Latest / Money Grows on Trees / #209 - This Mindset Is Keeping You Broke

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#209 - This Mindset Is Keeping You Broke · Money Grows on Trees

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  Hoarding money isn't the same as building wealth and the mindset
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  that keeps you from growing your money It's the very thing that's keeping
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  you broke The news was filled with panic banks were
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  failing people were losing jobs The stock market was in freefall you
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  learn to fear money every time you think about investing a little voice
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  in your head whispers What if you lose everything? What
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  if it's all a scam? What if you make the wrong choice?
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  The first step is to have what's called a fun account, an account
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  that you put money in just for the process of seemingly
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  wasting it. I'm Lloyd James Ross, seven-figure investor and entrepreneur, and
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  I've helped thousands of business owners and professionals turn financial stress
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  into success. If you're stuck in old money habits, overwhelmed by
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  investing, or unsure where to start, this is for you. I'll
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  give you the mindset and strategies to take control, grow
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  your wealth, and achieve financial freedom. It's time to make your
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  money work for you. There's a disease spreading everywhere. It
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  doesn't care how much money you make, what job you have, or
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  how smart you are. It infects business owners, CEOs,
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  even self-made millionaires. You'd have a seven-figure
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  income and still suffer from it. And
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  the worst part? Most people don't even know they have
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  it. This disease keeps you stuck. It makes you work
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  harder while earning less. It convinces you that no matter
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  how much money you make, it's still never enough.
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  I see it every single day. If you're listening to this, chances are
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  you have it too. But here's the kicker. This mindset isn't
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  something you were born with. It was given to you, learned
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  from your parents, absorbed from your environment and shaped
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  by past experiences. And once it takes hold, it
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  runs your life. It controls how you spend, how
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  you save, how you invest or don't. So
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  how does this mindset start? Where does it come from? Imagine
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  this, it's 2008. You're a teenager, maybe
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  in your early twenties. watching the world around you
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  collapse. Your parents worked hard. They
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  did everything right. They bought a house, had
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  savings, maybe even a few investments. Life
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  was comfortable until suddenly it wasn't. The
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  news was filled with panic. Banks were failing.
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  People were losing jobs. The stock market was in free fall. And
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  then it hit your family. Maybe your parents lost their home.
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  Maybe your dad got laid off. And maybe your mum was scrambling
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  to keep the lights on. Maybe you remember the way they
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  whispered at night about bills, about
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  debts. about how they'd never let
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  this happen again. So what did they do? They
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  tightened their grip on every dollar. They stopped
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  spending. They stopped taking risks. They made sure that
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  every cent was accounted for. And you? You
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  learned to fear money. To fear losing it.
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  to believe that even when things are good, it can all come
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  crashing down in an instant. Now, as an adult, you
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  make money, but you never feel like you truly have
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  it. You don't invest, because what if the market crashes
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  again? You don't spend, because what if
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  you need that money later? You work harder, thinking that
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  more hours, more hustle is the only way to
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  stay ahead. But no matter how much you earn, that
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  feeling never really goes away. Because
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  deep down, you're still living like the crash is
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  just around the corner. Sound familiar? Well,
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  maybe your story looks more like this. You grew up
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  thinking your family was doing well. Your dad was smart with
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  money. At least that's what everyone said. He talked
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  about investments, had a solid job, maybe even dabbled in stocks
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  or real estate. Money wasn't something you worried about until
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  one day everything changed. Maybe it was a bad
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  investment. Maybe it was a stock market crash. Maybe it was a business
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  deal that went south. Whatever it was, the money vanished almost
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  overnight. You saw your dad go from confident to
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  crushed. You remember the arguments, the tension
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  in the house, the way he stopped talking about money altogether, how
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  the topic became off limits. Maybe he swore
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  off investing completely. Maybe he became obsessed with
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  never taking another risk, choosing instead to save
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  every single penny, convinced that playing it safe
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  was the only way to survive. And without realizing it,
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  you inherited that fear. Now, every time you
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  think about investing, a little voice in your head whispers, what
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  if you lose everything like dad did? What
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  if it's all a scam? What if you make the wrong choice?
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  So you avoid it. You play it safe. You hold on
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  to money like it could slip through your fingers at any
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  moment. But here's the thing. Hoarding money isn't
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  the same as building wealth. And the mindset that keeps
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  you from growing your money It's the very thing that's
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  keeping you broke. Or maybe you don't need to
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  look at your parents. You've lived this yourself. You built something,
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  you took a risk, started a business, maybe even made great
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  money, but then something happened. A bad
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  partnership, a failed investment, a market downturn,
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  and suddenly everything you built disappeared. And
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  every time you think about investing again, your stomach knots up.
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  The memory of losing money haunts you. You
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  hesitate. Second guess. You overthink.
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  You stick to what feels safe. You
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  don't invest. You don't delegate. You take full control,
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  convinced that if you just work hard enough, you can prevent another
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  failure. That's not how wealth is built.
