Weekly tips and stories to help you manage your money so you can do more of what matters.
What money lies do you believe?
In a coaching call yesterday, I asked the group to create a "money manifesto" - a list of things they believe about money.
I wrote my own money manifesto a few years ago, hoping it would generate content ideas and also serve as hiring guidelines for Mapped Out Money team members.
But I never thought to ask my clients to do this, until yesterday.
Most of us have all kinds of subconscious beliefs about money - from our childhood, our friends, our coworkers, and of course, the media we consume. But we very rarely consciously assess these beliefs to see whether or not they're actually true.
What we believe about money directly impacts how we engage with it. And if you believe things that aren't true or helpful, then you have very little chance of improving your finances.
So here's the exercise: use the following topics as headings and write out what you believe to be true underneath each one. Then, ask yourself, is this actually true? How do I know it's true or untrue? Where did this belief come from? Is this belief serving me well?
- Money & Morality (Is money good, evil, or neutral? Does having lots of money make you good or bad? Does having no money make you good or bad?, etc)
- Money & Mindset (Do you have a scarcity or abundance mindset towards money? Do you think of money as yours, or God's?, etc. Do you think you deserve a certain amount of money?)
- Money & Relationships (Does money help build relationships? Do you share things equally with your spouse? How about with your kids? Or extended family?)
- Budgeting (Does a budget feel restrictive? Like a necessary evil? Or is it like a game to figure out how to best steward your resources?)
- Earning more money (Does earning more seem like a possibility, or do you feel stuck? Do you even want to earn more? If so, why?)
- Rich people (Do you make assumptions about rich people? Do you think they're fundamentally different than you? etc.)
- Order of operations (How do you think you should tackle paying down debt, investing, emergency fund, etc.?)
- How to build wealth (Are you interested in real estate, stocks, or business? How is wealth built? How is it maintained?)
- Inheritance and legacy (What do you want to teach your kids about money? What do you feel obligated to provide for your kids? Should you feel obligated to provide those things? Are you hoping to leave money for your kids/ grandkids, etc? If so, why is this important to you?)
Tomorrow, I'm going to follow up with my money manifesto. But I hope you'll write your own in the meantime. It's good to get your gears turning. :)
Talk soon,
Nick
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Weekly tips and stories to help you manage your money so you can do more of what matters.
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