Money Management Secrets
Of Millionaires and Other Wealthy People

Groups of people who experience similar lifestyles share similar habits, both physical and mental. In other words, they think similarly and they act similarly. In order to change our lifestyle we must do two things...

1. Recognize and eliminate the physical and mental habits that create the unwanted lifestyle.
2. Recognize and adopt the physical and mental habits that create the desired lifestyle.

Those two steps can sometimes be nearly simultaneous. An example is when you recognize that wealthy people consistently review their financial accounts, keeping them in balance and up-to-date. In order to adopt those physical and mental habits you must eliminate the physical and mental habits of delaying your regular financial review. The old habit is automatically eliminated by replacing it with the new habit.

It is common to reach for a wealthy lifestyle while holding on to unconscious habits that continue to support scarcity and lack. Therefore it is worthwhile to discuss both the habits that PAY what we want, and the habits that LOSE what we want. We’ll also take a closer look at why these habits result in their particular lifestyles.

I have organized the critical habits of the wealthy into the acronym, PAY. I have organized the critical habits of scarcity or lack into the acronym, LOSE.

Pay yourself first (both your present and future self)

Act on your education (edu-action = the action that justifies education)

Yes, is the language of success used heavily by wealthy people

Learn lots of great stuff but never put it into, and keep it in, action

Only save money if there is any left over after taking care of everything else.

Spend your time and money without a proven plan nor a discipline for creating financial freedom

Emphasize your perceived inadequacy, "It’s too hard, I’m not smart enough, I don’t have enough", etc

Let’s look more closely at the Wealthy Lifestyle Habits.

Pay yourself first. You’ve probably heard this before. It’s taught in many excellent books. However, what’s usually taught is only half of the concept. "Pay yourself first" is generally presented as "put the first 10% of your income into a savings for your future." Much has been learned in recent years about the connection between thought and physical experience. Quantum physics has proven that the outcome of scientifically controlled tests is effected by the expectations of the scientist(s) doing the testing. In other words, thought cannot be separated from the resulting experience.

The thought that often accompanies saving 10% of your income for the future is, "I don’t have enough money today, so I must save in order to achieve wealth in my future." One problem with that is that "the future" is never now. It’s a bit like, "Tomorrow never comes." While maintaining that base of thought, you will find yourself again and again needing to draw from your future account in order to manage today’s neediness.

The better version of pay yourself first is to pay both your present and your future self. Put a consistent percentage of your income into an account for your future and put that same consistent percentage into your hands for spending in your present experience. By consciously doing that you will increase both your future wealth and your current thoughts of being wealthier today. We’ll discuss this more fully later in this report.

Act on your education. Learn about wealth and strategies for growing wealth. However, getting that education is like buying a bag of seeds. If you leave them in your closet rather than actively planting them, they will not grow for you. Combining action with education or "edu-action" is taking the steps that will allow the seeds to germinate and grow the benefits you desire.

Education without action is powerless. Action without education is like tilling a garden without planting the seeds you want. You’ll get growth alright, but it’ll be a lot of work, resulting in a garden full of weeds instead of a well managed garden of wealth.

Yes, is the language of success. Each lifestyle grouping is marked by its own language habits. The language of success is peppered with "Yesses." More often than not, the yes or no in our lifestyle language is silent but clearly understood. For example, "I can, and I do" carries an implied yes. "Yes, I can and I do." When no is the implied word, the statement often contains a contraction. For example, "I can’t do that" contains the implied word No. "No, I can’t do that."

Yes, supports possibilities and potential. No, supports limitations and blockage. Yes, affirms the power to expand. No, denies potential or movement. A person in the lifestyle group of scarcity and lack often accepts No because they believe their limitations are real and outside of their control. A person in the lifestyle group of wealth moves their thoughts right on past the no's to the wealth supporting thought of, "How can I? I’ll find a way." They believe that financial freedom is what’s real and that it is in their control.

Your unconscious habitual language reflects EXACTLY what you believe is true for you. In order to adopt the language of a new lifestyle you must also change your belief about what is true and real for you.  Begin using the language of success.  The change in beliefs will follow.

Now let’s look at the LOSING habits of the Scarcity Life Style.

Learn lots of great stuff but never act on it. That will guarantee your position in the lifestyle of scarcity and lack. Those members of the Scarcity Life Style group allow their desire to mobilize them to learn about becoming more wealthy. Then they let their fear keep them from taking the very actions that would begin growing the benefits they desire.

Even bad action is better than no action at all. A key word in the production of any movie is, "Action!" It is also key to moving yourself from where you are to where you want to be.

Education is important, but think of edu-action as education put into motion towards fulfilling your dream of financial freedom.

Only save money if there is any left over after taking care of everything else. People who are wealthy manage their money. People who live in scarcity and lack are managed by their money. This isn’t an issue of how much money you have. Our society is full of wealthy-appearing people who believe they cannot save any money for their future because there’s none left over after everything’s paid for. On the other hand, many millionaires have been made by starting out with a very small income and managing it well rather than being managed by it.

At the end of this report, we’ll talk more about a very effective money management technique.

