Summary

The article emphasizes that focusing on creating value and solving problems rather than solely pursuing money is the key to financial success.

Abstract

The article "Why Chasing Money Keeps You Poor and How Can You Change It?" presents the idea that obsessing over wealth accumulation can paradoxically lead to poverty, as money is naturally drawn to businesses and individuals that provide value and solve problems. The author, inspired by MJ DeMarco's "The Millionaire Fastlane," suggests that the amount of money one earns is a direct reflection of the value they have provided to others. Indicators of chasing money include prioritizing revenue over value, measuring growth solely through sales and profits, seeking quick money-doubling schemes, and relying on stock recommendations. To shift from chasing money to attracting it, the author recommends reading books to adopt a success-oriented mindset, learning independently rather than following stock tips, using non-financial metrics to track growth, such as the impact of one's work and personal development, and focusing on creating value. The article concludes by advising readers to listen for expressions of need in everyday conversations as opportunities to provide value and, in turn, attract wealth.

Opinions

Money is attracted to those who solve problems and add value, not to those who are merely seeking wealth for its own sake.
The pursuit of quick financial gains is a misguided approach compared to the long-term benefits of value creation.
Personal growth, learning, and the development of a value-driven mindset are crucial for financial success.
Tracking growth through metrics like the number of people positively affected by one's work is more meaningful than focusing solely on revenue and sales.
The concept of "value" should be the driving force behind decision-making, as it leads to sustainable success and wealth attraction.
Human laziness drives the creation of products and services that solve needs, which in turn attracts money.
The article suggests that providing for others' needs, much like offering milk to a cat, will naturally draw them to you, analogous to how solving problems attracts wealth.

Why Chasing Money Keeps You Poor and How Can You Change It?

Learn the secret to attracting money from a cat.

Couple chasing money (Designed in Canva)

Money isn’t attracted to selfish people. It is attracted to businesses that solve problems.

It’s attracted to people who fill needs and add value. Solve needs massively and money massively attracts.

The amount of money in your life is merely a reflection to the amount of value you have given to others. — DeMarco, MJ. The Millionaire Fastlane

The words of MJ struck like lightning and woke me up from my slumber. I never realized that I was chasing money this whole time.

How to know that you are chasing money?

Here are the indicators you can use to identify that you are chasing money:

You think more about how to earn than how to solve your customers' problems.
Power is in the hands of revenue and not value.
Your metric to measure growth consists of sales and profits only.
You look for schemes that can double your money in 2 months.
You spend more time listening to stock recommendations than learning how to pick stocks.

These are some of the behaviors people chasing money typically show.

If any of the behavior resonates with you, then keep reading.

Wake up, call! How to stop chasing money?

# Start reading books

Right books can do wonders for you. You will learn the mindset of successful people and investors.

Here are some books you can start with.

The Millionaire Fastlane
Rich dad, poor dad
One up on wall street
Atomic habits

# Take a break from stock recommendation channels

In order to cleanse your brain, you need to stop feeding it garbage.

Utilize the time you spent searching, reading, and listening to stock recommendations to learn.

There are many sources other than books where you can learn. Here are a few worth mentioning:

Mr. Money Mustache: Mr. Mustache simplifies the complexities of the financial world so that a 10-year-old can understand.
Motley Fool Podcasts: I love hearing the unbiased opinions of known investors, CEOs, journalists, etc., on the stock market.

# Use metrics other than revenue and sales to track growth.

We get stuck in numbers and measuring things that are easy to measure. So break free from it and look beyond numbers.

Try to quantify parameters that are not so obvious but matter more than revenue or sale.

As a content creator, I started tracking progress on the following parameters:

The number of people I affected by my content. I measure it by the number of appreciative comments I get.
Your network is your net worth. Thus, I measure the number of people I met or connected with overtime. Please do not confuse it with your subscribers or followers. These are fellow content creators or viewers I met who affected my life.
The more I learn, the more I can share. So, I measure how many new things I learned and applied in a month. The side effect of doing this activity is celebrating how much you have grown over time.

You can use some of these parameters as is or create your own. But, focus on measuring how you are making your and the lives of people around you better.

Most people ignore these metrics as they are not so evident and easy to measure.

# Give the power to value

I saved the most important tip for the last. Give the power to "value."

It requires a mindset change, which doesn't happen overnight. You need to practice it to make it a habit.

The best part is, that it is straightforward to practice. Every time you make a decision, ask yourself; What value am I generating for others?

Asking the right questions can lead you to the right answers.

Hence, use this question often. You will find the right answers faster than you think.

How to find the need?

You read, learned, and practiced the mindset you needed to achieve your goals. Now it's time to look for a "need".

But wait, where can you find the little birdy called "need"?

You can find it in people's language and behavior.

I took some phrases from the book "The Millionaire Fastlane" by MJ DeMarco. So tune yourself to search for these phrases in the conversations around you.

I wish…
It's so frustrating…
Why do I have to do it…
I need…

These are the needs that you can solve. And in the process, you can make money.

Why do chasing "needs" attract "money"?

Human beings are lazy by nature. Thus, we are constantly looking for an easy way out.

For example, searching for an easy way to write and earn money gave birth to Medium, Substack, WordPress, etc.
Similarly, we look for an easy way to learn and share knowledge with others. Hence, YouTube, Teachable, Udemy, etc., came into existence.

Each platform or product you use solves one or more of your needs and wishes. In the process of solving needs and granting wishes, they attract money.

Take the analogy of a cat. You can chase a cat all day, and she may not come to you.

Instead, serve her milk, and she will sit on your lap.

It is because you served the cat's need, i.e., milk, and in return, you get what you wanted without asking.

Conclusion

To conclude, you do not need a virgin idea that no one had. Start by solving a small need and build from there.

Remember, it is a marathon and not a sprint. Therefore, you cannot skip the process to reach the event.

In our case, the event is earning the money we desire, and the process is solving a problem.

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