2870: Eliminate Financial Problems Through Self Discipline by Brian Tracy

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[00:00:30] Lade die Optimal Health Daily – Eliminate Financial Problems Through Self Discipline by Brian Tracy of briantracy.com. And I'm Dr. Neal. Hey there and welcome back to our usual Sunday bonus episode. This is where I share an episode from another podcast in our network. And today's comes from Optimal Finance Daily and from an author you've heard of if you've been listening to this show for a while, Brian Tracy.

[00:00:54] I'm actually a huge fan of Brian Tracy's books and his blogs. He's actually featured across all of our shows. And the principles you'll hear definitely apply back to health. So with that, here's Diana reading to you and her commentary as we optimize your life. Eliminate Financial Problems Through Self Discipline by Brian Tracy of briantracy.com.

[00:01:23] The primary reason for financial problems in life is lack of self-discipline, self-mastery, and self-control. It is the inability to delay gratification in the short term. It is the tendency for people to spend everything they earn and a little more besides, usually supplemented by loans and credit card debt. Today, the savings rate in America is too low to achieve financial independence.

[00:01:50] After a lifetime of work, the average American family has a net worth of only about $8,000. People continue to spend and borrow as if there's no tomorrow. The good news is that we're living in the most affluent time in all of human history. There are more opportunities to achieve wealth and prosperity today for more people in more different ways than have ever existed in the history of man. It has never been more possible for you to achieve financial independence than right now.

[00:02:20] But you must make a resolution to do it and then follow through on your resolution. The reasons for financial problems. The primary reason that most adults have financial problems is not because of low earnings. The reason is lack of self-discipline and the inability to delay gratification. Why is this weakness of character so prevalent among the majority of adults in society today? It goes back to early childhood.

[00:02:48] When you were a child and you received money, whether it was your allowance or a gift from a friend or relative, the first thing you thought of doing was to spend that money on candy. Candy is sweet. Candy is delicious. Candy fills your mouth with a wonderful sugary flavor. You liked candy when you were a child and you probably could seldom get enough of it. Many children will eat candy until they become physically ill because it tastes so good.

[00:03:14] As you grew older, you developed what psychologists call a conditioned response to receiving money from any source. Like Pavlo's dog, when you receive money, you mentally salivate at the thought of spending this money on something that makes you happy, at least temporarily. Spending makes you happy. When you become an adult and you earn or receive money, this automatic reaction continues. Your first thought is, how can I spend this money to achieve immediate pleasure?

[00:03:43] When you go on vacation to a resort of any kind, you find that the hotels and streets are lines with shops selling useless trinkets, baubles and trash, plus clothes, artwork, and other items that you would never think of buying at home. Why is this? Simple. When you're on vacation, you feel happy. You have a conditioned response to associate happiness with spending money. The happier you are, the more unconsciously compelled you are to go out and spend money on something or on anything.

[00:04:13] It is quite common for many people, when they're happy or frustrated for any reason, to go shopping. They unconsciously associate buying something with being happy. When it doesn't work as they expected, they buy something else. Sometimes, unhappy people go on shopping sprees. They buy lots of things that they don't particularly need because they unconsciously associate spending with happiness. Use self-discipline to rewire your responses about money.

[00:04:42] The starting point of achieving financial independence is for you to use self-discipline to rewire your attitudes towards money. You reach into your subconscious mind and disconnect the wire linking spending, and happiness, and then you reconnect that happiness wire to the saving and investing wire. To reinforce the shift in thinking and eliminate financial problems, open up a financial freedom account at your local bank.

[00:05:10] This is the account in which you deposit money for the long term. Once your money goes into this account, you resolve that you will never spend it on anything except to achieve financial freedom. Associate happiness with financial independence. When you begin saving in this way, something miraculous happens within you. You start to feel happy about the idea of having money in the bank. Even if you only open your account with $10, this action gives you a feeling of greater self-control and personal power.

[00:05:40] You feel happier about yourself. Because the money in your account is emotionalized by your own thoughts and feelings, it sets up a force field of energy that begins to attract more money into it. If you save $10 a month for a year, you will be astonished to find that with the extra bits of money that you've put into that account, you will probably have more than $200, rather than just $120. If you save $100 per month, you'll probably have more than $2,000.

[00:06:10] The more money you have in your bank account, the more energy it generates, and the more money is attracted into your life. You've heard it said that it takes money to make money. This is true. As you begin to save and accumulate money, the universe begins to direct more and more money towards you to save and accumulate. Everyone who has ever practiced this principle of regular saving is absolutely astonished at how quickly their financial problems change for the better. The rule for financial independence,

[00:06:40] once you have rewired your attitude towards money, is to pay yourself first. Most people save whatever is left over after their monthly expenses. If there is anything left over. The key, however, is to pay yourself first, off the top of every amount of money you receive. You just listened to Eliminate Financial Problems Through Self-Discipline by Brian Tracy of briantracy.com.

[00:07:07] The thing that stood out to me about this article is the need for a mindset shift when it comes to money. Once I truly understood that my money could buy stuff, or it could buy freedom and options, saving became much easier for me. I've become much more interested in watching my investment accounts grow, rather than buying a fancy new car, for example, because I've seen firsthand the non-material things financial security can buy.

[00:07:37] Also, the reality is your money is always going to be able to work harder than you possibly can. Shout out to compound interest. I think Brian is right that it can be a bit of work that requires self-discipline in the beginning, especially if you're digging out of debt or just starting your career. But once saving is an automated habit, it takes much less effort. And that should do it for today. Have a happy rest of your day, and I'll see you on the Friday show tomorrow, where your optimal life awaits.