Ramit Sethi, author of the New York Times Best Seller, I Will Teach You to Be Rich, founder and CEO of GrowthLab.com and of IWillTeachYouToBeRich.com, recently said that there is one specific thing that might keep you from becoming a multimillionaire.
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And that is what he calls “money psychology.” In other words — and as he noted in an article on his website — If you want to be wealthy, “your money mindset needs to be working for you — not against you.”
In a June 27 YouTube video, Sethi argued that everyone knows someone who makes a lot of money. Yet, he said, that person “could double their income, and they would still spend everything they make.”
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“So, what’s going on there, well, it’s their money psychology — because how you think about money will determine how you act with money and how you grow your wealth,” he said.
That’s why Sethi urges individuals to “reprogram” their money psychology.
Namely, according to him, you need to uncover what he dubs “your money scripts,” which are “the stories we tell ourselves that become ingrained in our psychology.’
These beliefs can center around a range of topics, and some he lists on his website include: “Credit cards are a scam;” “Stop spending money on lattes”; and “Money changes people.”
In turn, he said that by rewiring your thinking and examining your beliefs about finances, you can make beneficial changes.
He added that this sort of thinking can apply to work life as well, hindering financial growth.
“Have you ever thought I don’t qualify for that job, so I won’t bother applying,” he said in the video. “This kind of thinking is keeping you from new opportunities.”
While he conceded that it could take some time to change your mindset, once you’re aware of the patterns that you were following, “you’ll naturally start to approach financial decisions in a completely new way.
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This article originally appeared on GOBankingRates.com: Ramit Sethi: The No.1 Thing Keeping You From Becoming a Multimillionaire (and How To Overcome It)
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