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What is a psychological wallet? Psychological Wallet, as coined by Bo Sanchez or Financial Thermostat by John Calub, is your minds comfort zone on money. This is the amount of money where your mind has been accustomed to. If you have tons of debt even if you have 3 jobs perhaps your psychological wallet is small, you've 'trained' your mind to be accustomed to this situation.
This is the reason why a lot Lotto winners after receiving their million prize after a few months they end up with nothing again. Because they didn't increase financial thermostat or psychological wallet.
If you want to have your own business or achieve financial freedom it's important to have a big psychological wallet. One way of doing this is getting used on big amounts. Imagine yourself earning your dream income. Make a budget out of it. What will you buy? What will your monthly expenses be? How much will you give away?
If you want to pay off your debts you have to increase your financial thermostat. This is not easy, but it's also not hard.
Here are some tips you can do:
1. Read business books. Be inspired by inspired entrepreneurs like Robert Kiyosaki, Bo Sanchez, Chinkee Tan, and more.
2. Remove in your belief system that money is evil (more on this later). Believe me as long as you believe that money is evil you will never be comfortable with money.
Money is just a tool. In which way you are going to use that tool whether good or bad is up to you. I know you're on the good side right?
So if you are good the money in your hands is also good.
3. Create a budget. Imagine yourself earning 50k pesos. (If you're actually earning this amount double it.)
4. Join the Truly Rich Club of Bo Sanchez. If you are not a Catholic like me, that's fine. Bo's newsletters are for Filipinos who want to get out of debt, want to increase their financial literacy while enriching their spiritual life.
If you want to join click here.
If you do not like to join, that's fine. There are a lot of resources out there that are available. Also do not forget to check on this blog regulary. :)
Comment below and tell me what do you think about "Psychological Wallet"
xoxo
