T Harv Eker's "Money Personalities"
Part 2
By: T. Harv Eker
Let's give you our take on money personalities. Are you ready? People are like "uh-oh"...
Where's my hoarder/savers? To you, the way your money personality works is often a form of control. Because money is a form of protection, what you're doing is you're building up a buffer. Got it?
The trait of being responsible, as you heard it came up again and again. So lets check this out. Horders/savers raise your hand up. Keep your hand up if you happen to be a first born. I rest my case and we'll talk more about that tomorrow.
When it comes to the bank statement, they will reconcile it to the penny each and every month. You say RRSP in Canada or IRA, and they glow with pride. If you're out to dinner and the bill comes, they'll make sure to check it twice and divide out with their handy pocket calculator. For them, the key is balance.
Make sure you're putting your 10 percent into the play jar, but make sure you spend it each and every month.
Where's my spenders? For you, money is often an emotional scapegoat. You're often not releasing the money, but releasing emotions. That's why there's a saying "When the going gets tough, the tough goes shopping!" Some people call this "retail therapy." The word "responsible" makes this group throw up.
Now when a bank statement comes each month, they take a quick look at it and figure it must be right. The only difference is that they like the word "overdraft." "I'd like to open a bank account, how much overdraft can I get maximum, please?" True or true?
You say RRSP or IRA and they say "Next year for sure!" Or they don't even say it. This group often eats out at very cool but pricey restaurants with all their friends, yes? And they have a lot of them! And they're more than happy to pick up the bill for their whole table because you are their friends. That includes the table next to them because by the time they're done, they're your friends as well!
How many of you know what I'm talking about, yes?
For many, the primary reason they spend is for approval. So that means they usually live way above their means. And that's why they're in debt. In terms of house, car, furniture, etc, etc. They have a couple favorite phrases like "Hey, it's only money!" Or "You only live once!" Not so favorite phrases? "I can't, I'm broke." Oh that one hurt!
The key is balance! Make sure that you're paying yourself first and you're putting 10 percent into your FFA account. Good or good?
Where's my avoiders? As the name suggests, they tend to avoid the topic of money entirely. Their mascot is an ostrich. Bury their head in the sand and hope the subject just goes away.
You go to these people's house and they might have everything filed and in order, but it's all in unopened envelopes! "How do you know it's all in the right order?" "The postmark! This is January, that's February!" True or true?
Say RRSP or IRA and they think you're talking about some kind of mouth to mouth resuscitation. When a bill comes they'll throw their credit card down without even checking it. It must be right, they obviously know what they're doing!
Usually they're avoiding responsibility. Realize you're in the money game whether you like it or not. So you might as well play it to win. And use the jars. So for you the key is to spend 30 minutes a day on your part time business. The business of managing and investing your money.
Alright, where's my money monks? Lets talk about you. They see money a little on the scuzzy side. They don't feel that money and spirituality mix and its actually beneath them to deal with it at all. Some people actually lose money as a form of self sabotage and punishment. As if they'll get brownie points when they go to heaven for the amount they've suffered! They're going "You don't?" They're quiet on that one.
Here's the thing. As for the bank. What bank? That's part of the establishments! You say RRSP and IRA and they might get one, but first they have to check their horoscope. When it comes to dinner and its time to pay they'd be happy to pick up the bill for the entire table out of love, as long as you didn't order any meat, you killer!
Here's what we're going to say about money monks. Because the big issue that comes up with money monks is that spirituality and money don't mix. Raise your hand if you've ever heard of Deepak Chopra. Raise your hand if you love what he has to say.
Here's the thing and I love how he puts this. Money monks, listen very closely. They feel that spirituality and money don't mix and they want to be connected. And what Deepak Chopra says is that the universe is abundant. The universe is abundant. If you're unsure, look outside. Billions of blades of glass. Billions of grains of sand. Billions of trees. There is abundance all around you. True or true?
If you consider yourself to be connected and you're not abundant yourself, just how connected are you really? You're not. You can have abundance in your life. And what we say is when it comes to the money game you're in it whether you like it or not! So you might as well play to win as well. And here's what's beautiful about this. Even if you don't think that spirituality and money don't mix, as a money monk you love to help people. True or true? They say "Give, give, give!"
So, earn a million dollars, see what it feels like, and give it all away and help a lot of people, and then go back to being broke! But at least now you know what it feels like and you've helped more people.
So notice, noone is any better for being poor. They're just poor. We're not saying that you have to be rich, but you can definitely become financially free.
Now in conclusion, there are two keys for everyone. First one is this. Balance. Balance is the first key in all aspects no matter what your money personality is.
The second key is this. Preset structure. So have balance in your life, and preset structure. Now when we're talking about preset structure, what are we referring to? The jars!
Here's the beautiful thing about the jars. How many of you are beginning to get how important and powerful these jars can be? Here's what's really cool about these. The reason the jars work is because they don't have a mind. You won't hurt their feelings if you don't treat them exactly the way they're supposed to be treated. This is a preset structure that will take the thinking out of it.
There is only one thing that will keep you from making this system work. "My better idea."
I know there's a lot of people in the room who like to reinvent the wheel. "It can't be that easy! I'll tell you what I'll change it this way." And because they try to reinvent things, they never get started or they wonder why it doesn't work.
Keep it simple. Use the jars. Keep the emotion out of it. Because all you have to do is divide your money. That's it. No thinking around it. No emotions around it. It's done.
Now here's a question. Raise your hand if you've heard of the book by Napoleon Hill called "Think and Grow Rich." Harv thought of a new title that he wants to come out with: "Don't Think and Grow Rich." Good or good?