5 Things Keeping You From Wealth and Success | Jack Canfield

Hi, I'm Jack Canfield, and today I'd like to talk to you about five big obstacles that are keeping you from experiencing the wealth and the success that you deserve. Everybody wants to enjoy a certain level of wealth and success in life, but so few of us actually manage to create the life of ease and abundance that we long for. So why is that? Well, one big reason is because we don't cultivate a healthy relationship with money. We develop beliefs, attitudes and habits about money in our youth that hold us back from being able to generate wealth and enjoy the financial freedom we desire when we become adults. But the good news is, once you're able to identify these money roadblocks in your own habits and behaviors, you will be able to overcome them once and for all and finally be able to make more than enough money to create the life of your dreams. Now, the first roadblock to wealth building is any self limiting beliefs you might have about money. Perhaps as a child you were encouraged to believe ideas like there's never enough money to go around, money doesn't grow on trees, wanting a lot of money is selfish, or even money is the root of all evil. Now these childhood beliefs can hinder your adult financial success. If you think the money is evil and that wanting a lot of money is selfish, you will be far more likely to avoid opportunities to make more money. And if you think there's never enough money to go around, you'll be more likely to throw your money away on frivolous purchases. Because who knows when you'll ever get another chance to do that again or buy that again. So if you want to achieve financial freedom, the first thing you need to do is some mindset work to change the way you think about money. Now here's a simple process to help you do this. First, write down your limiting belief or beliefs in your journal or notebook. For example, your limiting belief might be true, artists don't care about money or I don't deserve to be wealthy. So be honest with yourself and identify exactly what beliefs you have and how they make you feel. And once you've written down your negative belief, write down all of the reasons why it's not actually true. For example, many artists have achieved great wealth in their lifetime. Think of Picasso and David Hockney and singer songwriters like Leonard Cohen, Paul McCartney and Kendrick Lamar, and the belief people are willing to pay good money for art they love. I know I've spent $20,000 on one piece of art and others have paid millions. Now there's a new belief you can have I am a good person who devotes so much of my time to helping others and I deliver a lot of value and I'm always ready to do whatever it takes to get the job done well, and then repeat these new beliefs as Use affirmations to yourself several times a day to shift your consciousness around money. You can also print them out and post them on your bathroom mirror, your refrigerator, next to your computer, anywhere where you're going to see them on a regular basis. And finally, write a positive turnaround statement that is the opposite of your original belief and is based on the reasoning you used in step two. For example, instead of saying true artists don't care about money, say I am a true artist, my art is valuable and I deserve to be paid good money for it. Or instead of saying I don't deserve to be wealthy, you can say, I am a good person who works hard, I care about others and I deserve all the money I desire. Then repeat this new belief to yourself several times a day for at least 30 days. This is a powerful way to create a much more positive and powerful money mindset. The second big roadblock that holds people back from making more money is is relying on a single limited source of income. For example, if you have a job or a career that doesn't pay much and offers little opportunity for growth, and that's your only source of income, you're going to find it a lot more challenging to accumulate wealth. So you should either get the training you need to be compensated for a higher paying job, or develop what we call multiple streams of income to generate more wealth. For example, let's say you're a high school teacher. You're going to find it very challenging to become a millionaire or a multimillionaire if you rely on your teacher's salary as your only source of money. That's not to say you can't become a millionaire. You could choose to run a lucrative side business in the summer, or invest in rental properties, or learn how to manage and invest your money extremely effectively. You could also join a network marketing company and supplement your income through direct selling and rolling people in your downline in the evenings and on the weekends. There are any numbers of ways you can grow wealth, and if you want financial freedom, you should explore every option and develop a number of different income streams that allow you to accumulate the wealth you desire. Now, the third roadblock to wealth is financial illiteracy. By that I mean you simply don't know what it takes to make, manage and grow your money. And this is Essential information if you want to be wealthy. If you want to be a baker, you have to learn how to bake bread and pastries. You have to know exactly what to do with the flour, the salt, the yeast, and so on. And if you want to be wealthier, you have to learn how to make, manage and grow money. You have to know what to do with your paychecks, your bills, your savings account, your investments, and so on. Now, one of the cornerstones of financial literacy is knowing how to develop and stick to a budget. Budgeting allows you to track your money, where it comes from, where it goes, and how much you spend on all of your monthly expenses. This is super important because it makes it easy for you to identify areas where you're spending too much so you can stop overspending and invest that money in your future instead. You know, most people have no idea where their money goes. They don't know what their net wealth worth is. They don't know how much money they need to retire. So make sure you become literate about financial things. I also want you to make sure you set weekly, monthly, and yearly financial goals for yourself in terms of how much you want to earn, spend and save. And when you have clear goals, you are way more likely to plan for them and achieve them. Also, teach yourself the power of compound interest. If you make a loan or deposit, compound interest is the money added to the original principal sum of your investment. And rather than taking out your interest and spending it, you can simply let it be reinvested into the account to earn even more. Interest is the overall invested amount becomes larger and larger, gaining more and more interest. Now, the fourth roadblock to wealth is debt. Most of us in America and in many other developed countries around the world are carrying way too much debt. And the interest we pay on that debt, not to mention the pressure of all that money needing to be paid back, robs us of our ability to generate lasting wealth. So if you want to be wealthy, your first priority should be to clear up your debt and stop paying all that unnecessary money and interest to banks and credit card companies. You also need to learn the difference between good debt and bad debt. Good debt is debt that is taken on to improve your future in some significant way. For example, buying a property that is sure to grow in value over time. Bad debt, on the other hand, is debt that doesn't advance your future in any way, but only costs you money. For example, overexpending on your credit card or buying a brand new car you can't afford. And then having to make high monthly payments on it for years and years to come. Now, finally, the fifth roadblock I see holding people back from generating more wealth is discomfort over asking for money advice. Most of us are afraid to ask others for advice around money. We feel like it's something we're supposed to know and we're embarrassed to admit that we don't. And so we never reach out and ask for the help we truly need. But you really need to get this it's okay to ask for help. There are people all around you who will be more than happy to give you the advice and counsel you need to manage your money more effectively. Any financial advisor at your bank would be more than happy to meet with you, review your financial situation, and give you some free advice on how to grow your wealth. Or if you know any wealthy people at work or socially, you can take them out for lunch and ask them to give you some tips on managing your money. Again, most people will be more than happy to help, and rather than looking down at you, they'll be impressed by the initiative that you're showing. Ultimately, the ability to accumulate wealth is in your hands. Anyone can make money no matter where they are in life, but it takes a positive money mindset, the willingness and commitment to learning what you need to know, and then the action on your part to make it happen. Are you ready to get started on your journey to greater wealth? Well, let's talk about it. I'd like to hear your thoughts after watching this video. What limiting beliefs and behaviors around money do you think are holding you back from becoming wealthy? So if you feel like going deeper with this topic, please leave a comment below with your answer. I'd love to read what you have to say, so thank you for watching. And remember, nothing in your life 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 things that are keeping you from wealth and success, please visit my website at jackcampfield. Com. Thanks again for watching.