Financial Consciousness?

Discussion in 'Wealth Creation & Management' started by JulieW, Jan 28, 2019.

  1. JulieW

    JulieW Well-Known Member Silver Stacker

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    Advice time people.

    I saw this in the clickbait news.com.au and I thought it might be good to start another 'advice' thread about Mindset. Quite good advice here but I'm sure there's more to consider.

    I remember the first 'lightbulb' moment when I realised that I always seemed to need $300 and somehow it had turned into needing $3000 to get to the baseline. Duh!

    I also see there are thousands and thousands of followers for the Barefoot Investor. Similar mindset required.

    1. Step one is to be aware of your choices, especially those related to money. If you are making negative choices about your money circumstances, such as spending more than you earn, chasing quick wins or get rich quick schemes, then this first step of awareness is crucial.

    2. The second step is understanding which is about identifying where your decision making originates. It allows you to recognise that these choices have likely come from outside of you, from external influences, such as your parents and how they managed money. Spend some time to understand the impact your choices have had on your money circumstances in the past before moving to the next step.

    3. Step 3 is disassociation. Once you recognise that your previous way of choosing is not serving you, you can separate yourself from these choices and decide to let them go.

    You can observe that this way of choosing is just a file of information that has been stored in your mind for a long time now, and no longer holds any truth or value for you and your financial circumstances.

    You now realise that you have a choice to be different, to choose different actions with money that empower your success. That’s uplifting isn’t it?

    4. Step 4 is reconditioning which is about training your mind to respond in a supportive manner when it comes to money and success. Although I am proposing you complete this process for your money circumstances, you can do this for any aspect of your life.​
     
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  2. STC

    STC Well-Known Member Silver Stacker

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    Good sound advice, taking responsibility of your own finances(& life in general), brilliant! But until society stops giving people easy alternatives only the sensible people would follow this path.
    I don’t like my child to go without but I feel if I give him more pocket money when he spent what was allocated sends the wrong message, I do give him the op to work for it, pick up dog poo then mow lawn = $.
    He says he would rather start a go fund me page.
    I see the country like a boat, we all have an oar, if you are not rowing you are being carried, no shame in pointing that out.
     
  3. JulieW

    JulieW Well-Known Member Silver Stacker

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    Attitude to money is of paramount importance imho. Perhaps if you give your son a little more STC, instruct him to save it, and then have him call on it when he needs to learn the value of saving.?

    When I was a precocious 10 year old I was collecting bottle deposits and selling newspaper to butchers (6d a bundle) and at 12 I was packing groceries at our local supermarket (local business before the Woolworths/Coles takeover).

    I managed to buy icecreams and lollies and the occasional desired object, and collect around $40 by the time decimal currency came along (I was 14 then). I was also collecting the occasional payday loan usury from my brother who spent every penny he received for mowing the lawn. Then one day, my father was in dire straits (the "family" that is) and he asked to borrow my $40 (mum had dobbed the total). I in all innocence told him my 'terms' and asked for interest.

    Well I received a very short and sharp lecture on money and confiscation of my $40 to provide for the family. (fair enough really, but emotionally very upsetting). It then took me close to 30 years to get over the concept that money was to spend and not to save. If I'd continued with my bankster ways, no doubt I'd have been very wealthy by my forties, and not living paycheck to paycheck with a burdened credit card. Luckily I woke in time, but there is an example of what is described above.

    Wealth starts with mindset.
     
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  4. STC

    STC Well-Known Member Silver Stacker

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    Oh collecting bottles was easy money, 20c each for me & $2 for a crate, big $ for a kid. Selling newspapers, delivering milk, helping at the butcher, mowing lawns & collecting trolleys. These are the things that kept my comic collection going until I had a real kid job.
     
  5. jultorsk

    jultorsk Active Member Silver Stacker

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  6. JulieW

    JulieW Well-Known Member Silver Stacker

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    I know a fellow who collects deposit containers and drives them to South Australia where he collects the 10c. Last trip got him $4000.
     
    Last edited: Jan 28, 2019
  7. ozcopper

    ozcopper Administrator Staff Member

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    My wife works in a motel and my neighbours drink 3 or 4 cartons of beer a week so we get access to a lot of free bottles. My daughter and I collect the bottles and cans for the 10 cent return and I go halves in them. We save the vouchers to the end of the year and when we cash them in, it is a substantial amount of money. I use my half to buy shares so they are no risk to me. Yes I own my house outright but you are never to old or young to be thrifty! I also expect the shares that I have researched and bought to do very well in the next few years and if there is another precious metal bull market, I expect they will rocket.

    Below are some of the vouchers from just this month as we cash in at the end of December.

    [​IMG]
     
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  8. alor

    alor Well-Known Member Silver Stacker

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    only live once, try try

    [​IMG]
     
  9. Silverling

    Silverling Active Member Silver Stacker

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    We only just had bottle and can refunds brought in last year in NSW, 10c a bottle, system works well. So I collect my beer bottles and on my way to the car I see other bottles and cans dumped in the bin near the lift. (I live in an apartment). So I fish out 2 to 10 bottles on my way to the car, takes me 15 seconds to make a $1. Guess who dumps the bottles? All the young renters in my building. I always say to my wife, would you walk past a dollar? We both say no but it is amazing that those that need money the most are the first to throw it away.

    Then there is the $1 or $2 supermarket trolley scheme. When you finish your shopping you get your $1 or $2 back. It's not uncommon for me to round up 2 or 3 trolleys that people are to lazy to take back and make $5 for doing almost nothing for it.

    Money is for spending that is true but wasteful spending or being lazy about it is just throwing it away.
     
  10. Silverling

    Silverling Active Member Silver Stacker

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    Was on a minivan tour through Thailand once. My wife bought some durian and couldn't eat it all so took it back with her into the van. We only got a kilometre down the road when the driver said "look sorry you got to get rid of that", pulled over and she had to dump it. So funny watching all these Aussies look like they were going to puke.
     

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