Spend your time and money without a proven plan nor a discipline for creating or maintaining financial freedom. Imagine a wealthy person faced with two apparently conflicting decisions. The choice is to take an exotic vacation or to handle a serious financial matter. Which choice will the wealthy person make their first priority? Of course, they will take care of the serious financial matter first. If both can be managed they will do so, but if not, the financial matters must be attended to or else the future exotic vacations may all be at risk.

Does the wealthy person choose to take care of financial matters first because that’s more fun than exotic vacations? No. Their priorities are based on understanding the relationship between their financial matters and the vacation. The vacation is supported by the financial balance along with the rest of the wealthy lifestyle that they enjoy. Enjoyment alone is not the first priority. How to grow and maintain the financial structure that supports that enjoyment is the priority.

Millionaires and other wealthy people watch TV, go to movies and concerts, enjoy being with friends, and all the other enjoyments and relaxations that interest the non-wealthy. The difference is that the wealthy person manages their time as well as their money to ensure that their financial matters are taken care of FIRST. They understand that without growing and managing their wealth, they would quickly limit their freedom to enjoy as much as they do.

Emphasize your inadequacy, "It’s too hard, I’m not smart enough, I don’t have enough", etc. This is the primary language of those who experience primarily the lifestyle of scarcity and lack.

Imagine that you are the scientist setting up a test to prove a theory about growing wealth. Remember back at the beginning of this report when you read about the discovery of quantum physics, that the scientist’s expectation is the best predictor of the outcome of the test? With that in mind, would you prefer to use language (thought) that defines your inadequacies or would you prefer to use language/thought that recognizes your unlimited potential? I’m guessing you would prefer to experience the results of "I can do this; I can figure this out; I’ll find a way to grow wealth from what I already have;" etc.

When you use the language of limitation you are directing life to limit you. I know that it feels like you are reporting a truth when you speak of your limitations. That’s also what the quantum physicists thought for a long time. Now they have proven that our thoughts cannot be separated from our experience.

The language of your lifestyle will largely match how you spend your money and your time. Your language will tell you what you believe about your potential if you listen to it. Your language will tell you what you believe about the world and its willingness to support your move into wealth. In both the acronyms (PAY and LOSE) the bottom letter refers to the language of the lifestyle. It is the foundation of all the rest. It is the control point. Start there. Monitor your language both external and internal. Listen for...

The best Money management system I’ve ever heard about for creating wealth from non-wealth, is taught by T. Harv Ecker in his "Millionaire Minset" Seminars.  Whether you wish to become a millionaire or just be financially free, Harv's seminar is one you will want to attend.  A very simplistic version of his suggestion is that you divide your after tax income into the following 6 accounts, jars, or categories.

• Never, ever spend this. It is used only to invest in assets that will grow the account, and all profits it generates stay in the Financial Freedom account.

• This receives the same percentage as the Financial Freedom Account. It is imperative that you begin growing the experience of wealth in the present as well as the future.  If you don't you will sabotage your efforts for future wealth.
• Must be used up each month and is used to pay for entertainment, toys, non-essential clothing/accessories. It must be used for yourself and not your children, etc.

• This $ is to be used to pay for the education needed to expand your potential. You will need to learn new skills in order to grow and manage ever expanding wealth.

• When defining what is necessary, lean toward the bare necessities. If 55% of your after tax income cannot cover your necessities, begin to trim them and simplify your life until this category is as close to 55% as possible.
• Include house payments, insurances, taxes, car payments, utilities, food, necessary clothing, credit card and other debt payments (minimum payment only).

• This $ is used to pay off debt (over minimum payments), purchase a car, or vacation, etc.
• You can have more than one long term savings for spending but the total of all of them should not exceed 10%.

• If you feel you need to make this account a full 10% then you must reduce Long Term Savings to 5% or necessities to 50%.

You can adjust the percentages I've shown if you must but your goal is to reduce necessities and increase Both Financial Freedom and Play. Pay yourself first - both your future self and your present self. Start with the highest percentage you can manage - 2%, 5%, 10%, or more. Commit to that amount and pay it equally to both your future and your present self.

***The first payday that you feel the need to use your Financial Freedom and Play account to pay your bills, you will be face to face with your old patterns of "I can’t build my wealth today." Before you steal from your future and present wealth to support the experience of scarcity, spend a little time with the new language of "I can and I do find a way to pay all my bills, after I have paid myself first."

If you decide to pay off your debt before you begin managing your money for growing wealth, you will slow your transition to wealth or even put it on hold indefinitely. In order to change your experience you must change your way of thinking, TODAY. Your intuitive ideas about growing wealth are part of the thought/language basis for your current financial experience.

You need to learn and apply the thought/language/actions of those who are successfully creating and maintaining the life of wealth. Keep your growth of wealth as your highest priority. Debt reduction must be secondary to that.

Begin managing your money and time. Whatever system you use, the most important step is BEGIN. Educate yourself. Talk with wealthy people and ask them questions.  Listen to their language and note their attitudes.  Those are the details that you must master in order to avoid de-railing your plan.  Read and attend seminars. Act on what you learn.

Wishing you rapid and joyful expansion into Wealth.

Copyright 2005-2006, Joyce M. Morris  All rights reserved.

Joyce Morris