Mindset in Wealth Creation (1) …poverty by choice and ignorance

“Financial challenges are not just the challenge of the poor, the rich also experience them.“ – Kingsley Adjenku-Hayford

 

The mind plays an important role in achieving financial success and goals in life. With minor, day-to-day goals, you know what you want to achieve; but when it comes to major financial goals like a dream-house, good education for your children, starting a business, retirement, leaving an inheritance for the next generation etc., it is different. You might have a vague idea, but this is not enough.

Your mind is like a computer that can be programmed. You can choose whether the software installed is productive or unproductive. Your inner dialogue is the software that programmes your attitude and mind, which determine how you present yourself to the world around you. You have control over the programming. Whatever you put into it is reflected in what comes out. Therefore, if you put in the wrong financial decisions your financial security will be threatened and you can never avoid poverty.

Poverty presents itself to people in different ways. Firstly, a person can be poor by virtue of the family he or she was born into. Secondly, a person can also be poor by the kind of friends he or she relates to. Thirdly, a person can also be poor by virtue his or her location (i.e. the country, continent, community, city, village, workplace or the kind of company you work for etc.). Finally, a person can be poor by the kind of education the person receives, which normally feeds into the person’s mindset.

Therefore, the mind is the battleground for success or failure when it comes to achieving your financial goals or creating wealth. However, depending on the mindset one puts up, it will determine whether you can achieve the financial goals you set in life. If you receive negative information from your environment such school, home, country, community etc., there is a strong probability that it will influence your decisions – and this takes place in the mind.

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Many of us were born into poor homes, and till date we keep giving this as an excuse r for our failure. Some have concluded “I have failed because of where I was born”, or “the parents who gave birth to me”. This may be true to a large extent, but some have also used the situation to challenge themselves – and today when call the middle-class they can be counted.

This is the battle of the mind. Until the mind decides to address it, no matter the opportunities that come our way, we will be far from financial success. Therefore our mindset and our attitude will continue to determine our success or failure in life. Doubts, fears, and worries tend to destroy what you build with the power of your mind. This means that you need to clear your mind of negative thoughts and doubts.

Poverty by Choice: How Choice Can Affect Your Mind-set and Wealth Creation Ability in Life

Being poor can be by choice. There are three types of poor people, namely:

  1. People who actively chose to be poor.

These people are those who chose not to live a competitive lifestyle, and therefore they chose to be poor as a lifestyle choice. There are others who live their lives quietly and they are interested meeting their personal basic needs and not others. They are comfortable with little things.

  1. People who inactively chose to be poor.

These people are the ones that played the lottery every week, followed celebrity gossip, and rambled on about how they were going to have big money someday – but just kept going to work in the same old factory doing the same old thing. They basically refuse to make choices that would raise them up from poverty for whatever reason. It is people from this group who you often see winning the lottery – then blowing it all in a few months.

  1. People who choose to get out.
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These are people who do whatever it takes to go to college, get an education, and find work. What I often notice is that these people manage to make the step to the upper-middle class, and their children will normally be amazing in life as these people instilled some serious values in their kids and also gave them appropriate support.

Poverty by Ignorance: How Ignorance Can Affect Your Mind-set and Your Wealth Creation Ability in Life

Those who have little culture, little knowledge, little learning, little education, little training. This is usually more serious than other forms of poverty.

Individually, the absence of learning is a source of suffering for the poor. They suffer because they do not know how to break out of their situation and improve their lot in life.

Similarly, poor countries are countries where people are undereducated. There is a lack of schools and universities. This poverty is serious because it leads to other forms of poverty.

Having no competence or no knowledge mutilates one’s intelligence and one’s being. One is little able to produce useful things for others and for oneself. This always leads to the poverty of the disadvantaged.

……………………………..TO BE CONTINUED NEXT WEEK 9th  SEPTEMBER 2019

 

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Disclaimer:

Statements and opinions expressed in the articles or review herein are those of Aanstreet Finance. While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. Aanstreet Finance will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within this article or review.

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