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Lesko: Are Money Beliefs Keeping You From Wealth?

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Jason: What holds people back from becoming wealthy? Greg Lesko from Lesko Financial says--it could be "all in your head." Greg.

Greg: Thanks Jason. Many people heard early in life that "money doesn't grow on trees" or a "fool and his money are soon parted." Some of those sayings about money can become core beliefs and keep people from building wealth later on.

For example: "Money can't buy happiness." It's true that money alone won't usually make you happy, but studies show that having enough for necessities and spending money on life experiences actually can make you happier.

Jason: What other cliches could be holding people back?

Greg: "Do what you love, the money will follow." A recent study says millenials are more concerned with meaningful work than with making money.

Passion in your work is a wonderful motivation, but there will be times in life when you need to have a good income to support a family or put a down payment on a house.

It might be smarter to set your dream job as a future goal and let that encourage you at those times you just need to work for the money.

Jason: What about "A leopard can't change his spots?"

Greg: Yes--some people beleive they're "just not good with money" and they don't even try--living paycheck to paycheck or racking up debt.
but nobody is born with the innate ability to become rich.

Spending less, saving more and delaying gratification are simple techniques that can be learned. And if it's really tough to manage money, there are credit counselors and other professionals you can trust to encourage you along the way.