The key to wealth magic

Posted on June 30, 2010
Filed Under Magic, Taylor Ellwood, wealth magic | 2 Comments

The key to wealth magic is this: Its less about using magic, and a lot more about learning how to manage money, develop and strengthen relationships, and understand that money isn’t the only currency you have access to. Now let me unpack that statement for you.

I noticed there were a couple other posts about wealth magic recently, and as someone who’s started my own business and has managed to keep it running for just over two years, as well as helping to run a small occult press (Immanion Press), I thought I’d offer my own perspectives on wealth magic.

Money Management: I’ve always been good at managing money for the short term, but I first really learned about managing money for long term life plans when I did a year of work with the element of Earth. Not surprisingly, money became a major theme of that year. The first lesson I learned about money management is that your attitude and beliefs about money affect your spending choices and how you approach money in general. If you have a negative attitude about money you’ll be less likely to actually look at your financial situation and start managing it.

I ended up doing a fair amount of internal work with my beliefs about money that year and I’ve continued to do so since then. The result has been an increased awareness of how to manage my money for the long term, as well as a willingness to discuss financial issues with my family and with financial advisers.

Alongside with changing my internal beliefs, I also developed tracking tools that I used to stay on top of what I’m spending my money on as well as what I can save. It gives me an accurate picture of what my spending habits are, which can be eye-opening to say the least. If you want to learn more about money management, I highly recommend reading the Get Rich Slowly blog.

Social Capital: Money isn’t the only form of capital in wealth magic. Social capital can sometimes go a lot further than monetary capital. As a business owner one of the skills I’ve had to learn is how to build relationships with a wide variety of people. In fact, people won’t do business with you unless they either really need your product or service and can’t find it anywhere else (rare that this happens), or what happens more often…if someone refers that person to you, because s/he trusts you to take care of that person. People do business with people they trust…so who trusts you?

Trust is hard to earn and easily lost, and not surprisingly you really have to get involved in a community and get to know people to truly be accepted and get business from those people. And even if you’re not a business owner, this concept about relationship building still applies. Getting to know people really involves learning what those people need and then helping them out, regardless of what pay off you will or won’t get. And guess what? If you get involved in a community and work to build relationships and are consistent in fulfilling your promises to that community, then that community will look out for you. I saw this in action at a chamber of commerce meeting where a member generously offered to donate one of his kidney’s to another member’s wife who needed the kidney. They had the same blood type…more importantly the member who offered to donate the kidney did so because he wanted to help his friend. You can’t buy that kind of help…not with money anyway.

Go to your local chamber of commerce meeting and you’ll see social capital at work…and let me tell you that social capital is a lot more powerful than any wealth magic spell.

Those are the keys to wealth magic: Financial management and social capital.

Comments

2 comments
TaylorEllwood
TaylorEllwood

Is your network mainly your friends or are you also utilizing your local business networks, such as a chamber of commerce?

Jen
Jen

I agree that social capital is powerful, but I feel that I have lots of social capital and yet I'm always short on money. I have plenty of friends who would do things for me if I asked them, but not enough of them are hiring me, or referring me to their friends.