What’s Your Money Type?

The love of Money is the...  Money doesn’t… Rich people are….  Save for a…. 

I bet you could fill in all the blanks of those money clichés. It’s not money that’s evil, but the LOVE of money. We wish money grew on trees. I know many wealthy people that are anything but greedy and it’s always good to save for a rainy day.

We know the answers to these money clichés because we unconsciously pick up the cultural messages around us – many of which tell us there’s never enough money.

I think it’s safe to say that all of us have some type of money “stuff”. One way to dig deeper into understanding what is driving your money bus, so to speak, is by looking at your Money Type.* 

Answer these questions to see if this Money Type is one of yours:

Do you have a tendency to avoid paying your bills? Does the thought of money make you anxious? Do you consider yourself naïve about money? Is it difficult to even know what you think or feel about your money? Perhaps though making good money, you’re still hoping prince charming will ride to the rescue?

If you answered yes to these questions then The Innocent Money Type is showing up in your relationship with money. The 8 Money Types aren’t who we are, but they help us see more clearly what we think, feel and how we act with money. The Type shows us our money strengths and weaknesses. 

The Innocent Money Type appears more often with women than men, probably because women haven’t been in the work force for generations and women have been taught that they are to be taken care of. That’s different now, but it takes time to move past all that programming.

Here are 3 suggestions to move your Innocent Money Type to feeling and doing better with your money:

1)   Take the FREE Money Quiz to see what other Money Types are showing up.

2)   Take baby steps to make changes. Not paying bills? Start there.

3)   Anxious whenever you think about money? Call a friend and ask them to talk you through the anxiety. Or, take 10 breaths (really this calms the fight/flight reaction) and then pay the bill.

WANT TO USE THIS ARTICLE IN YOUR NEWSLETTER OR ON YOUR WEB SITE?

You can, as long as you include this complete blurb with it:

Certified Money & Business Coach, Professional Speaker & author, Lynn Telford-Sahl, writes the weekly PowerUP Your Money blog for women in sales and small business. If you’re ready to PowerUP your Money, your Business & your JOY get your FREE Strategy Session with Lynn at powerupyourmoney.com

(*Money Coaching System copyright material developed by Deborah Price, Money Coaching Institute and used with permission)

Money Stress: #1 Source of Stress for 75% of Americans

Money Stress:  #1 Source of Stress for 75% of Americans?  

True, according to the American Psychological Association. I talk to people every week in the Central Valley of California that are losing their  homes, are upside down with their mortgages, have been "downsized," lost their jobs, filed bankruptcy and are in desperate financial struggle. Many are blaming themselves for their financial problems and feel guilty and ashamed as if it's all their fault.  That's not the whole picture.  (Footnote:  Originally written in 2009 and the home market is improving, but there are still many homeowners holding on to homes and struggling financially, or trying to modify homeloans and financial stress is still #1)

While it's true we are ultimately responsible for the good and bad choices we make about money, it's also true that it's hard to make good decisions about money when we get bad information or are poorly trained in money matters.  We Americans should be paying attention to the fact that the financial institutions have made a LOT of money in the last couple of years. We need to hold ourselves AND these institutions accountable.

2 Keys to Create a Healthier Relationshio with Money:

1) Raise Your Money Consciousness and assess where you're at by asking these questions:

* Do you avoid the topic of $ or obsess about it or alternate between the two extremes?

* Can you talk about $ with your partner?  If not, what's uncomfortable?

* What's your greatest fear about money?

2) Finish Your Unfinished $ Business:

When I was a girl I asked my Dad something about my parents finances and he told me it was none of my "blankety, blank business."  That told me money was a scary subject and better left alone.  It took me a long time to discover that memory and to realize that avoiding the topic of money made things worse.

Think about and journal:  What's my earliest money memory? What's my greatest money fear? How do these positive or negative memories show themselves in my life today?

As we individually work to heal our relationship with money, hold ourselves and our financial institutions accountable, we will shift from being so STRESSED about money and be more confident with our $ decisions.

How Much Money Is Enough for Peace?

A friend of mine has a saying, “If you want to know what you believe, look at what you’re experiencing.” So true. But many of us don’t want to look at what we believe or how we behave with money because we’re afraid of what we might find. And, we often don’t have a safe way of doing so. That’s where money coaching is helpful.

What we believe affects how much money we make, manage or or build for the future. For example, the overspender justifies her purchases with excuses - “Well, I’m not spending that much, I only shop at the dollar store.” The avoider doesn’t look at his bank account balance, or save for retirement because it’s too far away to feel real.

Our core money beliefs are ingrained deeply within. We have  we’ve stopped asking WHY we need to work so hard or acquire money.  But what money means to us is a key question to understand. Kansas State University and the Klontz Consulting Group show that How much money is enough for you? That’s a question I ask when giving presentations and the answer tends to be twice what they’re currently earning. When they reach that next goal? The new goal is – you see where we’re going here – twice again.

Take the Quiz by clicking on this link and find out if the beliefs that run your money bus are: Money Worship, Money Vigilance, Money Avoidance, or Money Status and you’ll find there are recommended steps to deal with each type.  Then call or email me and we’ll talk about the results in a 15 minute complimentary conversation. 

What's Your Money Story?

What's Your Money Story? What does your money story say about your relationship with money? According to David Krueger, M.D., "a money story is not someone’s income, expenses, assets, debt, or net worth."  It's a part of your total autobiography and one we don't often explore. For example: What is your earliest money memory? I ask that question of my Money Coaching clients. For me, it was taking .50 cents and going to the Red Barn convenience store and buying candy. I don't remember if my mother gave me the money or I took it out of her purse. Denial? Perhaps. What I notice is that too often early money memories are disempowering rather than empowering and these memories affect our current relationship with money.

Our money stories lie beneath the surface of our conscious mind. Dr. Krueger says these stories are the unconscious tales we tell our ourselves, what we say to ourselves about money, and what money says to the world about us. In this money drama we create out of our experiences, beliefs, assumptions and convictions we tell ourselves and the world how much we deserve from money, how much we think we're worth and what we believe we're capable of.

Do you know what your own money story is? Begin by writing your money biography starting with the earliest money memory and coming forward to today year by year. Look for patterns that stand out, mistaken thinking, generational misunderstandings about money. Look at the secrets. Pay attention to your feelings.

In my family, my grandfather was the #1 Top salesman of the largest insurance company in 1929. Then, the Crash. He lost everything, had a nervous breakdown and spent the remainder of his life hospitalized. I never knew about this until a few years ago. But, do you think this created a generational blip on my family's money screen? Yes.

Once you've completed your money bio, journal about your discoveries. Appreciate the positive beliefs, successes and accomplishments of yourself and your family. And, begin the process of forgiveness where appropriate and start re-writing your money story. More on how to do that tomorrow.