How to Master Money & Wealth | Commitment and Focus

The next key to mastering money and wealth is committing to a specific outcome and putting your consistent focus on that outcome until it is achieved.

So, what is your outcome or goal?  Do you want to be a millionaire? Do you want to be financially free so that you don't have to work another day unless you choose to?

The key here is to be specific.  A lot of people say "I want more money". Well, do you want $1 more or $1 million more? There's a slight difference.  If a goal is specific enough, it should be perfectly when you have achieved it.  Any ambiguity means you need to redefine your goal.

Some examples of specific goals:

1. I have a net worth of $1 million.
2. I have a gross annual income of $250,000.
3. I am financially free living with a passive income of $50,000 a year.

Whatever your goal is, write it down.  You can change it over time as your needs and desires change.  However, it is important to have a bearing as you move forward. You don't need to know how you will do it just yet.  That part will come later in the series.

Commitment

Being financially successful is a long term goal.  In order for you to master your money, you need enough emotional fuel to last the entire journey.  If you just think it would be nice to have financial success, chances are you won't get your goal.   However, if you are absolutely committed to your goal, you will be able to endure the rough patches.

How do you going about creating that unwavering commitment?  You need enough reasons why you must succeed. How will achieving this goal benefit you? Benefit others? Inspire others? Here are some examples:

• I won't have to worry about the bills
• I can pay for my child's education
• I can buy a Porsche
• I can support worthy causes

Come up with your own list. Make it long. Really long. Aim to come up with at least 100 reasons why you will master your finances.

After you have created your list, there is a simple visualization exercise you can do in order to really get in touch with your core drive.  Steve Pavlina explains this exercise in his article, Feeling Blessed.

Mixed Messages

One of the biggest problems people face in achieving any goal, not just financial success, comes from giving their subconscious mind mixed messages about the goal.  Have you had the experience where part of you wants something but another part doesn't? This incongruence causes you to stall and prevents you from moving forward.  It's like driving with one foot on the gas and the other on the brakes.  If you really want to move forward, you have to release the brakes.

So what are some of the mixed messages you send yourself about money?  Ask yourself what are some of the downsides of being or trying to become wealthy?  Is it too much work? Will other people criticize you and call you greedy? Are people going to want a handout? 

Take some time and answer this question honestly for yourself:  What are the downsides of being or trying to become wealthy?

Some of the answers you come up with you can quickly dismiss as being very unlikely.  Others, however, have a very likely chance of occurring. Some people you know likely will be jealous. And becoming wealthy may just require a tiny little bit of hard work. 

Realize that what you have here is a package deal.  If you can't accept some of the consequences of going after your goal, chances are you won't get your goal. 

In order to become wealthy, you have to become totally clear about what you want and completely unwavering in your desire.  You have to be willing to accept some of the consequences of achieving your goal. 

Becoming Wealthy is Not Easy

I wish I didn't have to say this but achieving your goal is going to take a fair bit of work on your part.  You have to be willing to do the things that most people aren't willing to do like be financially aware, create and deliver massive value for others, and change your mindset to align with abundance. 

Tomorrow, the series continues with a post on scarcity and abundance mentalities.

This post is part of a series on mastering money & wealth:

1. Intro
2. Raising Your Financial Awareness
3. Commitment and Focus
4. Wealth Mindsets
5. Clean Up Your Limiting Beliefs About Money
6. Generate a Higher Income By Creating More Value
7. 25 Ways to Create More Value
8. Create Multiple Streams of Income
9. The Key to Financial Freedom
10. Money Management