Sustainable Money and the Money Conscious Mind
- Post Written by Jai Kai on June 5, 2010
photo courtesy of Steve Wampler
Note: if anything make sure you read the 5 characteristics to having a money conscious mind.
Do you really know how to attract wealth and prosperity into your experience? Does money flow into your life easily and frequently? If it does, are you consciously aware of how you are creating your wealth?
The first step in creating a money conscious mind is to become aware and define your beliefs about money. For example, you may believe that you have to work hard to make money. Perhaps money makes you feel secure, and if you do not have enough money, something bad will happen to you.
Maybe you have a certain amount of pain and fear surrounding your experience with money. Write these down and really define your relationship with money. If these beliefs and thoughts don’t serve you, then replace them with new thoughts and beliefs. Create positive affirmations about money.
Your idea about money may reflect the capacity to fulfill your fantasies, allay your fears, soothe your pain and send you soaring to new heights. Are someone who satisfies most of your needs, wants and desires through money?
The 5 characteristics to having a money conscious mind are…
- feeling and having enough time and the financial resources to focus on those truly important things – family, friends, community, volunteering, hobbies, and your dreams & desires.
- simplifying – buying only the things you really need or the things you really want with the intention of using them and enjoying them. Pass on, give away or sell things you don’t use or need anymore.
- being frugal – enjoying things in life that really make you feel good without over spending. Being consciously aware of what you are buying and how much it costs. You can still do a lot of fun things for free.
- putting your own personal financial life in line with your own personal needs, goals and dreams. It is about taking responsibility for what you earn, how you earn it, how you spend it and how you save it.
- being financially independent and financially savvy – Become knowledgeable and sophisticated about long-term income-producing investments. Find out about tax reduction and asset protection strategies. Invest your capital in such a way as to provide an absolutely safe income, sufficient to meet your basic needs for the rest of your life.
Sustainable Money
Being money conscious requires discipline, clarity and order. It is common when the paycheck comes to pay your rent, your mortgage, your credit cards, your car loan, and your utility bills. With what is left, you go out and buy the things that you think you want.
To value yourself is to pay yourself first. A recommended system is to pay yourself 10 – 20 % of your earnings before you even start paying others. My favorite money conscious strategy is to use the balanced money formula.
“Pay yourself first” is an idea that may run against your conventional grain because you come up against the fear that there will be nothing left to pay your debts if you pay yourselves first. However, in this expansive universe, as you give to yourselves, it gives you even more back. You will always find away to pay for your debts – even if it means cutting back on unnecessary wants.
Vicki Robin, author of “Your Money or Your life” came up with the concept of establishing a money value for your life energy. Therefore each time you spend money on a purchase, you can evaluate how much of your life energy is being exchanged for the purchase.
Successful people are smart about the way they handle money. They educate themselves on how to maximize returns on their money and they also learn how to handle it with discipline.
For more tips and strategies on how be money conscious and take control of your personal finances visit the get rich slowly blog.
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Very timely post Jai.
I always wondered what it would be like to have financial freedom – and I am now working towards that as a major life goal:-)