5 beliefs about dangerous money that hinder your wealth

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5 beliefs about dangerous money that hinder your wealth

From Mission To The Moon's Youtube channel.

Often we try to manage money, either to make money or to set goals, but the financial situation does not improve. The reason may not be the numbers or the methods, but the "deep belief in the heart" that unknowingly hinders us. Because faith determines our thoughts, thoughts, actions, and actions determine our outcomes in life. If we can change our beliefs, our financial outcomes will change accordingly.

1. The belief that "debt is part of life"

Many people believe that debt is normal, everyone has it, or think that without debt, life will not advance. This belief is very dangerous because it will make us accept debt and create more and more new debt without trying to release it.

I have to change the idea that debt is not necessary and not normal, it's like driving too fast, even when you see a lot of people doing it, but it's not right or safe.

How to fix:

- Establish the Iron Rule. "Absolutely no new debt."

- Temporary abstaining from credit cards or cutting off unnecessary credit cards, leaving only one for emergencies.

- Without the money to buy, I think it's not time to buy.

- Start systematically retiring debt by choosing a high-interest debt first or closing a small debt to build encouragement.

- Every time you get a bonus or extra money, share it immediately.

- Earn supplementary income to discharge the debt.

2. The belief that "little money has no effect. Little by little savings are not worth it."

Some people overlook a small amount of money, such as 100-200 baht, thinking that saving is not rich, or waiting for a lot of money to be collected. In fact, "consistency is worth more than money." It is like a drop of water that can slowly erode a rock into a large river. Continuing to save a small amount of money will discipline and accumulate a large sum in the long run.

How to fix:

- Open a separate account and set to deduct money into the account automatically.

- Use the 24-hour rule. If you want something, wait a day and then decide again to reduce unnecessary spending.

- Change the balance to savings. When the debt is repaid, bring that amount into savings immediately.

3. The belief that "wait for richer and start running money"

The idea that "this salary can collect anything" or wait for the salary to rise before planning is a mental trap, because if the hundreds or thousands are not managed, even if the tens of thousands are not managed as well, the important thing is not the amount, but the "skills to manage money."

How to fix:

- Start with savings of 3-5% of salary.

- Use the app to pay for it.

- Target 1 "Extravagant Expenditure" per month

- Divide the money into accounts.

4. The belief that "others look better than us. We are bad alone."

Seeing other people's success in Social Media, such as going abroad, buying a new home, or driving a luxury car, often makes us compare and feel like we have failed. In fact, we may only see his "bright side" without knowing that his background may be carrying a huge debt or that what he sees may not really be his.

How to fix:

- Instead, compare to yourself yesterday.

- Write down small achievements in a book.

- Inspired by someone who started out similar to us.

5. The belief that "I'm not good at money. It's not my aptitude."

This belief that money management requires talent or is only good at numbers is the most dangerous idea because it is an insult to ourselves and believes that we cannot change it. In fact, finance is "skill," not "talent," or passing on knowledge through DNA, but something that can be learned. Even global investors like Warren Buffett or financial experts are starting from scratch and have gone wrong before.

How to fix:

- Start learning the basics, like reading an article or watching a financial clip a week.

- Let's start planning the finances yourself.

- Forgive yourself for making mistakes.