“Wealth is a Head-Trip. It begins in the mind.” L. Michael Hall
When you think about wealth, what do you think? Pause right here, and notice what ideas first come to your mind.
When you think about wealth, what do you feel? Take a moment and get in touch with your feelings regarding wealth.
Each of us has different associations and different connotations to wealth. Some feel obligation when they think of wealth; the responsibility to grow it and protect it, or to pass it on to their children. Some feel the responsibility to do something “worthwhile” with it. It might be to create a significant collection, participate meaningfully in philanthropy, or use it to help people they know. Others think of money as freedom and independence. Still others think of security. Some think of fancy cars and large houses and social status. Some feel it proves they personally have value. Others feel that wealth implies a shallow and materialistic preoccupation and hence impedes “true spirituality”. At the extreme ends some perceive wealth as the highest good and others see it as venality or even evil.
Since the purpose of trading; or investing is to create wealth, or at least money, it is critically important how you, a trader or investor, interpret the accumulation of financial wealth. If you feel on some level that there’s something inherently wrong or selfish or evil about amassing large financial fortune, you and the market will find a way to work together to diminish or demolish your winnings. Trading is not the arena for those who are conflicted about the value of money accumulation.
I know one trader who feels a growing tension within himself when he is winning. He consciously knows that he is not specifically stealing from another trader just because he is winning. He consciously knows he needs to create wealth for himself and his family. And yet, in the back of his mind, he feels he is taking from others when he wins and he feels bad about it. As he starts to give it back, he begins to feel a kind of relief. This trader has the limited pie theory of abundance: he believes there’s not enough for everyone; therefore, why should he have more than the bare minimum?
Several years ago I worked with a floor trader who was averaging $5,000 a day trading. He wanted to make $10,000. It looked like an easy task to me. If you can make $5,000, you can make $10,000. Unfortunately, this trader valued himself at $5,000. That was what his father had made before him. He learned that he had the right to grow beyond his self imposed limitations.
When I mentioned this situation to a colleague of mine, she said, “Ruth, that’s a disgusting desire for money! That’s not ecological! I replied, “That’s why it’s a good thing that I’m the one who’s working with traders. I’ll always help a person get thinner, or healthier, or wealthier.” Always check out the values of your trading mentor or coach.
In my next column, I’ll be exploring beliefs that support wealth creation. Until then, ask yourself, “Is there anything I believe that is getting in the way of creating and sustaining wealth?” There are certain ideas and thought viruses that can cost you money all your life.