What you believe can make you a money magnet!
What you believe can make you a money magnet!
By Douglas Vermeeren
In 1993, Collin was a young man just out of college when he firsthad the idea. He got it by driving through his community on a saturday afternoon. Everywhere he looked it seemed that people were having garage sales. As he stopped and poked around here and there the idea hit him. At college he had had his first brush with something new called the internet. Everyone he talked to suggested that this new network would change the world. As he wandered through the garage sales the idea came. What about starting a website that would allow people to sell things worldwide? Later that night with the idea still fresh in his mind he flicked on his TV and saw a live car auction. That’s when the idea really caught fire in his mind. What about creating an online auction site where people from around the world could bid on items that people wanted to sell? The idea fascinated Collin and he continued to think more and more about it. The idea seemed wonderful. A week went by, then a month, then a year. You might be thinking that Collin was the founder of what became ebay, but he wasn’t. In fact, Collin never even tried to build his website. When I met Collin is 2009 he told me about this experience and this great idea he had and reminded me that ebay had reported revenues of 7.7 Billion dollars last year. I could tell he wasn’t very happy about that.
I asked him about why he hadn’t tried to do something with his idea when he had it. He was ahead of his time and he most likely would have been extremely successful. He told me the answer came down to one single thing.
He didn’t believe he could do it.
If you’re wondering what the first essential ingredient of becoming a money magnet is… well, that’s it. You have go to believe that you are able to do it. Believe is a powerful thing. Henry ford said it best that whether you believe you can or believe you can’t either way you are right. I know believe sounds like a very elementary thing to start talking about, but in my ten years or so of teaching success and achievement, believe is the #1 thing that keeps people from greatness. It’s not necessarily that people either believe or disbelieve they are capable – it’s that they either don’t really believe they are worthy or ready to receive what they really want or they believe they are entitled to what they want but they don’t understand that you have to do more than just believe. You actually have to do something with the believe.
Let’s talk about both.
First the idea that people don’t always believe that they are worthy or capable of the success they are seeking. Specifically financial success. There is a principle in psychology known as investment bias. Basically what it says is that our minds feel that in order to receive a specific reward there is always a price to be paid. In other words the theory is that you have got to believe that you have invested enough effort, time, energy, resources or whatever it is in order to feel worthy o receive.
While it is true that in order to be a money magnet there are things you will have to do. But there is a slight problem with the theory of investment bias and wealth. People generally have no idea what a sufficient investment should be to be worthy of a specific return. As a result many people continually find themselves feeling more and more unworthy even though they are giving tons and tons of effort, resources, time and energy. How much of a payment is really required? People don’t know so they keep paying and thinking themselves unworthy? If you don’t see value in what you are contributing it is very difficult to be compensated and attract money.
So how do determine if you’ve paid the price? Do you ask someone else? Do you make a chart and record your hours? Do you find someone in your field and gauge your worth by how you feel your efforts measure up to theirs and value yourself in the same monetary way? These are all way that will reenforce your feelings of unworthiness. All of those methods are based on a competitive comparison. History has always demonstrated that comparisons like this will always leave you feeling like you are behind someone else. There is a place for competition, but it does not belong beside your belief in yourself. We’ll talk about where belongs later.
Yourself worth is something that only you can decide. You must decide that you are worth it and that you can be a valuable contributor. When you decide to believe in yourself and recognize that you are worthy to receive you will have activated the first element of creating your money magnet. The way to create more feelings of worth and worthiness is contains in the second part of this discussion on belief.
You’ll remember I said the second thing I encounter often about belief is people who believe they can do it because they feel it with all their heart, but they do nothing about it. It reminds me of the kid that goes onto American Idol thinking he is the next big thing, “I am the next American Idol.” Then he get s up there to sing and yikes, it is disastrous. He has no skills. Believe is never enough if you don’t have the skills. A true believe in oneself means that you become personally engaged in pursuing the thing that you really want. If you want to become a true money magnet you will believe it enough to start learning and doing the things that will make it more likely you can succeed. So how does this tie into the first part about worthiness?
Here’s the deal, remember the idea of Investment Bias. The psychology theory that states we must feel as though we have paid a price before we are entitled to something? Well, if you start believing enough to seek after the skills your feelings of worthiness will grow.
So before we move onto the next principle my challenge to you is Believe enough in yourself to actually do something about it. And my reminder is that until you do believe, and I mean firmly believe you can’t be abundant and wealthy nothing is going to change.
Douglas Vermeeren is the CEO of the Monthly Millionaire Mentor program (www.TheMonthlyMillionaireMentor.com) He is also the author of Guerrilla Millionaire, Self-made Millionaires for Dummies, The Millionaire Myth, Millionaire Wisdom. He is considered one of the top wealth trainers in the world today. You can find out more at http://www.DouglasVermeeren.com