When the latest Power Ball winner won $300million, they decided they have lived frugally their whole life and that they were going to spend and keep spending on all the things that they never had.
Why shouldn’t they have each and every luxury they never had. Family and friends also came out of the woodwork with their hands out looking for a quick fix to their money problems. They just kept giving. Instead of these people fixing their problem and getting on more solid ground, they just kept asking for more. The Power Ball winner just couldn’t say no to anyone or anything.
Oh, how we were so envious wishing we could do the same. We fantasized about what we would spend on when we won. In some ways, we had our small splurge to feel like we were a part of it.
Unfortunately, it didn’t end so well for them because they couldn’t or didn’t want to say no to themselves or anyone else.
Sure, we like to take the higher ground and say we know that money can’t buy love, happiness or health, though it can seriously plug up the holes of what we are lacking in our life.
When we don’t have a solid plan to handle our money, we constantly worry about money. Whether we are going to have enough or should we have spent it on something or anything. Worrying about money is just as harmful to us and not having it. The key to being “good with money” is not so much about investing wisely or “saving for a rainy day” but more so having a good and healthy attitude toward it.
Not being good with money is a choice. It comes from a much deeper place and effects so much more than just your money. Being “bad” with money can be an indicator of low self-esteem, low self-confidence and subsequentlyjust not taking care of yourself properly.
It’s good to talk about money with our children at a very early stage so they can form a healthy relationship with money early on and build on solid ground.
We don’t want a whole generation feeling they are entitled for everyone else to bail them out and solve their money problems. This is something that they can start off right if given the right training and information.
If you view money as something we decide to look at later like the dust in the corner or organizing our desk draw, we will be in big trouble. It will be the difference between a fiscally fit old age or animpoverished one.
Here are my simple thoughts about money that can help you:
- Look at your money story that your family instilled into you. “We don’t talk about money” “It is rude to ask about money” “We will never have money” “Money can’t buy happiness…I would rather be happy than have more problems” (if handled properly you can be very happy with money)
- Rewrite your story in simple steps: “Money comes effortlessly to me,” “Money supports me,” “I invest well,” “Money gives me choices,” “I’m a money magnet,” “With money I can create good for others too.”
- Watch out for unseen daily expenditures. Walk through a typical day of what you spend. Examine each and every expenditure for one day – see if you have counted everything in your budget.
- Take note of what is your trigger to decide on some unplanned impulse spending.
- Every small step adds up to help you create more wealth for you– pack lunch for work 3 days a week, sell things you no longer use, create a weekly budget, commit to spending less, take a part time job doing something you enjoy, create a business sideline.
Here are some thoughts to meditate on:
- Why do I handle money the way I do?
- Do I really want to change this area of my life?
- What am I willing to commit to in order to make this change?
- How am I going to monitor this so I stay on track?
- What is obstacle that keeps getting in my way?
If you are still struggling, why not book my 30 minute no obligation “Try Me” life coaching session?