Mind Your Money By Greg Ellis At Isnare.com Ezine Articles

Wealth has to begin as a state of mind, or it will never build, or last, at least for not very long. In a recent survey of Australian Lotto winners, more than half were worse off five years later, and no way near as happy. Broken families, lost friends and homes, the story after the big cheque doesn’t always end happily ever after for everyone. These winners all learned the hard way that money doesn’t bring happiness.

Why, when these people started out with fantastic riches, couldn’t they hold on to their wealth? It boils down to attitude. Their state of mind towards an outcome affected their future. Beginning, as they did, with a faulty concept that if they won all this money, they would automatically be happy forever, they painfully learned that money isn’t magic.

So how does anyone gain or hold on to wealth?

The answer is simple: contentment. However, the application can be far more difficult, because contentment has to come from a deep inner satisfaction with what a person has. Without that satisfaction, people tend to run from ideal thing to ideal thing trying to purchase happiness with quick cash; soon all they have is more things that lead to temporary happiness or didn’t satisfy them at all.

This, of course, does discount the chances of an unexpected emergency arising to break the bank. Life moves from surprise to surprise. How a person deals with these surprises can show clearly the mindset of the involved person. Some rush into long term debt to get over a short-term shortage. An option often not considered is a payday loan. Using a payday loan can help get them over the hump because this is a type of short tem loan. Payday loans don’t allow the interest to build up over the long term. Long term thinking like this is the way to build financial wealth.

It is this kind of long term thinking that puts the day to day into the perspective that can bring contentment. It can be much easier to forgo that new iPod when it is viewed in terms of what the purchase could become over time. Items like an iPod not only have a purchase price in the immediate future, but then they lead into having to make a series of secondary purchases, like a computer, adapters, earphones and the music to play on it. Then as any electronic device it soon becomes obsolete. Something bigger and better replaces your item and the money spent on it is still gone. Looking at in the longer term that purchase could be delayed, and the price would come down. Meanwhile the money could be working in an interest-bearing account.

Well thought out decisions is the key to building wealth, and the proper mindset is the key to making the right decisions. While being content below your means does allow the cash to build up, wealth can only come with the state of mind that you have.

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