Have you ever wondered what your financial thermostat is set for?
Perhaps the thought has never crossed your mind?
Let‘s look at it a different way…
What is your Air Conditioner temperature set for?
I know where we live in Brisbane it runs at a consistent and cool 23 degrees Celsius.
If the kids leave the door open (which they often do!), no matter how much hot air gets in, after a short amount of time the AC regulates and cools the room back to 23 degrees.
Likewise, in Winter, if a cold gust of wind sweeps through the house, the heating kicks in to bring it back to – 23 degrees.
Interestingly, your mind works in the same way to regulate your level of wealth.
And I can tell you what it is set for right now.
But first, here are my thoughts;
What is My Financial Thermostat Set For?
There is a very simple way to find the answer to this question.
Your financial thermostat is set for the level of wealth you currently have.
I am sure there are a number of excuses you could come up with to justify why this may be incorrect….. but it is often reality.
And the quickest way to change your thermostat is to accept this reality and find a way to adjust it, preferably upwards!
The Cup Analogy
Another way I have heard this explained really well, was by Michael Yardney, who often uses a cup analogy.
Your mind is like a cup, once it is full of water, it overflows, and you are unable to put in any more water into the cup.
To take on more water, you need to increase your cup size.
So, to increase your financial thermostat - your wealth, you need to increase your mind's capacity.
If you liken the water to opportunity and your mind to the cup, once your mind reaches capacity, you may miss or be open to opportunities that come your way.
So how do we increase our mind's capacity?
Self-Education
Probably the easiest and most efficient place to start.
It could be as simple as reading a book or listening to a podcast on your way to work or while exercising.
Warren Buffet still reads 5-6 hours per day, from books to newspapers and a range of corporate reports.
Bill Gates reads 50 books a year.
Begin to educate yourself in the area you have a passion or desire to succeed in.
I know for me that was property and after reading How to Grow a Multimillion-Dollar Property Portfolio, it quite literally changed my life.
- Also read:6 priceless investing lessons from influential billionaires
- Also read:Redefining Richness: Why Time Matters More Than Money
- Also read:Conquer Your Monsters: Busting the Top 10 Fears Holding You Back
- Also read:Booms, busts and investor psychology – why investors need to be aware of the psychology of investing
- Also read:10 BIG Benefits of setting up an SMSF or a Family SMSF
Get a Mentor
A mentor is someone who has generally already achieved what you are seeking to succeed with.
They assist you to learn from their mistakes and keep you accountable, assisting you to reach your goal significantly faster.
The old saying goes, if you are the smartest person on your team, you are in trouble.
In a recent podcast, the legendary Robert Kiyosaki made a great observation in that you can hire a mentor or mentors from anywhere in the world!
While what may have been impossible over recent decades, it is something that is available to everyone today!
We now have more resources at our fingertips than at any other time in history.
FAIL… aka Experience
In that very same Podcast, one of Kiyosaki’s mentors told him he would need to fail at, at least 2 or 3 businesses before he would succeed and it turned out to be very accurate.
We all make mistakes and we all fail.
But learn from it, fine-tune, get a thicker skin, and develop a stronger mindset.
You just cannot beat that level of on-the-job experience – real life.
Many see failure as a reason to stop, successful people learn, overcome and adapt.
They know eventually, no matter how many failures they face, they will succeed.
In Conclusion
As confronting as it may be, most people’s financial thermostat is set for their current level of wealth.
It may be close to, or at capacity and as a result, opportunities that come their way may be missed or overlooked.
They need to improve and increase their mental capacity.
Some of the world’s most successful people, still self-educate and learn.
Reading and listening to podcasts is a simple and effective way to boost your mind.
Another way is to hire a mentor, someone who may have blazed the trail before you and someone who can see your blind spots.
At the end of the day though, you just can’t beat life experience.
Understand failure and use it as a learning experience, not an excuse to quit.
By increasing your mind's ability, you will increase your financial thermostat.
You may begin to find solutions to problems and identify opportunities that may have previously passed you by.
Solving more problems and bigger problems, will result in greater wealth and set you up for a level of success you would never have achieved with your old mindset.
Time to adjust that thermostat!