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  Maybe you're the kind of person who believes that if you want something done right,
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  you gotta do it yourself. You don't outsource. You don't invest
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  in help. You don't delegate. Because no one can do
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  it as well as you can. But what happens? you
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  run yourself into the ground. You spend all your time on tasks
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  that don't actually build wealth. You trade time for money, working
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  longer, working longer, working longer, thinking that if
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  you just worked a bit harder or a bit longer, you'll
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  finally feel financially secure. But no amount of
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  hard work can fix this mindset. And the
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  mindset is scarcity. Just
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  quickly, if you're ready to take control of your finances but feel stuck on
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  where to start, I have a solution. My book, Money Bias Happiness,
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  simplifies investing and wealth building with practical steps to help
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  you achieve financial peace. Get your copy via the
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  link in the show notes and let's get your money working for you. Now back
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  to the episode. Where does it come from? How does it happen? But most importantly,
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  how do you move away from this scarcity money mindset? And
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  it reminds me of a story that my dad told me many times from
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  his past. He was a very successful insurance salesman. In
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  fact, he sold 100 insurance policies face-to-face in
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  a single week in his 20s. And so being
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  number one, he would always win awards. And he'd go to the awards night,
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  he'd be up at the top of the table, the best insurance salesman of the year. And
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  one particular year, there was another chap who was at the top
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  with him. And he said that at the event you get a trophy and
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  they give you a big bottle of champagne to take back to your table.
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  And he said one night he was observing this guy that, you know, for the first time he
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  sold some insurance policies and was at the top of the table. And he was getting
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  the same award as my dad. And he said he noticed something. He said
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  this guy went back to his table and
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  took the bottle of champagne and put it under the table. And
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  I asked my dad, I said, what did you do with yours? He said, I took mine back to the
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  table and I opened it up, popped it and
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  gave everyone a glass and shared it with everyone. I
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  said, dad, what's the lesson in this story? What are you trying to tell me here? He
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  said that he never saw that other guy again. It
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  was the only time he ever won top of the table. Why? Because
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  when my dad went back to his table, he shared it with everyone and
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  used the champagne, drank it because he knew he'd be back next year
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  and he'll get another one. Whereas the other guy, he thought this is the last time
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  I'll ever win this. I won't be back again and he never came back. So
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  when it comes to your money, you have to understand that you'll get it again. It's
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  free flowing. You'll find it. And most importantly, you
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  can't take it with you. So just like champagne, share
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  it, spend it and intelligently invest it. but
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  try not to hoard it because it will come back and it'll just, it'll
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  haunt you for the rest of your life. So what are some practical steps you can take
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  to actually get rid of this scarcity money mindset?
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  Well, I've got three practical steps for you to follow to do that. Step
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  number one, the first step is to have what's called a fun
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  account, an account that you put money in that you blow on
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  purpose. That's right, the account is designed for you to put money in it
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  just for the process of seemingly wasting it,
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  all right? You want to buy the champagne and pop it, go for it. But this will
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  prevent you having guilt and shame around spending money
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  that you feel you don't have. That's the first step, having a fun account. The second step
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  is to educate yourself about investing. Because
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  no one is going to care about your money more than you. But the only thing holding
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  you back from investing it and deploying it to grow it is the fact that
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  you don't understand the investing landscape. And the only way
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  around that is to put the knowledge in your head. So education must
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  come before you deploy the money into investments. Wisdom
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  before money. So someone once said to me, Lloyd, empty
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  your wallet into your head so your head can fill your wallet. Step
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  number three, delegate. You can't do
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  it all yourself. You've got to delegate, which means starting to delegate
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  some of the small tasks in your life that you think you're the only
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  one that can do it. You think you're the best at it. But let me tell you,
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  there are other people out there that can do it better than you. I know, it's crazy, but
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  they are. And so when you go and start delegating, it
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  means you can free up your time. And time is more valuable than money. So
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  the trick to building wealth is scaling your time. You
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  can work on higher value tasks. So the trick is to delegate the
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  tasks that are below your hourly rate. And that allows you to free up
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  your time and focus on wealth building instead of just being busy all the
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  time. And the most important thing for you to firstly delegate if
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  you haven't done it yet is to delegate the cleaning of your house.
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  One of our students, she came in, she was very clever. She was an engineer running a
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  team of 30 people, had four children, was building an app.
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  as a business, and she was still cleaning her own house. And
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  she said to me one day, Lloyd, I feel like I'm just, I've got no time left.
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  I can't build my wealth. I can't spend time on my business. I said, you're
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  still cleaning your own house. Of course you don't have any time.
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  And it was that moment that she decided that, well, maybe
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  there is someone better than me in this. Maybe I can actually trust someone enough to
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  do a job better than me. And she outsourced her cleaning and
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  that changed her whole life. And so that particular step will
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  allow you to scale your wealth and not cling to the fact that you're the only one
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  that can do it. So the scarcity money mindset is just one of
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  six money mindsets that is holding you back from
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  building wealth. You wanna know the other five? They're in my
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  latest book, Money Buys Happiness. So head to the description, click
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  the link, grab a copy and go and find out the next five money
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  mindsets that are holding you back because when you're aware of them and you know them,
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  you can get past them. All right, so hit the subscribe button, go check
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  out the link and I'll see you in the next episode. Thanks for listening to Money Grows on
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  Trees. If you enjoyed the episode, leave a five-star review on Apple Podcasts
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  and Spotify and subscribe to us on YouTube so you never
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  miss an episode. And if you're serious about building wealth, make sure to
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  check out the links in the show notes and follow me on all social media
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  platforms, at LloydJamesRoss for more. See