Http Www.Salary.Com 12-Entry-Level-Jobs-With-Big-Earning-Potential Your Psychological Wallet And Why You Need To Increase It

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Your Psychological Wallet And Why You Need To Increase It

I like to share with you a term that I learned from Bro. Bo Sanchez, author of the book “My Maid Invests in The Stock Market”, psychological wallet.

What is the psychological wallet and why do you need to increase it anyway?

On our way home one night, my girlfriend was sharing with me a discussion she had with 2 of her classmates from law school earlier. They talked about how they were suffering in monthly salaries and yet everyone seemed to be struggling and living paycheck to paycheck.

My friend also mentioned that one of her classmates only made P12,000 a month (half of what my girlfriend makes), but my girlfriend is no better off financially. Yes, he can afford more things than his classmate, but when it comes to wealth, they are equal.

She told me that she still remembers the time when we were both close to minimum wage, while working in a government agency, and she dreamed of earning P20,000 a month. It was 2009 and we thought that earning this kind of monthly money is already great. We feel that P20,000 a month will be more than enough to cover all our wants and needs and still have enough to put aside for savings.

Fast forward to 2013 and my girlfriend is now making more than the P20,000 we dreamed of making 4 years ago (we both actually reached that amount in our next job after leaving the government agency). Now he has a bigger monthly salary, but the financial struggle still continues. He realized that bigger income is not necessarily the answer to financial problems, sometimes it leads to bigger problems.

I told her welcome to the rat race, where bigger income means bigger expenses.

I’m sure many of you feel what she feels, believing that a bigger salary will be the answer to your financial solutions only to find out that a bigger salary usually means bigger expenses.

The quick and obvious solution of course is to have proper money management. Living on a budget and not spending too much on necessities are key things that people need to learn in order not to struggle financially.

But that’s easier said than done. It is not easy to live with a budget and it prevents you from buying that new beautiful dress or that new phone model that the store offers at 0% interest and paying in installments. And why is this?

It’s because of your psychological wallet, a term Bro. Bo shared in one of his discussions. Brother. Bo said that the only reason why many people spend money when they are promoted or receive a larger amount of money than they are used to is because the money they receive does not fit their psychological wallet.

Your psychological wallet is the amount of money you like to receive, or the amount that fits who you are. A person who receives money that is greater than the amount in his psychological wallet usually does not know what to do with the excess money, so he just spends it.

A good example of people who are like that are lottery winners.

Most lottery winners usually end up squandering the wealth they won within a few months. They spend lavishly on luxury items, and gamble away their money. They feel that the money they win is infinite and they will not run away. And that’s because most lottery winners aren’t willing to handle that kind of money. Money does not fit his psychological wallet. It is not adapted to the lifestyle, to their personality, so they resort only to spend and spend and spend, thinking that the money will not come out, only to be surprised one day that they have no more money and have a lot of debt. .

So how do you expand your psychological wallet?

Through financial education.

Being financially educated will help people prepare on what to do in case they come into possession of big money, such as winning the lottery, getting promoted or getting a raise.

Why do you think the rich have no problems when it comes to handling big money? Because they are financially literate, they know what to do with the money they have. They know how to grow and how to make it work for them, because even if they pass, part of it will still make money.

So it is important to educate yourself financially, not only to be rich and have a secure future, but also to be prepared in case you come into possession with large amounts of money.

Earning large amounts of money is not the key to achieving financial wealth, but learning to keep it and make it grow and work for you is.

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