Your money is controlled by your subconscious. How you care about your brain affects how you manage your finances. We are selling ourselves short if we aren't familiar with basic financial terms – and how the brain responds to them.
The seven rules of how the brain perceives money are discussed in this essay. Each principle includes a mind exercise that is designed to get us thinking about the brain/money relationship.
Let’s get started!
1. THE BRAIN NEEDS SOME GRATITUDE PRACTICE!
The brain is hardwired for instant gratification. Immediate pleasure is the enemy of earning profits and accumulating capital.
When you know that 80 percent of mankind exists on less than $10 a day, appreciating what you have, such as food in the cupboards, a roof above your head, and clothes on your back, becomes even more powerful.
Half of the world's population survives on less than $2.50 a day.
Gratitude helps us know that we still have much of what we really require and want. As a result, we're less likely to buy the next item that catches our attention. “A penny saved is a penny earned,” as Mr. Benjamin Franklin once said.
Spend five minutes each morning writing down two or three items for which you are grateful. Toss the sheet into your bag, wallet, or purse until tearing it out. Open it up if you're worried about money and read what you wrote.
2. YOU’RE IN CONTROL
About the fact that our brain is still very primitive, this lump of gray matter takes its cues from you. As a result, it's important to spend some time assessing your wealth-generating capabilities and weaknesses.
What are your habits, habits, and beliefs that could get in the way of your attempts to earn more money? Are you a person who buys things on the spur of the moment? Will you say no to a fair bargain? Do you make saving a priority?
Bring a small, pocket-sized notebook with you for one week.
Whenever you buy something, write down the name of the item and whether it was a “need” or a “want.”
When the week is done, sit down and look over everything you bought during the week. What are your thoughts? Are you still pleased with your purchases? What improvements do you want to make in the future?
3. MONEY DOESN’T INSPIRE YOUR BRAIN
What are the most basic requirements?
Meat, sex, shelter, and water are the four basic needs of humans. That are the main drivers.
Money, on the other hand, is a secondary motivator that can be made more or less effective based on how it is used.
Striking for a slew of secondary prizes – the big home, good car, fancy desk, and so on – will lead to "motivation fatigue," which can result in perceptual "downshifting." As a result, we become more reliant on investing more to make ourselves happy – a strategy that never succeeds.
Consider all of the big acquisitions you've made in the last year or two. Allow yourself 10-15 minutes to remember as many as possible. Once you've made a list of everything, ask yourself these questions:
– Do these concerns align with my objectives and values?
– If given a second chance, will I buy these items again?
– Consider how your answers could affect your buying decisions in the future.
4. MONEY MUST MEAN SOMETHING
Cash, as previously said, is not a driving factor for the brain. Contextualizing motives – such as financial stability, wealth control, money principles, peace of mind, and so on – will help the brain solidify the abstract connection between money and desires.
Your brain prioritizes what you do and think on a regular basis. As a result, personalizing money by agreeing on its intent and developing routines that support that goal will help the brain meet the need for intellectual content.
Fill in the blanks with the answers to the following questions:
– What motivates you to try to make more money?
– Are your financial habits in line with this goal?
– What adjustments should you make to (a) leverage your present profits and (b) lay the groundwork for future earnings?
5. YOUR BRAIN MAY NEED A REBOOT
You have conscious and implicit views on finance, such as how how one makes money, how one spends money, how rich people "behave," and how much is "enough," to name a few topics.
Our financial views are shaped by our overt and indirect financial interactions.
Do you believe that all rich people are avaricious? When you see someone who is “successful,” how do you respond – positive, bad, or neutral? Did your parents instill in you a sense of financial responsibility? What does the term "money" conjure up for you?
Pick up a copy of Thomas J. Stanley and William D. Danko's The Millionaire Next Door. Stanley and Danko are also professors who talk about some of the most critical (and even counterintuitive) practices of millionaires: schooling, hard work, consistency, and living simply.
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