Psychology of Money: 11

OK, I freaked out some people yesterday so before we get to today’s subject – here are some follow up thoughts.

For those worried about projections of how many women die poor … the bad news is that some sources say it isn’t half, it’s more like 2/3rds of women. So if you’re panicked into action regarding retirement, heads up: most of us will need upwards of a million. Calculators are available to help you do the quick math; most assume that you need between 70-80% of your gross annual income for each year you live past retirement.

The good news? No matter how many people bang on about how critical saving for retirement is, expert Olivia Mellon argues that the number one factor determining quality of life for the elderly isn’t wealth of cash, it’s social wealth – being an active member of a community of people of every age. So that last thing you should do is dump your friends and family and start working, hoarding and investing like a Scrooge.

Which leads us to the subject of today’s blog. Do you live in fear or hope and optimism when it comes to your personal wealth?

For anyone who somehow missed the most successful global viral marketing scheme of all time, former TV producer, Australian-born Rhonda Byrne, transformed herself into a guru to reveal to the world The Secret. Ancient wisdom supported by hardcore physics (really?) the “secret” boils down to this: the law of attraction (if you focus on what you desire the universe will deliver it.)

While there is some truth to benefits of positive thinking and the merit in setting intentions and goals, Rhonda and many of the other more credible cosmic ordering proponents that came long before her, whom she simply out-marketed, take this “law” a couple steps too far.

For example, Rhonda explains “The only reason any person does not have enough money is because they are blocking money from coming to them with their thoughts.”  OK, so people do achieve more when they believe in their own abilities and do not view the world as a hostile force, but the only reason, any person is poor is thanks to their own inner thoughts?

Rhonda and her friends advocate abundance (versus scarcity) mentality and like other ideas in The Secret, this idea has been around forever and, when not extrapolated to the extreme, is often true. For more about what it means to hold either one of these attitudes tune in tomorrow.


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