FINANCIAL
HEALTH
by Dr. Lawrence
Wilson
© February 2022,
L.D. Wilson Consultants, Inc.
WHAT IS MONEY?
Money is a storehouse of value
and a convenient medium of exchange. Money allows people to compare values and place a
relative value on items as diverse as a concert, a race horse, computer
software or a doctor visit.
Money, which can be in the form
of goods or electronic credits, is important in any society because physical
resources are limited. What people
will pay for helps governments decide what products to make, how much, and many
other details about running the economy.
Money has a special role in a
ÒfreeÓ or capitalist society such as ours. It helps individual producers know what to produce. It is a powerful feedback system that
tells everyone from farmers to factory owners to restaurant owners what the
people want and therefore what goods and services to provide.
Many things have been and are
used as money. However, it must be
something with value. For example,
cigarettes served as money at the end of World War II in Germany, when the
official German money became worthless.
Cigarettes were mostly brought in by US servicemen, and served quite
well.
Gold and silver coins have been
used around the world as money for thousands of years. They work fairly well because they are
easily identifiable, durable and hard to fake.
Paper money and checks are more
recent inventions, followed by electronic money in the form of credit cards and
electronic systems such as Paypal.
These are much easier to manipulate by the government, which is what is
going on today in many nations.
THE POVERTY MENTALITY – 1 THROUGH 7
An important area of money is
why some people seem to get it and keep it easily, while others have much more
difficulty with it. Here are some
thoughts about why this occurs.
They are organized using the 7 system. The section that follows this one explains it in more
depth. The following attitudes
will block your success with money.
See if you harbor any of these negative attitudes about money:
1. ÒI donÕt deserve moneyÓ. (This can be for various reasons, such
as I am a bad person, I am stupid, I donÕt handle money well, or other
reasons.)
2. ÒMoney is absolutely bad,
evil, corrupting, and dark.Ó
3. ÒI am out of control with
money. Others are always in
control and take advantage of me, no matter what I do.Ó
4. ÒThere is not enough money to
go around and I care about people, so I must not have any more than the basic
necessities of life so that other people can have some.Ó
5. ÒI donÕt feel like working
hard. Getting more money is just
not worth the trouble.Ó
6. ÒAs the Bible says, money is
the root of all evilÓ. (that is not what the Bible says, but it is what many
believe it says.) Or
ÒI am not a capitalist pig who
only cares about profits and doesnÕt care about people.Ó OR
ÒThe money system is stupid and
not needed. The government should
just print the money and then give everyone the same amount of money. That is the right and fair way to deal
with money.Ó OR
ÒI just donÕt understand money
and why we need it.Ó
7. ÒGod does not use money, so
neither should we.Ó OR
ÒGod does not like money, so neither
do I, and the less I have of it and the less I deal with it, the better.Ó
ÒGod is the source of my supply,
and God takes care of the birds and plants, so He will take care of me,
too. Therefore, I donÕt need to
work much.Ó
ÒI think the Bible says ÒBlessed
be the poorÓ, and ÒThe last shall be first and the first shall be lastÓ. It also says Òthe meek shall inherit
the earth.Ó I guess that means
that it is good to be poor.Ó
The cause of poverty consciousness is usually
holding on to any of the attitudes above.
Check yourself carefully if you are having difficulty obtaining or
keeping money. The next section
examines some of these attitudes in more detail.
ATTITUDES THAT BLOCK RECEIVING MONEY
Identifying negative attitudes
about money is most helpful. Also
helpful is to realize that money follows certain laws, which, if obeyed,
contribute to success in this area.
If you are having any difficulty in the area of money or finances, check
to see if you hold any of the following common negative attitudes about money.
Poor
Attitude #1. Money is a bad thing. This is a common attitude today. The opposite attitude is that I respect and appreciate
money, and take responsibility for learning about it.
Taking responsibility for money
is not the same as attachment to it.
Many poor people are very attached to money. Maturing your attitude about money involves letting go of
attachment, but taking on the responsibility of a wise steward. If you are not willing to learn about
money, respect it, love it, embrace it and understand the best way to invest
it, you probably wonÕt have it for very long.
Poor Attitude #2. I do not deserve financial success. This attitude may be rooted in guilt,
or an inability to receive goodness into your life. The opposite attitude is
that I deserve and am open to receiving all good things into my life.
Poor
Attitude #3. Being spiritual or
being a wonderful person and having money do not mix. Implied
here is that only selfish and greedy people have money. The Bible is often
quoted that Òit is harder for a man with money to reach the kingdom of heaven
than to pass through the eye of a needleÓ.
This is not true and is a
mistranslation. Some great people
in the Bible were wealthy. They
include Abraham, founder of the Hebrews,
and Joseph of Aramathea, a close friend of Jesus, and a very righteous
man.
