Create Wealth By Thinking Differently About Your Money
WomenBloom | DivineCaroline
December 28, 2008
Wealth: abundance of valuable material possessions or resources. —Merriam-Webster Dictionary
While women can be very successful in creating abundance in other parts of our lives, most of us still have a long way to go when it comes to creating that particular abundance called wealth. Some of the reasons for this are external ones and thus harder for us to control. For example, although the wage-earning gulf between men and women has narrowed within the past thirty years, women still don’t earn as much as men. We lose earning traction when we move in and out of the workforce to have children and to take care of parents.
While these external factors undeniably get in the way of women creating wealth, other significant barriers are internal, based on our self-perception. Lois Frankel, author of Nice Girls Don’t Get Rich: 75 Avoidable Mistakes Women Make with Money, points out some of the unconscious psychological barriers that prevent women from becoming wealthy.
Frankel believes there are three main reasons we aren’t creating wealth as we could be: “(1) we don’t envision ourselves getting rich, (2) we are more concerned with playing our social roles in a way that others consider appropriate, and (3) we don’t develop the skills needed to make wise financial decisions.”
With this knowledge in mind, there are three things you can do to start breaking down barriers and start becoming rich.
1. Think rich!
If you’re not thinking rich, then you’re not engaging in behaviors that contribute to getting rich. Ever heard of the law of attraction? It states, “Whatever we think about, we bring about.” Which is why another maxim, “The rich get richer, while the poor get poorer” also rings true. The rich are focused on where to put their money to generate more wealth, while those of us who are not rich are often focused on our lack of money, instead of how to create wealth with what we have. Borrow a page from men in your thinking (who are, as a whole, a wealthier group than women): men tend be more bold with their money and choose to invest it, whereas women tend to think they don’t know enough about investing wisely, so they save money instead. Instead of looking at your money as something either to spend or to save, look at it as something to invest. This one change in attitude about money can help you overcome years of conditioning!