Why we're taking a new look at money.
Why take a new look at money?
1. We make decisions every day of our life based on money. Money has enormous power over us until we decide to empower ourselves with money.
2. We inherit our beliefs and attitudes to money from our parents subconsciously before the age of 6 so if we don’t have a look at them, it’s like having a 6 year old running our finances.
3. “How you do money is how you do everything” Kendall Summerhawk. Money is a great teacher. As we change our relationship with it, we change our relationship with everything else in our lives.
I come from a family of financially savvy women. My mother, grandmother and great-grandmother all ran shops. One of my family money stories is about my grandmother who during the war went to work in an munitions factory near Coventry. This was the first time she had been able to earn money in her own right and she set out to save £100. She reached her goal and used that money to buy a home for her family. This was the first time anyone in the family had owned property and it marked a change in the family’s fortunes.
I am passionate about helping women achieve financial freedom and have spent the last 6 years taking a new look at money. I’ve identified 6 factors that I believe lead to financial success.
1. A strong vision.
What do you want money for? Many people have vision boards but they often have only a vague notion of the money required to realise that vision. Financially successful people know their figures. They know exactly how much money they need to realise their vision.
2. An accurate picture of your current situation.
Financially successful people know what they are worth, what they have coming in and what they owe. Many people do not want to look at their current situation. There can be a lot of shame and other powerful feelings around it but the truth is that you can’t change something unless you look at it and actually as soon as you do look, it starts to change.
3. The ability to sit with creative tension.
There will be a gap between where you currently are and your vision and that can feel uncomfortable. It’s very easy to let go of the vision, dismissing it as unrealistic and go back to life as usual. Financially successful people embrace that gap seeing is as a source of energy and motivation.
4. A plan.
How are you going to close the gap between where you are now and where you want to be? Just like any business you need a plan but the secret is to break it down into small steps so that you can get into action. How do you eat an elephant? One bite at a time. The gap may feel as big as an elephant but one step at a time you will close it.
5. Money tracking.
It’s not enough to simply take a close look at your money once, you need to pay attention to it every day. Our world has become so virtual and money is part of that. How often do you pay for something in cash? Credit cards and contactless payment mean that we rarely handle money and this makes it easier to lose connection with our finances. Financially successful people know their figures and track their figures.
You have to celebrate the small wins along the way. It’s important to recognise the progress you are making. You don’t just celebrate when you have saved the deposit for your first home, you celebrate saving your first £1000. This is what keeps you going and helps you build your success over time.
Are you ready to use money to build your dreams instead of limit them?