This attitude may also be due to
a false pride, that you are a better person when you have to scrounge for
money. It allows you to judge
others and feel superior to them.
Its opposite is that money is a
gift from God. It is true money
can get in the way of spirituality, but so can poverty.
Poor
Attitude #4. I am ignorant about
money, and people who are selfish and scheming will always take advantage of
me, so there is no use trying to have money. Underlying this attitude is the victim mentality and
hopelessness.
Just because others have studied
money longer than you, is no reason to give up.
Poor
Attitude #5. There is not enough
money to go around, and I feel sorry for the poor, so I will remain poor to be
in sympathy with them. Underlying this thought is a belief in scarcity.
R. Buckminster Fuller proved
years ago there is plenty to go around.
He showed that wealth consists of the 103 elements and the knowledge of what
to do with them. Since the amount
of the elements is fixed and the knowledge of how to use them is increasing,
wealth is increasing
all the time.
Abundance is the true
state. The only reasons one does
not experience it are their beliefs and the expressions of those beliefs,
including our banking system that takes advantage of the people.
Poor Attitude #6. Money is the root of all evil. This is a misquote from the Bible. The actual quote is Òthe love of money
is the root of all evilÓ. A better
translation is probably that the love of the material or physical world,
represented by a love of money and what money can buy, is the root of all evil.
Notice
any of these negative thoughts without resenting them. Begin to replace them with the opposite
thoughts.
THE LAWS OF MONEY
Money
has basic rules, just like gardening or any other activity. Learning the rules and following them
closely creates much success in this area. Here are some basics:
Income must
exceed expenditures.
Many people spend beyond their means. There is no shame in living a simple life. In fact, it is essential to leave room
in your life for healing, for creative endeavors, and for spiritual
development.
The
Law of Compound Interest. Money grows much faster if you save and
reinvest the interest. Reinvesting
the interest is called compounding. For
example, earning one percent per month simple interest on $1000 means you
receive $10 every month. At that rate, it takes over 40 years to earn $5000.
However, if you allow the
earnings to grow instead of spending them, in the first month you receive
$10. However, the following
month you would receive interest on $1010, or $l0.10. With compound interest,
it takes less than half as long to have $5000. This is a very important principle
of investing money. It is also the
reason why a mortgage or a loan can increase the cost of a house or car several
fold.
The Law of
Supply and Demand. This
basically states that the greater the demand for a good or service, the higher
its price will become. The greater
the supply, the lower the price will be.
For example, air is everywhere so its price is 0. Diamonds are rare so their price is
high.
In practical terms, this means
that if you can find a ÔnicheÕ that is a demand that is not being fulfilled by
others, you can do very well. Be
creative, as it can be anything.
This is what entrepreneurs do the best. They find a demand for a product or service and fill
it. It is about providing value
for people.
Be of True
Service and High Integrity.
Many people make money as parasites and cheaters. However, earning money usually has to
do with providing quality goods or services at fair prices and doing it with
consistency and integrity. One
must provide real value. Some
businesses tell their employees to go the extra mile and give people even more
than they have to.
If your business or job is not
going well, be sure you are doing your best to give service with integrity, and
to provide real value. It is also
necessary to be very practical. A
service you think is excellent may not be perceived that way by others.
Parasites, by the way, usually
exist due to artificial demand or artificial suppression of demand due to
licensing laws, tax schemes, or government subsidies for certain kinds of work
or services. Without these laws,
most people would be much better off than they are today. This is not cynicism, but just the
truth.
The
Law of Chance. Instead
of investing their money, many people play the lottery or visit gambling
casinos. Here one comes under the
law of chance. This law is no less
rigid and mathematically defines the odds of your winning. The odds are very poor!
The large gambling operations in
America and elsewhere are generally run by organized crime groups such as the mafia. This is not an accident. They make a lot of money easily this
way. Today, in America, the state
governments run lotteries. This is
not wise, no matter how much money they earn – which is a lot.
Work
hard or diligently, and intelligently. This may seem
obvious, but it is a basic principle of money. Effort in the right direction (not just effort alone) is
rewarded.
TIPS FOR FINANCIAL WELLBEING
1.
Simplify Your Life. Most people buy things they do not need
and in many ways spend money unwisely.
This depletes resources and creates extra stress.
It also wastes a huge amount of
most peopleÕs time between shopping, learning about all the latest clothes or
electronic gadgets, returning some to the store, and then playing with the all
the toys you have bought until you are bored with them.
It is easy to become caught up
in a materialistic lifestyle that does not serve oneÕs highest and greatest
good. We are spiritual beings
first. ÔStuffÕ, beyond the basics,
is not required or helpful.
Many people, if they are honest,
are using things, services, trips and other expenditures to compensate for
their lack of joy or excitement in living.
