It’s easy to think that if we earned just a bit more money, we’d be able to get ahead; that a few hundred dollars more a month will do the trick, or that a six-figure income is what really makes becoming wealthy possible. But contrary to popular opinion, that’s simply not true.
But will it really, though? Is it a numbers issue, or is there something else going on? I’ve found that more times than not, the problem is not household income, not by a long shot.
There’s something deeper than the direct deposits that will offer you the chance to progress financially. More important than the amount you earn is the way you handle what you have right now.
That is to say, your behaviors matter more than your income.
Again, some of you may be shaking your head at me, which I understand. It seems only logical that the solution is to bring home more money. But let’s think things through a bit…
Did you know that lottery winners have a disproportionately high rate of bankruptcy compared to the rest of the population? A study on lottery winners found that those in financial trouble who hit the jackpot are twice as likely as the general population to declare bankruptcy in five years.
How can that be? If a person brings home $100,000 in lottery winnings, how is it that these people end up falling into bankruptcy anyway, and more frequently?
The answer is that though there was a big pile of money in the household suddenly, the heart of the winner was still the same; nothing about these people’s behaviors or attitudes changed, and they only got more of what they had before.
Lottery winners are not the only demographic that illustrate this principle. Did you also know that nearly 1 in 6 NFL players declare bankruptcy after retiring? 1 in 6!
Why, with the millions and millions of dollars these players earn, would their bankruptcy rate be that high?
The answer is, once again, that though there is all this money in the household, the attitudes and behaviors had not changed. Financial ruin becomes all the more likely when more money is involved if the person does not handle it well.
Money is a powerful thing. It can empower someone to do amazing things for his or her community and family, but it can also wreak havoc on a person’s future if they do not have proper control over themselves.
It’s a strange thing, that the amount of money we have or earn isn’t the main issue; it’s how we handle it, our behaviors with the things we do have, that matters. A person with good habits, such as following the Baby Steps, with a $50,000 household income has a rather high likelihood of retiring wealthy and may have a higher chance than those very high earners.
Money won’t fix your financial problems. A change of heart and habit will. Are you ready to change?
If you want something better, let’s talk about it. I am dedicated to helping you achieve a brighter future.
Contact me here to get started on the road to prosperity and generosity, to relieve your anxiety about money and get on a plan that millions of people have used to fundamentally transform their futures.