Good morning & happy Monday!
“There is nothing more expensive than chasing a dream that is not yours.”
– Unknown
My friends, I am constantly diving into financial learning. This is an industry I have been in since I was 18 years old and I still love to dive in and learn more. I attend conferences, listen to podcasts, read books, attend webinars, read articles, and on and on. I am so blessed to be in an industry that fascinates me and captivates me even after being in it for over 27 years.
Over the last handful of years, I have become increasingly fascinated by the psychology of how we approach money. Why do different people have such wildly different ways of viewing money? Why are some natural spenders and other savers? Why do some take risks and others don’t?
I am the oldest of 5 children, and each of us is wired completely differently even though we all grew up in the same home, by the same parents, in the same timeframe. Some are spenders, others are savers. Some are risk takers; others are risk adverse. Some have steady careers; others have bounced between jobs. It’s fascinating.
So, anyway, I was listening to a podcast recently and the question was brought up … “If money was a person, and you walk into a party and Money is standing there wearing a “Hello my name is MONEY” name tag what would you say to Money?
What would Money say to you?
These were such fascinating questions. If you would be so kind I would love for you to reply to this email with your response to those two questions. I am super curious to hear your answers. What would money say to you and what would you say to money?
Every person receiving this email has engaged with me in the field of money, it’s the one thing that we have all been connected by … and yet I imagine we will have so many different answers to these questions.
This basically comes down to defining what our relationship with money is.
Some of us may have grown up poor so we view money as a safety plan from ever being poor again.
Some of us may view money as a way of buying influence or popularity.
Some of us may view money as a necessary evil … we hate it but there’s no way to live without it.
Some of us may view money as a tool to accomplish life objectives.
Some of us may view money as a means of showing love to those we care most about.
Some of us may view money as a report card for how successful we are in life.
This list could continue far beyond the space I have to write this email (or your attention span to read it😉).
So, what is your relationship with money like?
That podcast went on to ask a few more intriguing questions that I am still mulling over myself.
- What jobs have you given money that it is exceptionally good at?
- What jobs have you given money that it is exceptionally bad at?
For example, if I have given money the job of providing me with happiness, that is a job that money will never be good at. I can think that if I have $1,000,000 then I will be happy, but when I hit that target then I move the goalpost to $2,000,000 … and the goalpost is constantly moving with happiness never being achieved by money alone. Money really stinks at making people happy, it is just a job it was not made for.
I know happy poor people and miserable poor people. I know happy rich people and miserable rich people.
I know this was all the debate in the 60’s rock era with the Beatles singing both “Money can’t buy me love,” and “Money, that’s what I want.” It seems that even they were confused about the topic😉. Countless other bands including Pink Floyd, Billy Joel, ABBA, and Alice Cooper chimed in with thoughts about money too, but it’s a topic that still is unsolved.
It’s unsolved because it’s deeply personal and individualistic. What one person seeks to accomplish with money may be another person’s nightmare.
As someone who loves adventure, I may spend money on whitewater rafting or ziplining, but for many of us that sounds like a nightmare (my wife included). My wife would much prefer to spend money on a weeklong beach trip. To me, lying on a beach for a week would be a nightmare (I can’t sit still that long). The same money would come from the same joint bank account, but the results of that money would be wildly different depending on our perspectives.
At best money is a complicated topic, at worst it ruins lives. Money is a powerful force that needs to be managed, controlled, and planned.
Here’s the bottom line … money is designed to serve you … but it can only do that if it’s clear what you want it to do for you.
So, my encouragement for all of us today is to give some thought as to what jobs you ask money to do. If you’ve been asking it to do things it cannot do, then it may be time for a reassignment.
Let me know if I can be of assistance as you work through this. I am honored to support you any way I can.
Make it a great week ahead.