In This Episode
- How a $100 bill can be the seed for a prosperity mindset
- Ask and it is Given Book: Techniques for creating positive wealth psychology
- Why you might want to move up the wealth awareness ladder slowly
How to Develop a Wealth Mindset in Trading
If you're having trouble envisioning yourself as wealthy, then this episode is for you. Walter gives you his favorite book with exercises on how to feel and be more wealthy.
We also discuss a super useful exercise that anyone can do when they want to get to the next level of wealth consciousness.
Read the Transcript:
Hugh: Hi Walter, What are some ways that people can feel more wealthy? I know that a lot of people have this poverty mentality or feeling of lack in your life. What do you think of some ways that people can boost their wealth awareness?
Walter: So what I did, you know people say like, “Do visions and stuff like think and get really relaxed. Imagine yourself in the future” or whatever, there’s that. There’s like vision boards where you put things on like cut pictures out of magazines of whatever you want and you put it on a wall or paste it like “That is what I want”.
There’s some sorts of things but there’s actually a book that came out recommended to people. I’ll put it in the show notes. It is called “Ask and It Is Given”. It’s really cool because it has all of these techniques that you can use that can kind of help yourself with your mentality. If you feel like you’re saying if you feel poor or feel like things aren’t getting any better or something like that.
It’s really cool. I’ll give you one for example. In the book, there’s a lot of them. It actually talks in the book about levels of emotion. They’re saying like, if you are down here, fell under depression, you don’t just automatically switch on and become like you know ecstatic.
They have this scale of emotions and they say, “Look, all you really want to do is just move to the next one and once you are there, try to move on to the next one.” It’s like going up the ladder slowly. There’s no reason like if someone is depressed/suicidal you cannot say, “Oh, you have so much to live for. Go on over there”. They are going to say, “No. get away. Go!”
So that’s really cool just to see that but here’s one that’s cool. Let’s say, like you say, you feel like maybe money has been tough and it’s never going to get better. What you do is you get like a fifty-dollar bill or in Australia, it’s a hundred because everything is more expensive here.
You put it in your pocket or in your wallet or purse or whatever and what you do is when you walk around, you just save yourself. Like, you look, “Oh there’s some shoes right there”. Let’s say you are a lady, “Oh, I like those shoes. Kind of like the ones that I wear and I could wear those with my dress” or whatever.
And then you think to yourself “Well, I could buy that one right now” because you have that hundred dollar note in your purse or whatever. Or you’re walking by a restaurant with your wife and you think, “Oh, we could go there right now because I have that money.” Do you know what I mean?
What you are doing is you are trying to create this mentality of instead of thinking things inside your mind, “Oh, I cannot afford it. I can’t make it. I can’t do it” what you are saying is “I can! I can! I can!” You are becoming more positive relating to money and you really never spend that thing. You do not put an IOU in your pocket like that does not work. It’s got to be the real money and it is not a credit card. It is real money.
So you actually pull the money out of the ATM. I know no one wants to use real money anymore but you take that real money and you put it in your wallet and you just remind yourself. Every time you walk by the toy shop with your kids, “Oh, I could buy that toy for my kid” “I could buy that hat”. “I could buy those pants.” I could go right now to the grocery store and I could buy fifty dollars worth of ice cream. if I want to right now or whatever.
You just kind of like keep that. It is just a way of reminding yourself when you walk by on something and you see something and you think “Oh, I could do that right now.” “Oh, I could go joy ride right now with an Uber. I can go on an Uber joy ride because I have fifty bucks in my pocket.” So that is the idea, it’s that you do that.
Hugh: Hey there! I hope you find this episode useful. I just want to let you know that Walter and I give away something valuable every month that helps traders improve their skills. You can enter to win by simply leaving an iTunes review and leaving a comment on our YouTube videos.
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Hugh: It is funny that you mention that because I’ve used that actually quite a bit.
Walter: Really?
Hugh: I started that habit with a hundred dollar bill in my wallet and it really did help a lot. It also helps because if there’s some cash situation where somebody is going to pay with their card but you have to pay in cash or the place only takes cash. You’ll start to feel the confidence having that in your wallet. You didn’t have to run to an ATM or whatever. So I think it’s a super useful exercise.
Walter: Yeah and you’ll get to the point where you’ll just always know that it is there. It is a very comforting thing to know that “Yeah, I can afford it” because you can. It is right there in your pocket and that can go a long way. Just doing that and just keeping that in mind. You’ll just be at a different emotional state all day because you know that. In the beginning you might forget that you have it but you just have to remind yourself then after that, a couple of weeks it is like boom! You’ll always remember.
Hugh: Totally, I think it really is a good step from that, maybe from that lower level to the second level or maybe like a mid-level in terms of psychology about money.
Walter: Yes, absolutely. That is great.
Hugh: Cool. Thanks, Walter.
Walter: Thank you.
Hugh: All the information in this podcast is for educational and informational purposes only and is not trading or investment advice.
SHOW NOTES:
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