How To Re-write Your Money Story
Each one of us has a money story. These are the conscious and unconscious habits and attitudes we have developed, since childhood, that shape our relationship with money. Our money stories shape our ability to create and sustain wealth. What is your money story and how has it impacted your life? Do you believe money has been fair to you or do you feel defeated? The truth is, at one point or another, we will have the opportunity to access money whether through jobs or businesses however, our ability to turn money into wealth is shaped by our perceptions. The good news is, no matter your environment, you can re-write your money story by developing new attitudes and habits which can change your financial destiny.
Self awareness plays an important role in how we feel about money. Does thinking about money make you anxious or stressed out? Do you constantly feel like you never have enough no matter how hard your work? Do you often feel like you can never have enough to save? If any of these apply to you then you have a negative money story and you will most likely never have enough until you reshape your mindset about money. We are energy and so is the power behind money. Even though money is a tool, money power will resist those who despise it or the opportunities it creates.
Some people have this notion that money is connected to evil. They even believe that those who have money are connected to some evil source. If this is the case, why do churches ask for your tithes and offerings? Money is simply a tool we use to turn our goals and dreams into reality. Money only has the power we give to it and those who choose to believe that it is evil, diminish its ability to serve its purpose. Your labor is compensated through money. This is the system we live in so we must look at money as a something we deserve to have because of the efforts we put into earning it.
Always assign your income a purpose. Some people were raised in households that believe money is earned to be spent while others were raised to understand that the money we earn must be given the ability to grow through investments and savings. These two households may earn the exact same income, but what they do with their money determines how wealthy they will be 5-10 years from today. Money earned must multiply. Save or invest at least 10% of your earnings and see the abundance that money can bring.
Setting money aside is great, but what is left over must be treated with respect. Don’t spend all your money because we are saving. Have a monthly spending plan. Determine how much money goes towards bills, household expenses such as food, gas, electricity etc. By doing this, you will live within your means and have extra money for unexpected expenses without tapping into your savings.
Do not forget to have an emergency or opportunity fund. An emergency fund is an account that protects you in case of a job loss or an illness that prevents you from working. An opportunity fund allows you to have disposable income in case an investment opportunity becomes available. Financial experts recommend a six to eight month funding of current expenses. For instance, if your rent is $1000 per month, you need to have $8000 in emergency funding to cover rent. If you can afford to pay this amount every month, then you are capable of saving $8000 by saving and spending wisely.
Our story also involves releasing the shame and guilt associated with money or lack of it. Do not accept any negative money experiences as truth. The truth is, no matter your income level ,you can have money in abundance if you work it for growth. If you believe this, then you are on your way to prosperity. Do not aspire to own things you don’t need in order to please people you have no reason to impress. Live within your means and watch your finances grow.
A wealthy man or woman is not the path to financial freedom. Your story does not have to include a knight in shining armor coming to save you from your financial distress. Your talent and gifts can guide you into financial prosperity. Financial management and wealth creation is not an overnight event. It takes time and respecting yourself to build it through hard work makes it worthwhile.
A positive money story must include a vision of what you believe you deserve while still being the master of what you already own. Always speak positively about any money that comes into your life no matter the amount. Let our journey of financial prosperity begin today with a new money mindset that will inspire future generations.