To really understand money, and to make it your servant, you need to change the money code.
Money should be your obedient, diligent servant, not your master. Money must work for you, rather than you working for money. What you need to do is to change the polarity of how you relate to money.
You can do it by mastering the following money codes:
1. Don’t get paid by the hour.
An employee will never get paid what they are worth. It’s impossible for you to liberate your finances as an employee. Addition- ally, it’s almost unheard of to be promoted more than three times in the same company. Get paid based on the value you bring to the hour.
2. Control where your paychecks come from.
In life, you are either developing and enjoying a career of choice or working in a job of necessity, doing whatever it takes just to survive. You are truly unique. Be in the business of you being you. Take ownership. Learn to be the CEO of your life and income. Generate paychecks from sources you control, versus just getting paid a wage or salary from a job.
3. Adapt the coin philosophy.
The coin philosophy consists of keeping notes only and discarding all coins. This means that I refuse to pocket small change of whatever denomination. Collecting change from any transaction, be it a restaurant, retailer or supermarket will only energize emotions of scarcity in later life. If you remove yourself from collecting the small change and focusing on the larger notes, you will integrate a higher consciousness of prosperity. Put back the small change into circulation, put it back in the universe, lubricate the economy and do not accept it.
4. Develop monetary abundance.
I personally carry a minimum of $1,000 dollars in a money clip at all times. The denomination effect of carrying ten $100 bills is the cognitive bias relating to currency, whereby people are less likely to spend larger bills than their equivalent value in smaller bills. If you want to save money, then carry around more $100 bills. In fact, the newer the cash in visual appearance, the better. Dirty looking bills are also spent faster than newer bills. We need to come from a space of abundance. Often you see adults with only $5 or $20 in their wallets or purses, which really resonates scarcity. At all times we must feel abundant and exuberant in order to transcend our life to the highest order.
5. Pay yourself first.
By utilizing this principle, and being disciplined about it, you can become the master of money. There are a couple of ways you can ensure that you develop the fiscal discipline—in fact, one particular method I used with great success as a teenager consisted of mailing an invoice to myself every week as a constant reminder.
By paying yourself first, you build a liquid “war chest” that can be accessed to take advantage of opportunities. Paying yourself promotes healthy financial habits and becomes a powerful motivator.
6. Master the 5 Second Rule With 5 Day Weekend Lifestyle
The 5 Second Rule is the accountability discipline of eliminating impulse buys, by asking yourself a simple question at any time of product purchase. In those five seconds, seriously consider whether or not you should actually spend the money. It’s logical and something that can be incorporated in one’s life now. Most people just continue to spend indiscriminately and never ponder the consequences. The point of purchase is the point of no return. Use the 5 Second Rule to define each item and whether you really need it or not.
7. Carry your debit card, leave your credit card at home.
A logical approach to ensure you only spend what you have in the debit account. It maintains astute money management lessons. When you spend with your debit card, you feel it more. You activate the pain centers of the brain compared to using a credit card. When you have eliminated the majority of bad debt and fully grasped the 5 Second Rule, you can upgrade your card selection to include credit cards.
With these foundational elements in place, you’re prepared to start increasing your income.
And we’ll begin to speak about that in my next post.
In the meantime, I’d love to hear your thoughts on these money codes: do you follow them? Which ones? All of them? Or just one or two? Thank you for sharing.
Secure your copy of the “5 Day Weekend” book. 5 Day Weekend: Freedom to Make Your Life and Work Rich with Purpose [Nik Halik & Garrett Gunderson]
Leave a Comment