Your psychological wallet can determine how much you will earn and how much you will have.
I think I first heard the term ‘psychological wallet’ from Bo Sanchez some years back. And through the help of his mentoring through the Truly Rich Club, I have started to increase my psychological wallet. I still am a work-in-progress.
[Image courtesy of Sira Anamwong / FreeDigitalPhotos.net]
A couple of years ago, I also learned that most money problems our mindset problems. This is where your psychological wallet comes into play.
Because small psychological wallet would not necessarily lead to more financial challenges but it hinders you to bigger financial rewards. You see, it can be a mindset problem.
On the other hand, Big psychological wallet would help facilitate progress and prosperity.
When hand work needs mind work…
A person may roll up his sleeves and work so hard to earn money but when it comes to earning money or keeping money, it may seem that what he had been working so hard for is not evident in the fruits he should be enjoying.
When a person has a small psychological wallet, he is saying to himself that he only deserves to receive small. And if at certain times, he is able to receive a huge buck due to his hard work, he won’t be able to manage it well to keep it for himself and be able to multiply this in investment vehicles to be able to support his future life and family.
Hence, you need to increase your psychological wallet because big psychological wallet tells you that you deserve more. It enables you to receive more and have more.
Let me give you an example:
Sam said he wanted to earn more. He wanted to earn P100,000 a month. So he worked hard on his business. He also wanted to add on his investments another P200,000. But everytime he is able to earn P100,000, it would slip away. It would suddenly go somewhere else. He would buy stuff that he does not need. He would throw a party on Fridays and there, his earnings would have vanished. His goal to add more to his investments could not happen.
What went wrong? What was the problem?
There maybe are other factors. But one factor most likely is that he has small psychological wallet. He wanted to have this big but his mindset asks for that small. Maybe his psychological wallet is only at the level of P50,000. And everytime his bank account reaches this amount, he would feel that it is so huge that he needs to throw away the others.
Somehow, his psychological wallet is not ready for something bigger. What he needs to do is to increase his psychological wallet.
I would have to agree with what Bo once said – You do not get what you deserve. You get what you think you deserve.
You may be deserving of P100,000 because of your excellent work but if you think you deserve only P30,000. Then you most likely will receive only P30,000. Have you ever experienced cases like this? Think about it…
You and I need to increase our psychological wallet. It would not happen overnight. It would happen over time and should go on and on. Get help from good books, seminars, mentors, and friends who share similar mindset.
You and I need to generate the power that we have within us as well as open our minds to powerful input from those men who have become what we want to become and surround ourselves with tools and people to support us and guide us along the way.
But what would drive you to be able to increase your psychological wallet?
Thinking to increase your psychological wallet for the purpose of earning millions may not be powerful and shallow and not sustainable.
Earning more for the mere purpose of earning more has no anchor. Earning more for a bigger purpose would be solidly anchored. And solid anchor would mean greater chance of success. This is what I learned as I get to meet and listen to successful people who are in healthy relationships not just in their finances.
Bo Sanchez preaches that the ultimate purpose of wealth is to love others.
Hence, this should be our driving power. We want to increase our wealth so we can increase our ways of loving others.
But loving others with your wealth should start from loving yourself first. You cannot give what you do not have.
Then as you get filled up, you will eventually overflow – your blessings would overflow to your family, then to the people around you.
Learn to increase your psychological wallet and be ready to receive more starting today!
Live your life, young mind!
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"I enjoyed Chris' book. I know it will help many, many people."
- Bo Sanchez, bestselling author