5 Ways to Stop Being a Spender and Become a Wealth Builder
You must first understand that you have been trained to spend. You have been trained to give your money away as quickly as you can, and that is why you have very little savings and frequently have very little left at the end of the month.
1. Start By Understanding That You Are A Spender
A spender gets money and becomes excited around what he or she may spend it on. A wealth builder gets money and becomes excited about what he or she may invest it into. You need to stop making excuses for your lack of wealth, and work towards building enough work so that you need never work again because you can live off your investments.
2. You Are Full Of Excuses
Life seems to hold many strange paradoxes when it comes to self-deception. For example, have you ever heard anybody say, “I’m a great liar I am,” or something as inane and dumb as that? They are contradicting themselves in every sense of the word. Truly great liars would say something such as, “Nah, I’m not a good liar, I get embarrassed and it shows.” A great liar may even tell a few small lies now and again and follow it with a bunch of easily observable tells so as to prime the and train the victim with a bunch of fake lie signals so the victim doesn’t suspect when a real lie is told.
People that have been trained to be spenders and people that are the best at giving away their money (by spending it) are often the best at deceiving themselves when it comes to money. They are usually the best at deceiving themselves when it comes to the “reasons” they are not wealthy. Here are some of the most common self-deceptions about why people are not wealthy:
- I don’t make enough money
- I am terrible at saving
- I never have enough money for a budget
- Stuff is too expensive for me to build wealth
- I’m not lucky enough to be wealthy
- I don’t have enough cash to start saving
- I have too many people depending on me to start building wealth
- My bills are all so high that I have nothing left at the end of the month
- Something always crops up whenever I save money
- Rich people are given their wealth
These are all self-deceptions because none of them are barriers to building wealth, but many people genuinely believe that these (and more) are the reasons they are not wealthy. There are some people that are given money at birth and never need to work, but if these people are not trained on how to keep their money, their money will be gone by the second or third generation.
3. You Are Being Sold To
Another common self-deception is that marketing doesn’t work on you.
Just because you do not run out and buy whatever you see on an advert doesn’t mean you are not being sold to. As a human, you can exist reasonably comfortably on very little money.
People that are in debt and/or are spenders will often still have a car, a mobile phone on contract, an expensive mobile device, clothing with big-brand labels, classes, subscriptions, inefficient device at home, and a tendency to put on the heating/air conditioning at the least indication of discomfort.
Strip back the things you don’t need (even if you think you need them) and you can exist on very little money. It doesn’t even involve a tremendous deal of cutting back. For example, you can still buy good food, but it is food you have to cook yourself. You can buy un-grated blocks of cheese and grate it yourself, you can buy UHC milk instead of stuff that goes off within a few days. You can bulk buy toilet paper instead of buying it every week. You don’t even need the fanciest shavers in order to look good.
4. Invest Your Money Instead Of Spending It
Even if you put your money into an interest-generating savings account, it is better than spending it. If you are in debt and frequently have little money at the end of the month and/or few savings, you need to wind back your spending and you should start at home with the things you think you need (because you have been sold to) but that you can actually live without.
If you get money in your account, some people say to think of your account like a bucket with holes in and you have to fill it with water before it all drains away. This is an okay, but mostly unhelpful metaphor. A better one is to imagine that when you have money in your account, that there are hundreds and thousands of hands trying to grab at it, and by investing it you get to lock it away from them and from yourself so that you keep your money and grow it at the same time.
5. Money Is The Least Valuable Commodity
A glass of juice has more value than the money you bought it with. The only time such things have less value is when they are wasted and when you pay too much for them. If you do not buy excessively expensive items for the sake of a label or for the sake of your public image, then your money is technically the least valuable thing you own, but you can change that by investing.
When you invest your money, the investment itself is of value. It is of more value than the Smartphone you bought that will be out of date and useless within 3 years, and it is of more value than the clothes you wore once and gave away.
Simply having money in your account is pointless. It has very little value. Invest your money into something and you money suddenly has value. You can invest in stocks, bonds, savings accounts, a house, a business, commodities, and currencies. Doing this gives your money value and puts you on the path to growing your wealth whilst it wears down your impulse/compulsion/habit/training that leads you to spend.