent checks, bank statements, stock reports and real estate portfolios and feel the feelings you think you'd feel when each of these had already become a reality. The second reason you'll never become wealthy is you're not spending less. Spending too much keeps you in debt, prevents you from saving, and focuses you on consumption. Go through every closet, drawer and cabinet in your house and take out everything you haven't used. In the past year. I've encountered people who found expensive clothes with the tag still attached to unboxed housewares and expensive equipment literally used only once, often many years ago. Then what I want you to do is add up the cost of all these items and I bet you'll probably find that the total is more than your current credit card debt. Now, to get yourself to spend less, I'm going to suggest this. Except for things like your car or your home, pay cash for everything. It's immediate and it makes you think about what you're buying. Since it's tangible and visible, you'll really consider every purchase much more carefully. Also, try living the lifestyle you want, but paying a whole lot less for it. Buy things on sale. Ask for deals. Research the lowest price on the Internet. You can buy designer clothes at vintage shops and things like that. I know many people who do this to maintain an aggressive saving and investment program. All the money they save, you can invest. Lastly, before you pay off your debts and before you pay for the lifestyle you want, you'll never become wealthy if you don't pay yourself first There's a book that was written in 1926 by money lender George Glasson called the Richest man in Babylon, which said the first principle of creating wealth is a part of all you earn must be yours to keep. He explains that by first putting aside at least 10% of all your earnings and making that money inaccessible for expenses, you'll see this amount build over time and in turn start earning money on its own. Now, the world's most aggressive savers make investing money as important as paying down their debt. And you can get in the habit of saving some money every month by immediately putting a predetermined percentage of your paycheck in a a savings account. And don't allow yourself to touch it. Then you keep putting into that account until you saved enough to move it into a mutual fund or a bond account, or go ahead and invest it in something like real estate, or even in a business. Now pay yourself first, and then live on what's left. Trust me, this will force you to find ways to earn more money to afford things you want to buy or do. And so I want to leave you with a little homework. If you're doing some of the things I've listed that are hindering you from creating wealth, work on creating a new money habit with one of my suggestions and to help hold you more accountable. Comment below on what you're planning to do and I'll follow up with you to keep you on track. Thank you for watching, and remember, nothing will change for the better until you do. Now, if you found this video helpful, make sure you like it, share it with a friend who may need it, and subscribe to my channel. For more videos like this one, and for some additional resources on creating more wealth in your life, visit my website@jackcampfield.com.
