Japanese author Ken Honda has sold millions of copies of his books that revolve around how one’s thoughts and attitudes can affect one’s fortune.
In his book “Happy Money”, Honda asserts that a person’s basic attitude towards money, whether positive or negative, can impact significantly on how they handle their finances.
It’s all about mindfulness, he says, which can be cultivated by examining your views on money as well as the people and circumstances that shaped them.
Here are seven money-mindset lessons from the “Zen Millionaire” himself.
1. You can buy freedom
Everyone has the same 24 hours to carry out tasks. With money, you can pay to have your house cleaned, or have your meals delivered or cooked for you, leaving you with more time to spare.
So while money isn’t the end-all and be-all for some, it’s worth bearing in mind that without enough of it, the options for bettering your life are limited.
2. You will always worry
If you are dissatisfied with life, it makes little difference whether you are wealthy or poor. Even if you have all the money in the world, you will still worry.
Many people live their best lives on average or below-average salaries, while on the flipside, there are many who are rich but are never satisfied.
3. Financial IQ is important
This is comparable to the distinction between being street smart and book smart. A single mother can keep track of every ringgit she spends and makes the most of it, even if she can’t save much.
The wealthy, on the other hand, might spend too much and one day have their riches reduced to nothing.
It’s all about using your money wisely.
4. Imagine the good that will come
If you understand why you’re saving money, you’re more likely to stick with it and meet the goals you establish.
Always set your sights on the bigger picture or endgame. This could assist you in achieving your financial objectives more quickly and easily.
5. Habits are hard to break
It’s easy to splurge now and then, but once you do, luxuries will tend to feel like necessities.
Live within your means so you don’t have to make drastic financial sacrifices when circumstances are rough.
6. Slow accumulation is key
Consider lottery winners or celebrities who have gone from having great riches to being seemingly broke overnight. Often, these people aren’t equipped to handle money and have no idea how to turn the amount into a long-term source of continued income.
Personal financial planning is a skill that must be fostered through experience and effort.
7. Don’t compare with others
Your success should be measured in terms of how far you’ve personally progressed, not in comparison to others. Always strive to improve, and you will find satisfaction and happiness.
This article first appeared in MyPF. Follow MyPF to simplify and grow your personal finances on Facebook and Instagram.