All of us have deeply ingrained habits when it comes to our
attitudes surrounding money. One of the first steps in
having a healthy financial life is to uncover your bad
money habits. All of us have financial patterns and
profiles that need to be investigated.
It is impossible to break free of your poor habits unless
you know exactly the habits that you are trying to break.
Do you spend too much? Do you feel that you don't deserve
money? Are you rarely contented with your financial
situation? These are just some of the questions that we
need to answer in order to begin to break free from our bad
money habits.
There are many fabulous financial books available to you.
Of course, as you become more financially aware, you will
want to move beyond this course and make educated choices
about saving and investing your money. This course will
simply cover the basics. Its intention is to change your
attitude about money which will in turn change your bad
habits.
One wonderful financial book is Money Magic by Deborah L.
Price. She is a financial advisor with excellent advice.
One of her first tasks is to help you identify your "money
type." She divides the different "money-types" into 8
separate categories.
- THE INNOCENT - These people are uneducated about money
and have no interest in learning about money, saving and
the power of investing.
- THE VICTIM - These people blame their lack of finances on
the outside world. They continually feel that their
financial problems are "not their fault."
- THE WARRIOR - These people are rarely satisfied with
their financial situation. Even when they accomplish
financial success, they feel the need to conquer more. They
are never content financially.
- THE MARTYR - These people feel that they don't truly
deserve money or wealth. They constantly put the needs of
others above their own needs.
- THE FOOL - These people are careless and foolish with
their money. They gamble, take chances and are soon parted
with any money that they have. They rarely live within
their means.
- THE CREATOR/ARTIST - These people have feelings of
ambivalence toward money. They are both attracted and
repulsed by money. They are, in essence, afraid of what
money may do to them.
- THE TYRANT - These people use money to control others.
They are extremely protective and non-sharing with their
money. Their life is often filled with conflicts as well.
Most of us can identify strongly with one or more of these
"money types." As Deborah L. Price points out, it is our
ultimate goal to break our negative money type and move
into the ideal money type described below:
- THE MAGICIAN - These people understand how to create,
save and invest their money. They have a strong and secure
relationship with money and do not feel controlled by it.
As a result, their financial situation is healthy, secure
and happy.
The first step in this class involves identifying your
money type. Be honest. If you tend to spend your money
foolishly, you are THE FOOL. If you tend to hoard your
money and use it to control others, you are THE TYRANT. Or
perhaps you are a combination of 2 "money-types." It is
important that you are truthful with yourself. You may
desperately want to avoid the label "THE FOOL." It may
sound harsh and embarrassing. However, it is crucially
important for you to identify your current money type so
that you can move to a healthier and happier financial
position. As you may have heard before, "the first step is
acknowledging the problem."
The second step in this class requires you to identify WHY
you have become this "money-type." There are specific
reasons why you have become predictable in your money
habits. You need to understand why you act as you do when
it comes to money.
THE INNOCENT - Why do you avoid learning about money? Are
you afraid? Does it seem overwhelming? Do you feel that
others will always take care of it so that you don't have
to?
THE VICTIM - Why do you blame your money problems on
others? If you took full responsibility of your money
problems, would you feel guilty? Angry? Sad?
THE WARRIOR - Why are you never content with your financial
situation? Are you jealous with what others have? Do you
feel that possessions will make you happy?
THE MARTYR - Why don't you allow money into your life? Do
you feel unworthy? Do you struggle with self-esteem and
feel that you do not deserve money?
THE FOOL - Why do you spend all of your money? Do you act
before thinking? Do you enjoy the "rush" of shopping and
buying the latest gadgets? Why do you refuse to delay your
gratification and plan for the future?
THE CREATOR/ARTIST - Why do you struggle with the concept
of money? Do you feel that money will corrupt you? Are you
afraid that money will control you? Are you afraid that
money will have power over you and change you?
THE TYRANT - Why do you feel that you need to hold on so
tightly to your money? Are you afraid that you will someday
not have enough money? Do you feel that you alone do not
have power, but your money does? Are you afraid that if you
share your money, others will expect that from you often?
These are only a few questions that you need to ask
yourself about your "money-type." Why have you fallen into
this type? What underlying insecurities have caused you to
fall into predictable patterns with your money?
Once you understand your "money-type" and the underlying
causes for it, you are able to move on to step three. As
with any bad habit, your bad habits surrounding money can
be broken. If you are dedicated to financial health and
happiness, you will achieve this goal.
Financial health and happiness is your ultimate goal and
end result. Can you achieve this goal? Yes! But, it will
require dedication and persistence on your part.
The third step of this lesson is to figure out what
triggers your money type to come to the surface. For
instance, if you are THE FOOL and often spend money
foolishly, what temptations exist that cause you to spend
money that you don't have? No matter what money type you
are, you can apply THE 6-PART FORMULA to find out your
hidden triggers.
- WHEN do I find myself engaging in this habit?
- WHAT feelings emerge as I engage in this habit?
- WHO am I trying to impress/appease when I engage in this
habit?
- WHERE do I find myself engaging in this habit? - HOW do I
feel after I have engaged in this habit?
- WHY do I continue to engage in this self-destructive
behavior?
Once you understand the importance of mastering your
finances, identifying your "money-type", discovering your
hidden temptations and triggers, and implementing an
alternate activity, you are ready to move on to the next
class.
----------------------------------------------------
Jessica Swanson is an extremely successful entrepreneur,
marketer and life coach who has achieved a high six-figure
income. She has mentored hundreds of others to achieve the
same results. You can visit her at
http://www.UnlimitedProsperityTeam.com
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