EP 047: How Poor Money Psychology Destroys Your Chances of Ever Being Wealthy

Something I have had to work very hard on is my relationship with money.
For most of my life, I have been terrified of money.

– Never feeling like I had enough
– Always looking at the price of everything
– Always trying to find cheaper options

Constantly doing things myself rather than paying for help to save a buck.

It all stems from some things that happened in my childhood.

Growing up, my family went through some very tough financial times.

My father had a workplace accident.
Which meant he could not work for several years after it.

This then led to him not having income for several years.

It created a lot of stress about money in my home.
There was a real concern we would run out of money and lose the house.

I was about 12 years old at the time.
Old enough to understand the situation but not old enough to be useful in helping them.

My parents did their absolute best, and I love them dearly for that.

But… It was a very challenging time.

I witnessed first-hand what a lack of money does to people.

I can assure you it isn’t something you want to experience.
(Trust me on this one.)

My fears around money as an adult all came from not wanting to have the experience my parents did.

I carried that with me into business, and my business suffered because of it.
I wouldn’t hire people or invest in growth.

My behaviour got worse the further I went into business.

It became apparent after attending a mastermind event in Sydney.
Rather than staying in a hotel, I slept on a friend’s couch to save $200.

I missed some key experiences from the event.

…not to mention that I would lie to people at the event, saying
“I wanted to catch up with an old friend.”

When, in reality, I just didn’t want to pay for a hotel.

I didn’t like who I was becoming.
I was embarrassed by my behaviour.

Luckily the embarrassment was enough to get me to do something about it.

Way too much of my time was being spent obsessing about money.

After looking at some options, I decided to do 2 money psychology programs.
(Just in case 1 didn’t work.)

Both programs were incredible and changed my life.

I wouldn’t have achieved what I have done today without doing them.

What strikes me today is that most people live their whole life never addressing their relationship with money.

Many carry a poor mindset with them, and it keeps them poor their entire life.

It holds them back like an anchor.

And they often pass it on to their kids who do the same thing…

I see the things in them that I was doing at a point in my life.

I often want to say something to try and help them.


This week’s episode of the podcast is on money psychology.

More specifically, I wanted to share some of the tools that helped me.

This very episode might be the thing that will level up your wealth game both inside and outside of business.

All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.

Episode Highlights:

00:00 Welcome to Business and Investing
01:00 Why money psychology is a big factor in your success
06:14 How past experience bias affects your money psychology
11:18 Scarcity mindset can lead to missed opportunities
14:30 Personal bias on money can root from upbringing and decisions
22:07 The benefit of thinking ahead in business
25:01 Leveraging advanced thinking in investing
32:11 Learning how to adapt to changes
40:23 Resistance to change affects your success
47:23 How to succeed in business and wealth building

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