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April 11, 2008, 01:32 PM
Excellent post Dien!

>Any ideas on how to overcome this "achoring" bias our minds have?

>Are you truly "stuck" at your income level? Or can you mentally change your
>own "anchor" of how much you earn?

Actually you kind of gave a hint yourself.

People who were made AWARE of the higher amount of money in their banks spent more. Those who were made aware of a smaller amoung in their wallets spent less.

Improve people's awareness of the possibilities and they'll do better. Stories and case studies will break their invisible mind barriers. Show them how the best sales person of the co. generates his sales. Make them read biographies of people in the Forbes Richest list.

Backdoor trick: Make people save 10% of their earnings automatically. If you're an entrepreneur, open another bank a/c and setup a system where 10% of all your earnings before tax goes to this new bank a/c.

You'll keep on doing as well as where your comfort level lies. But after a year, you'll have 1 months extra salary. You can then invest that. And invest and grow rich.

(I think having the 10% savings rule is a MUST HAVE if you want to create a passive income portfolio.)

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