How would you feel if your boss came to you today and told you they’d triple your salary without giving you new responsibilities?
How about if you win tonight’s Php259 M lottery jackpot?
Did you feel your gut tighten? Did you feel a hint of uncertainty – or even a bit of panic – at the thought of getting that much money?
Many of us think that we’d be so much happier with millions of pesos but not all of us are ready to live every day with that amount of money.
We are all accustomed to a certain income level, and when we’re given opportunities to live beyond that, not everyone could handle it well.
Different Terms, One Problem
Financial coaches have numerous terms for this phenomenon. Secrets of the Millionaire Mind author T. Harv Eker refers to it as the “money thermostat”, money coach Kendall Summerhawk calls it the “money speedometer”, while our very own Bo Sanchez uses the term “psychological wallet”.
These successful people have observed that when it comes to money, people are used to a certain “temperature”, “speed” or “size”. When people go beyond their money comfort zone, they engage in self-sabotaging behavior to get rid of the extra income and return to what they’re used to.
To enable yourself to take further steps to your financial goal, you first have to counter this psychological barrier.
Pushing Your Way Out of Your Comfort Zone
You can train your mind to widen your money comfort zone. Start by knowing your zone’s limits.
Try writing down how much you make in a month and jot down how much you want to make beside that figure.
Did you put in an amount that you want to make or did you put in an amount that you think your employer is willing to give? You might be subconsciously telling yourself you don’t deserve to be rich.
You can challenge your comfort zone by first convincing yourself that you deserve financial freedom. Then, gradually aim to stretch your money comfort zone by visualizing the freedom and responsibilities of a bigger psychological wallet. Repeat the exercise to get yourself used to the idea of earning more. The goal is to be in tune with yourself, identify hindering beliefs and challenge them regularly.