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Ep #2: Money Beliefs

02, Podcast July 22, 2020

What are your thoughts about money? What did society teach you about money?

Our thoughts make us who we are today and what we do.

If you want to make more money, you may have to tweak your thoughts to achieve your goal.

Our thoughts develop emotions; sadness, anxiety, happiness, in our bodies that make us perform certain tasks driving us to take actions.

Let’s take an example: We have a thought of not being able to manage everything due to lack of time. You stress and overwhelm which leads to procrastinatingand eventually, you end up doing no task.

If you tweak this thought in a way that you get a feel of motivation, it will make you pursue a different action which is positive in way of achieving your target. 

Life Lessons about Money:

We should spend money on three necessities of life: bed, shoes, and food.

Spending money on a comfortable bed, cozy shoes and nutritious food is worth it and would be a long-term investment in yourself.

Savings play a vital role in an individual’s life. However, with saving comes investing that amount at the right place. Hence, investing money in the market is a great option rather than investing in gold.

Over the last 50 years, the market has had a return of 10% on investments which is way higher than on gold. An individual needs to get a better educationto become rich.

Those of you who don’t have the opportunity to pursue education can still make money by creating projects and creating values in other people’s life. One shouldnot use this as an excuse to be poor. 

Zakat is a religious duty for all Muslims and one of the five pillars of Islam. You create wealth by donating 2.5% of your earnings to needy. Islam strongly speaks against greedy and notspending money on helping people around you. Wastage is discouraged in religion, be it in terms of food or money. If we have good intentions with money and spending, there is nothing wrong to create wealth. 

Money doesn’t buy happiness. Being wealthy doesn’t mean that you are happy. According to a study by Forbes Magazines, about 37% of the 400 richest Americans are unhappy. Another study on lottery winners shows that almost half of them are NOT as happy as they were before. It’s all about what you do with that money that predicts your happiness in the longer run.

Final Note: The first step towards becoming wealthy is to identify the basics of life. Things that make you feel happy and what can be done to make them better.

Your net worth tomorrow is because of the thoughts you have about money today.

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