This is where your financial thermostat is set
May 07, 2020
Financial thermostat
My friend and mentor Michael Yardney told me some years ago that the blunt truth is your bank balance is a way of keeping score.
And your bank balance doesn’t lie.
It’s written there in black and white at the end of each month for you.
Effectively your net worth and your bank balance is a reflection, he told me, of how much value your place on yourself and on your time.
Your net worth reflects the current setting of your financial thermostat, he said.
And if you want to achieve more then you need to raise the level of your financial thermostat…otherwise you’ll end up right back in the same place.
If you’re working for a full month and there’s too much month left at the end of the money, then that’s an indication that you may not be placing a high enough value on yourself or on your time.
At the very least it could be a signal that you need to do something different if you want to achieve your wealth goals.
From here to there
Following on from this, another useful exercise is to project forward your results to date in order to determine whether you’re going to reach your wealth goal on a timely basis.
In other words: will what got you to here, get you to there?
If the answer is no, then that’s also a signal that something needs to change in your current wealth plan and approach.
I discussed these ideas a little further in the short video here
Whenever you’re ready… here are 4 ways we can help you manage your own money and go next level wealth:
- Boom or Bust in 2021 – 20 minute online workshop for investors
Register for my next free online training - Boom or Bust? How to change your investment plan for 2021 - book in here
- Subscribe to our Top 100 Podcast for Investors
Listen in to our new podcast - The Low Rates High Returns Show - Apple , Spotify , SoundCloud
- Join our Implementation Program
We’re putting together a new coaching case study group this month for private investors. If you’d like to get the plan, tools and timeless principles for managing your money and creating next level wealth … just send an email to [email protected] with the word “Case Study” and we'll get you more details.
- Work with me privately
If you’d like to work directly with me and Stephen Moriarty directly to help you map out and action your next level wealth plan… just send an email to [email protected] with the word “private”… tell me a little about your situation and what you’d like help with, and we’ll get you all the details!
