Limited access to resources and opportunities, personal circumstances, and the current state of the economy leads people to think that money is not available for them.
“Money is the root of all evil,” “Money doesn’t grow on trees,” “I can’t afford it,” “I must work harder to deserve it,” “I wasn’t born with a silver spoon in my mouth.” These are all disempowering phrases people tell themselves to justify their poor financial behaviors.
Becoming a money magnet requires a combination of mindset, actions, and habits. The problem is that many people have developed a scarcity mindset and are unaware of this fact. The scarcity mindset prevents them from building habits and taking action to change their financial thermostat. In this article, we determine if anyone can become a money magnet, regardless of the circumstances they were born in.
Your Financial Thermostat
The idea of a financial thermostat suggests that we have a set point for our income and financial success. We tend to return to this set point no matter what we do. This happens because our mindset, beliefs, and attitudes toward money typically determine our financial success.
People own an inner thermostat that adjusts their financial success. Just as a thermostat regulates the temperature in a room, our financial thermostat matches our beliefs regarding how much money we should make. The interesting aspect of the financial thermostat is that it operates unconsciously. When we earn more than our set point, we tend to self-sabotage and resort to negative attitudes that bring us back down to our set point. Similarly, when we earn less than our set point, we tend to take actions that bring us back up to our set point.
A series of factors, including our education, relationship with money, and beliefs toward money, determine our financial thermostat. For example, suppose you grew up in a family that struggled financially. In that case, you may have developed a belief that money is not available to you and that you have to work extremely hard to achieve it. This belief shapes your financial thermostat, explaining why self-sabotage creeps in.
While we are excited by the idea of earning more than we are used to, we ruin our chances of success when the moment happens. This happens because our internal beliefs about money don’t match our new financial reality. We’ll always be drawn to this attitude if our go-to behavior is overspending. On the other hand, if we have built the habit of saving, we’ll always try to match it and stick to our savings plan.
It’s worth understanding that your financial thermostat is not determined entirely by external factors such as your job, income, or other conditions.
Your internal beliefs, attitudes, and behaviors toward money largely determine your financial success. By committing to working to change them, you can skyrocket your chances of success and create a prosperous life.
The Unworthiness Issue
The unworthiness feeling can be deeply ingrained and is usually shaped by childhood experiences. For example, suppose a person grew up in a family where money was scarce. In that case, they may adopt these beliefs and feel they are not good enough for financial success. Similarly, suppose a person grew up in a family with a lot of hard work and sacrifice to make ends meet. In that case, they may feel guilty or inadequate for wanting to make more money.
Opportunities are everywhere around us, but we're not trained to spot them. Believing in possibilities is the inflection point in attracting them. We'll never make more if we think we don't deserve more money. As simple as that. It's worth going back to your childhood and exploring your unconscious beliefs about money. Did your parents frequently tell you that you're asking for too much? Chances are you've developed a conviction that asking for what you want is wrong.
Your current income represents your status quo, whereas your desired income represents what we think you're entitled to achieve. Most people's current and expected financial statuses are very similar. And that's because the most significant bridge to cross is only in our minds. It helps to identify your financial barriers and see where they stem from. Do you have limiting beliefs about money? It's worth detaching from them and understanding what abundance means to you. And most importantly, reflecting upon what it would take to feel abundant. How comfortable are you with the idea of being rich?
Abundance is an Ongoing Feeling
Abundance is a state of mind.
Perhaps one of today's biggest dreams is to win the lottery. Why? Because it requires minimal effort. All you need is hope and the simple action of buying a lottery ticket. The emotional and intellectual input is practically nonexistent. All you need to do is wait and hope for the best. And in case you don't earn anything, you can always try again next time.
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But more of a dream, waiting to win the lottery is a pipe dream. While it may convince you that you are pursuing riches, you can't put all your eggs in one basket. Opportunities are everywhere, but we're not trained to spot them. Thus, most of the time, we miss them. |
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Have you ever asked yourself why many people who win the lottery have a burning desire to spend most of the money?
Winning the lottery doesn't alter your fundamental financial habits and beliefs. Say you're used to overspending. In this case, winning the lottery won't magically fix this behavior. So much money may worsen the overspending behavior, as the sudden influx of cash can feel overwhelming. The winning lottery ticket didn't come with financial education, so they're left out in the cold with vast sums of money. People feel uncomfortable owning so much money and unconsciously do everything to eliminate it. They think this way because, deep down, they feel unworthy to receive cash and can’t enjoy it even when their accounts are full of money.
How to Become a Money Magnet
Below, we explore seven principles that will help you improve your relationship with money and become a money magnet.
- Increase Your Financial Thermostat
Your financial thermostat represents the level of financial success you believe you deserve. Constantly living paycheck to paycheck can set the tone of your relationship with money. But your relationship with money is flexible. While it stems from your beliefs around money that indicate you’re not worthy of abundance, it can be modified.
