Bizmaker: Get Rid of Money Leeches

(Originally published on August 14,  2011; reprints previous original material published in this section)

By Mark So

This article continues where we left off in the last one (if you have not yet read Part 1 of this article, please go to my blog now at (www.markso.wordpress.com), which touches on being more financially prepared to enable wealth to start flowing towards you.

Today’s lesson in particular is about being aware and effectively stopping your “Money Leeches,” or as I’d like to call them, people or “cosmically uncanny” situations that just happen to show up at the exact moment you come into some money. Sound familiar?

Think back to the time that you got that Php 5,000 bonus or an unexpected business from a client…who called or showed up at your doorstep needing urgent help or “who just  happened to drop by” that very same week needing exactly Php 5,000? Did your car, refrigerator or cell phone break down needing urgent repairs totaling more or less Php 5,000? Did you just happen to go to the mall that weekend, which incidentally had a sale on all items, and buy something that you would never use for more or less Php 5,000?

I bet you know exactly what I’m talking about. Yup, whoever he or she is, or whatever “situation” arose the last time you came into money, you have just identified your money

leeches. I know because I used to have lots of them. And I thought that that was the story of my life. And because I thought that way, the next time I got into some money, my money leeches would come. It became a reality for me, so much so that all the money I

made almost always went to some useless expense.

The problem is that most money leeches are usually family members or close friends. Or when situations arise, like your appliance breaking down or a cellphone gets stolen, you feel that it was by divine providence, that it was beyond your control, and you just have to give in.

Let me say right now that these can be stopped and it can be controlled. But it will take a major attitude and cultural change in you. It will require a lot of effort and a very thick face but if you apply what I will share, you will immediately achieve a major    breakthrough in our “wealth transfer project.”

First, stop thinking that having money leeches is normal—it’s not. You have to change your attitude, and your first assignment will help you do just that:

1. On a blank piece of paper I want you to hand write the following: “I am now aware that having Money Leeches will kill me financially. I will defend myself and get rid of them now.” Print your first name on a blank space below the statement, and then sign your name on top of it.

2. Scan the piece of paper or take a digital picture of it.

3. E-mail it to me as soon as you can. Please note that if you e-mail it to me, you are allowing me to post it on my blog should I choose to do so.

4. Place that piece of paper in a prominent spot in your wallet so that you can see it every time you open it.

The exercise above is meant to kick start your brain into acting and thinking about defending yourself against these money leeches. And yes, it is true; if you do not fix it right now, you will die financially.

Next, identify the people who are not immediate family members who constantly ask you for money. Note that these are the people who are not your wife, your children, your brother, your sister or your parents.

Here’s what you tell the people who are not immediate family the next time they ask for money.

Situation: “My _______ just got hospitalized, may I borrow Php 5,000?”

Your response: “I’m so sorry to hear that, I hope _______ is all right. I wish I could give you Php 5,000; but I can only afford to give Php 50 right now so I hope you understand.”

Regardless of the situation or any amount that a non-immediate family wants to “borrow” from you, only offer Php 50! There will be three possible reactions: 1) insulted, and will never want to ask money from you again; 2) grateful, and they take it; and 3) they negotiate. Regardless of their reaction, be willing to give only Php 50 and not a centavo more.

You might think it heartless, but it has to be done if you really want to get rid of your money leeches. Remember, this is to be used only on non-immediate family. They are not your burden and they are not your problem. The priority should always be your  immediate family. Reserve your generosity for them. But be smart with how you go about it. In the next article, I will talk about how to financially protect your immediate family and yourself from money leeches within your immediate family.

I’ll end this with another assignment: e-mail your feedback about this article or the preceding one. What I am interested in are not praises (although that would be nice, too); instead, complain to me about the problems you have in completing the assignments. E-mail me at markso@zerocapitalclub.com and tell me why you don’t think this or any of the assignments I have given you will ever work for you. Believe me, I will read every single one and I promise that I will not ban you or even get mad at you when you do. It is all part of the process.

Until the next article.

 

Mark So is a businessman, investor and educator. He is the chairman and CEO of BusinessmakerAcademy—a business, finance and corporate training center. He is the founder and Chief Forex Trainer of Forex Club Asia, a trading club of Forex Traders across Asia. He is also the founder and chief trainer of the Philippine Franchise Institute, which specializes in training and growing existing Franchise businesses. A sought after speaker for business and investing, you may e-mail your comments and questions to mhso@businessmaker-academy.com or call the office at (2) 687-4445/3416/4645 for a schedule of his seminars.

 

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Posted on September 28, 2011, in Biz Maker, Business Agenda Classifieds Columns and tagged , , , , , . Bookmark the permalink. Leave a comment.

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