- Two money phrases that are busy making you poor
and why you absolutely have to ban them
from your vocabulary.
I'm Ann Wilson, Wealth Chef,
and in today's episode we're gonna be unpacking
these two key phrases that most of us unconsciously use
really often and don't realise quite how dangerous
they are and why using them could be a huge
contributor to keeping you poor
and away from living your rich, juicy life.
So the first phrase you absolutely must ban
from your financial vocabulary
is the phrase, "I can't afford it".
And you might go, well Ann,
if "I can't afford it", "I can't afford it".
Yes and no.
The phrase - whether you can or can't afford something
has got nothing to do with your money.
This has got to do with the principles of
how you're living your life.
Are you living this rich, juicy life?
The real problem when you say,
"I can't afford something", is you actually
shut down your creativity.
You shut down your unconscious's ability to go,
"how can I afford it?"
So it's not about you,
unconsciously whipping out the credit card
or going into debt and going, to hell with it,
I'm just gonna have whatever I want now.
That whole "buy now, pay later", "you deserve it",
"because you're worth it" - kind of mentality.
No, that's also just daft because that's taking you
to real poverty, and you're gonna be paying that
in costs, in real terms, in terms of your future well being.
But this is about if you're really clear
that this is something that you really value,
that you really want in your life,
that's going to really add to your wealthy living.
Be it a specific experience or maybe it's education
or if it's really,
maybe it is that handbag,
but you know why you want it.
The question is then, not "can I afford it"",
but "how can I afford it?".
So it's about then going, what can I do
to enable me to have that thing in my life
in a way that is wealthy,
for me, for my family, for my community,
and ultimately for the Earth?
This is about conscious wealth.
This is about expansive wealth of going,
"how do I afford it?"
How do I have what I want in my life
in a way that is expansive?
So no longer "I can't afford it",
but "how can I afford it?",
and "what am I prepared to exchange for it?"
Because ultimately every single thing in our life
is an exchange.
Even an exchange of time, value, your energy,
and so you're going, "what is this worth to me
in terms of what I've got to exchange it for?"
And this is what's so great,
because you can really get congruent about
"do I really want this thing?"
It no longer becomes a matter of just "can I afford it?"
So there we go, that is the first phrase you're banning.
"Can I afford it?"
So the second phrase you're absolutely
banning from your financial vocabulary,
and it's more of a mindset is,
what I call the "minimum repayment mindset".
This is "what are those monthly repayments?"
and you making your spend decisions
based on a minimum monthly repayment.
This happens all over the place.
We've created a culture where it's almost
as though everything is based on
these little slices of minimum monthly repayments.
This is the most fatal thing you can do
for your financial wellbeing,
getting sucked into the minimum repayment mindset.
Whether this is from the size of your mortgage
or your home loan or bond, whatever you call it,
where you're gonna go okay,
how big a mortgage can we take out based on
the minimum monthly repayment?
And this is where so many people make
their purchasing decisions on this basis.
Fatal, fatal, fatal.
This is the tail wagging the proverbial dog.
No, no, no.
You go, "what is going to be the home
that fits into my financial plan
in a way that doesn't deplete me,
that still allows me to have the other money
in the other wealth pie aspects,
and that serves me for now in the better whole good?"
And then you go, "how am I going to slice that down
and afford it and bring it into
your monthly repayments in the best way?"
So here's the thing,
you always want to look at what is
your total cost of ownership of
anything that you're bringing into your life.
Be it a car, be it that home, be it that gym membership.
Understand what the full implication is
of this buying decision.
And that total cost of ownership is virtually
the amount of money you're going to spend on it
in that term.
So if it's a 24-month contract,
what is that real cost?
And that is going to include the interest
you're going to be paying.
It is so important that you add this in.
Because when you're paying for something on a credit card
and you're paying that minimum monthly repayment
on that credit card,
typically that's set up, it's structured in a way
that the minimum monthly repayments on credit cards
are designed to actually keep you in debt
for as long as possible.
Because, as we cover elsewhere, debt is power.
He who holds the debt has the power, or she.
And so, if you knew that that pair of shoes
that you're about to put on the credit card
and just pay that monthly repayment on,
if you knew you were actually going to end up paying
between 12 and 18 times the cost of that pair of shoes
would you really, really be buying that pair of shoes?
Or that car?
Or even that home?
So understand the full total cost of ownership.
But you've also got to understand the phantom costs.
These are the costs that you now bring into your life
as a result of owning that thing
or entering into that minimum monthly repayment.
So in terms of the car you drive,
that could be the insurance premium.
That depends on the kind of car you have,
the cost of the fuel,
the cost of maintenance and so on,
these are the phantom costs.
And this is where you see why the relationship
between your liability drawer and your expenses,
there is that relationship,
which we cover in the money flows video so succinctly
So, never make your money-buying decisions
or decisions about whether you're going to
enter into something based on the minimum monthly repayment,
which as you can see, is also directly linked to,
"can I afford it?"
Break that minimum repayment mindset,
and that is going to be your fastest way
to claiming back your power,
claiming back your life,
and getting a hang of a lot more from your money.
So there you have it, the two phrases
that from today you're banning
from your financial vocabulary.
From the, "I can't afford it" to "how can I afford it""
and not "what is the minimum monthly repayment",
but "what is the total cost of ownership"
of this buying decision that I'm about to make.
And just those things are going to
make your life significantly wealthier.
So if you're watching this anywhere other than
over at www.thewealthchef.com,
head on over there,
and while you're there,
let me know in the comments below the video,
"Which of those phrases have you used a lot in the past?"
And that have either
prevented you from having the things you've wanted
or made you make buying decisions
that haven't been great for you.
So let us know, and then you can consciously change
that in your life.
And if you haven't yet subscribed to our channel,
do so, so that you don't miss one of these great episodes
to really bring in ways to master your money
and get it working hard for you.
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