When we’re confronted with the opportunity to spend money spontaneously (hello, David Jones sale) one of two things normally happens:
We act without thought and impulsively spend the cash to satiate our emotional yearning or we take the point of view that we deserve the item, telling ourselves that we’re buying it as an act of self-love.
And it’s costing us a bomb. Impulse spending has contributed to Australians with an all-time high credit card debt. Recent statistics from Finder.com.au found we’re $32 billion in credit card debt alone – that’s not counting the $100 you owe your mum.
So how do we control the impulse spend?
According to wealth mentor Curry Glassell, we must value ourselves enough to say ‘no’.
“When you fall in love with an item, as we all do from time to time, you need to stop and make a decision that aligns with your best interests.”
Following her simple formula will help you fight impulsive urges and become more conscious when it comes to making a call that is right for you (and your bank account).
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When people travel, they generally look for things like: warm weather, nice views and a big shopping mall. When I travel, I do things a bit differently. I go to places that match the energy of what I would like to have, do and be in life. What if you were to get the feel of what you would like to create in your life and found destinations that matched that? For example, I enjoy being around riches and so that is one of the reasons I choose to be in Houston so much of the time. It has a wonderful, generative feel to it and it is a very easy place for me to be. Houston is one of the wealthiest cities in the world, it has a low employment rate and it is very entrepreneur centred. This matches the energy of what I would like to create.
For many people trying to create greater wealth, a lottery win would be a dream come true. There is a common point of view that if you are given a large sum of money, you will continue to generate wealth forevermore. However, the sad truth is that 70% of lottery winners lose all their money within five years. Instead of using wealth to create more wealth, most people end up squandering their money and creating poverty.
I often say that it doesn’t matter whether you have been raised in prosperity or poverty – with a healthy approach to money, anybody can create wealth. As the lottery statistics show, an abundance of money is not the answer to wealth creation. Instead, I believe, prosperity comes when you have an abundance of:
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