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Building a deeper relationship with money
Money is one of our most influential and pervasive forces, affecting nearly every aspect of our existence.
Imagine what your life would be if you had a more precise and deeper understanding of your relationship with money—because the connection you have with it is vital to creating more of it. Take a moment to ponder how generating more money would impact your world. Does the thought of more wealth make you feel less stressed, provide a sense of freedom, more accomplished, enabled to choose the future you envision? That is the power of positive thinking.
But having positive reflection and vision alone do not guarantee you will achieve a healthy relationship with money. Building wealth or reducing your financial burdens has its challenges—the biggest hurdle is our unbridled emotions. And it is our behavioral inclinations and random, unwarranted reactions that often prevent us from attaining our goals. They more than likely prevent you from taking measures to improve your financial situation and impact your decision-making capabilities.
Thinking positively is not enough
Positive actions are essential to achieve a healthy relationship with money and it requires the unleashing of your Money Energy (ME), yet most of us have no idea why we behave the way we do with money or even the steps necessary to tap into it.
The first step to transforming your relationship with money is understanding that hard-wired behavior patterns deep in the subconscious drive 95% of your decisions. These need to be known and it is far easier to reveal your behavioral style than you think!
These behaviors can not only be discovered, but they can also be measured and managed. You can deploy a behavioral discovery process based on behavioral science principles to reveal your unique behavioral identity and give you life-changing self-awareness.
Once you ascertain your behavioral identity, it is time to return to where we began. I ask you again to consider your version of a healthy relationship with money. Does it control you, or do you control it? Often thoughts of our relationship with money result in anxious and sleepless nights. It can inhibit us from taking positive action. So how can these feelings create a barrier to Money Energy?
I think it’s time we meet Jack.
Jack Sun is a 40-year-old intelligent, successful, fast-paced, goal-driven restaurant owner and hospitality entrepreneur. He has multiple businesses and an investment capital base he wants to proliferate. He is single and lives with the constant stress of trying to make more money and get a life balance.
Yes, Jack is financially disciplined, but when I asked him if he was happy, his response was, “I don’t have time to be happy.” Jack is money-rich but lifestyle poor.
Talking more with Jack, he shared the following:
- No long-term guaranteed revenue streams from investments and contracts
- No debt management program in place such that his life couldn’t be spun out of control by liabilities
- No diversification of asset classes and potential income streams such that a loss wouldn’t impact more than 10% of his overall wealth
- No antifragile wealth creation strategy in place
- No insurance protection against unexpected events that would result in significant financial exposure
- No written financial plan (including a budget or spending plan) and a set of daily and weekly tactics to achieve his goals
- Little or no network relationships to bring in the right opportunities as he was always working and had no time to build them
- And finally, little or no attention paid to his physical and mental health
Through positive personal wealth management practices and learning, Jack maintains a tight financial focus consistent with his natural money behavior. He is beginning to realize, however, the importance of balance and ‘downtime’ that he knows will bring happiness. A better relationship with money is the key to helping him live a stress-free, healthy life. His are not directly financial mistakes; his are life mistakes.
He has not integrated money into his overall life and has yet to fully set himself up with the opportunities to charge up his Money Energy battery. As a business owner, Jack controls his life and could make better choices if he is prepared to change his attitude and habits.
The challenge will be for Jack to temper his pioneering spirit. He hasn’t paid sufficient attention to his financial personality and Money Energy behavior. This is an issue of maturity and lack of understanding of the impact of Money Energy in his life.
Self-reflection
As you reflect on Jack’s challenges and what he needs to do to begin his journey to generate Money Energy, recognize how your behavior influences your own path. Doing so will help you forge a healthy relationship with money.
By becoming more aware of your actions and their impact and making intentional changes to align your behavior with your financial goals, you can create a more positive and abundant relationship with money. Remember that no matter where you are in your financial journey, you can transform your money energy and create the life you desireTop of Form.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Image and article originally from www.nasdaq.com. Read the original article here.