Cultivating a belief in abundance and knowing there is enough wealth for everyone will help you break free from the scarcity of financial patterns. Also, checking your economic temperature and seeing where you are constantly is highly relevant. Understanding that money is a tool, not a means, will make a huge financial difference.
Checking your emotional reactions when you think about money is vital. How do you feel when you pay your bills? Do you feel scarcity or generosity? You might repel money if you constantly feel uncomfortable and annoyed when you pay your bills.
- Constantly Educate Yourself
Nowadays, the good news is that you don’t need a fancy degree to make money. It all starts with the desire to make money and then identifying the resources we have around and implementing them to achieve different results.
For example, you can research money and learn about personal finance and wealth-building strategies. There are numerous opportunities to leverage, and some of them are cost-free. Listen to podcasts, and interviews with wealthy people, take courses, read books, and seek advice from experts in the field.
Educating yourself also means learning to create a budget, sticking to it, mapping out a savings plan, and exploring worthy investments.
- Take Action
It's not enough to think positively; you must also take action. Develop a plan to increase your income. What steps can you take toward that? Whether studying, creating a side business, or both, get your creative juices flowing and start looking for ways to make more money. Sometimes, we may be blindsided and not recognize opportunities very close to us.
Who do you need to talk to? Reaching out to wealthy people and starting a conversation can seem uncomfortable, but think of the destination rather than the starting point. Addressing the right people can move the needle in unexpected ways. Don't sit on the fence forever if you have a business idea. Seek feedback from an authority in the field and ask for constructive advice.
- Visualize Your Desired Outcome
Visualization is a powerful tool that can help you manifest your dreams. But first, you need clarity around what you’re trying to achieve. Imagine yourself surrounded by abundance and financial success. Feel the emotions associated with being financially secure and happy.
Having the courage to set different financial goals can make us attract more money. Wishing for more has nothing to do with not being grateful for what you have. It’s pushing the envelope to achieve bolder results.
Your financial goals shouldn’t be too out of your league nor too similar to what you’re making now. They should represent a higher point to reach but still be feasible. Otherwise, the brain will label it as impossible and will reject it.
Imagine yourself surrounded by abundance and financial success. Feel the emotions associated with being wealthy. Picture yourself having the money to afford whatever you like. See yourself paying people and feel satisfied with the act. Make it a habit to visualize your desired financial outcomes daily, even for a few minutes. It will supercharge you with intention and hope, setting you up for success.
- Develop a Money-Friendly Attitude
In a consumer-driven world where everything points to overspending, seeing money as a permanent presence may be challenging. Most times, we’re used to overspending. Practicing delayed gratification can improve our relationship with money once we overcome the initial urge to overspend. There will always be another shiny object trying to catch our attention. Still, deliberately delayed gratification will improve our self-esteem because we keep our promises.
Affirmations can play an essential role in becoming a money magnet. An inspiring way to prime yourself for receiving abundance is by repeating affirmations while feeling abundant. “I love money, and money loves me” is a great example, as it shifts your focus from scarcity to abundance. By repeating positive affirmations about wealth, you train your mind to spot the abundance around you and magnetize it.
- Elevate Your Peer Group
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Your money story is not everyone else’s money story. It’s crucial to keep that in mind. The only stories about the money you should remember are those of people whose success journey can inspire you. No wonder they say we unconsciously adopt the behaviors of the five people we spend the most time with. You’ll probably follow the same path if your peer group is scarcity-oriented. But if you surround yourself with people who have bolder goals than you and who relentlessly take action to fulfill them, it will rub off on you. |
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Spend time with people with a positive attitude towards money, and you will find the motivation to become a money magnet. Allow people who focus on solutions rather than problems to inspire you.
- Cultivate the Gratitude Habit
Gratitude is a powerful force in becoming a money magnet. It will help harmonize your current reality, regardless of its appearance. Once you find joy in what you have, you can right the wrongs from the past and change your perception of abundance. Gratitude is what connects you to abundance. The message you’re sending out there is contentment, and positive feelings attract positive outcomes. Playing the appreciation game will help you be thankful for everything in your life and motivate others to do the same. Pay compliments, be generous, and see how to pay it forward.
The Winning Lottery Ticket
The only winning lottery ticket that will help you in the long haul is conquering your mind. When you take charge of your beliefs and attitudes around money, you start magnetizing different opportunities in your life. One thing is for sure: money is available to everyone.
If you’re ready to embody the feeling of being a money magnet and start acting as one, I invite you to check out my hypnotic audio Money Magnet. It will help you get rid of your limiting beliefs around money and assist you in attracting different opportunities that have the potential to change your financial trajectory.
I’ve made it my life’s mission to make peace of mind and the ability to reach your potential available to everyone
- and that includes you!
Here’s to true freedom, happiness and health! - Jamie Clarke