Notice if you are doing
this. Work on identifying ways you
waste money. Keeping track of
expenses and reviewing the record periodically can be excellent for this.
2. Get out of most
debt. Debt, in general, adds stress to oneÕs
life. Interest payments that make
the items bought on credit much more costly.
An exception is a home mortgage
and perhaps a car or student loan.
However, we do not recommend going to college if it will leave you with
large debts. It is not worth it,
in most cases.
3. Buy some
gold. My guidance is that gold
will do well. Below we describe a
simple investment program based upon gold.
4. Invest in
Yourself. Here is what this
means:
A.
Invest in your health. This does not mean hang around
doctors. It means begin a
nutritional balancing program. If you
cannot afford a complete program, then begin the ÒfreeÓ program today. HEALTH IS WEALTH.
Having and keeping your health
means you will be able to hold a job.
That is very important. It
is not easy to stay healthy in our polluted world. Be careful of holistic doctors.
B.
Learn useful skills. They can involve computers, be manual
skills, people skills such as management, or others. This will assure you will always have employment, even if it
is not your ideal job.
C.
Invest in your creativity if you can. This means to notice if you have interest and talent in an
area – writing, handling animals, fixing cars, computers, or anything
else. Then develop this talent and
skill. Also, learn how to bring it
to market or share it with others.
This way you will bring forth
new ideas, new services and new products that people will benefit from, and you
will benefit as well.
5. Be extremely cautious with all
investments. Most investments
are no good. Investment is an area
where low integrity abounds.
The best investment is usually a
home to live in. Poor investments
include fancy cars, fancy clothes, and most money offers that come through the
mail or the internet.
Beware of people offering you high
rates of return on investments, stock deals, and everything else.
6. If possible,
set up your own business. The
general formula for doing this is: Find
some kind of work in society that needs to be done, and do it your
way.
Be sure it is something you
believe it. It can be anything at
all that people need. If you are
honest and responsible, people will request you and will not just go to the
next vendor for their needs.
7. Totally
avoid easy credit unless you are very well-disciplined and know you can pay
everything off.
8. Use common
sense and above all be practical. Making and keeping money is often a very down-to-earth
activity. If something you are
doing is not working out, make some changes so you respond to peopleÕs needs. Money concerns can be a great
discipline in this sense.
9. Use care in
donating your money to the needy, to charities or friends. Often giving comes from an ego feeling that you can fix
others, or a need to be loved in return.
Why some people are poor is very complex. Learning to give money wisely is an entire skill in
itself. Also, always include
yourself in the circle of your giving.
10.
Be careful financially when you enter a personal relationship. It is unfortunate to have to say this, but many people are
cheated by their husbands, wives, and even friends.
Here
are two approaches to this problem:
Approach
#1. The Christian marriage approach. The churches
teach that one should get to know the other person very well – for at
least a year or two – before marriage and before having sex or getting
too involved with anyone.
Be sure you share the same
values, and that the person has high integrity. Get to know the personÕs family, friends, relatives and
others before you decide to enter a serious relationship with the person.
Then, when you get married,
share everything including bank accounts and all financial resources. They say it tends to help a couple
understand that they are now one, and it can help strengthen a marriage.
2. Approach #2.
Keep everything separate. This is often the advice of financial
planners today. They know that
many people will not take the time to get to know their partner well, and that
some people are very selfish and mean.
Therefore,
they recommend that the man and the woman keep their financial assets
completely separate. It gives the
woman more stability and safety, and it often works well.
Which
of these approaches you choose depends on how you view relationships, and how
well you are willing to get to know another before entering a serious
relationship. The Christian
approach is best, I believe.
THE FINANCIAL
INVESTMENT PROGRAM
Here
is a simple and safe way to save money and become wealthy at the same time. At this time, (2022), We think you will
do just as well or better than people who are invested in other stocks, bonds,
mutual funds and other financial products. We will update this section if conditions change.
Step 1. Open an investment brokerage
account with Vanguard Investments.
They area large discount broker with thousands of clients. They also have a good reputation.
Step 2. Put some money in the Vanguard
account and with that money, buy GLD.
This is a stock fund that invests only in gold bullion or gold coins.
Step 3. Keep adding money to the Vanguard account when you get some. As soon as the money is in the account,
buy more of GLD.
References
1. Fuller, R.B., Ideas and Integrities, Collier Books, 1963. and
his other books. Fuller has a
superb attitude and proof about the abundant nature of our world.
2. Griffin, G.E. , The Creature From Jekyll Island, American
Media, 1998. This book is
excellent for understanding our banking and money system. There are also many excellent,
practical books about money management in bookstores.
3. There are many good books about money. Beware, however, of many Ònew ageÓ
books that tell you that all you must do is Òthink richÓ and affirm that you
have money and you will be fine.
You must still always use common sense with money at all times or you
will lose what you have and will never accumulate any more.
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