This One Mind Trick Will Build Wealth On Its Own
“Wealth consists not in having great possessions,
but in having few wants.”
- Epictetus
Just for today…
Most people talk about selling things you don’t use and not buying things you won’t use.
Epictetus comes at it from the other side and confronts the mind, and desires.
I don’t know that there’s anything wrong with wanting things, as long as you know why you want them.
In the book Better Goals, there’s a concept of a Why Ladder.
The aim of the Why Ladder is to get to the root of why you want something. In the book, it’s about getting the root of why you want your goals, and it works just the same with general wants and desires that drive your purchases.
Think of something you typically buy, or have bought, but could do without (meaning you don’t need it). Don’t worry, you don’t have to give it up, this is just an exercise.
Use a piece of paper or a notes app to write down your answers to these questions:
- The reason I want it is because ________________(Answer A)
- Why is [Answer A] important? _________________(Answer B)
- Why is [Answer B] important? _________________(Answer C)
- Why is [Answer C] important? _________________(Answer D)
- Why is [Answer D] important? _________________(Answer E)
Do this until you’ve hit the root of why you want it. You’ll know when you’ve hit the root of it.
If you don’t know if you have, keep going because there’s more behind it.
Once you’ve uncovered the real why behind your purchases it becomes much easier to decide — in the moment — whether or not you are going to make that purchase.
The more you practice this, the more it will become a habit and the more your financial wealth will grow.
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