A Teachable Moment

If there was ever a teachable moment around your relationship with money, this is it.

Markets go up and obviously, down, leaving very little room these days for Magical Thinking. You can’t control the economy and you can’t always predict the market, so why not use this time to practice creating a richer life right now?

As a cellist I learned that no matter how accomplished you are, you still need to practice every day (some days are better than others). And so it is with creating a positive balance with your money. As a musician’s state of being determines what kind of music comes out of their instrument, it is no different with money. Most of your results around money, good and not so good, are a reflection of what is happening in your inner world.

Who do you choose to be with money?

When you look at the structure of how anything is built, you start with the foundation. In the case of you and money, that foundation is based on who you are around it, as money itself is an inanimate object. Its power comes from what ever meaning you choose to imbue it with. Notice the word “choose”, which is very important to recognize as you always have a choice as to how you are going to feel and act with money.

While the economy finds its equilibrium, it’s imperative you stay focused on your own goals and maintain a positive balance. Are you living your life based on your values? And how well do you use your time, energy and money to reflect them?

I Need…. I Want

Take a look at your spending plan again. Ask yourself which expenses are “needs” and which are “wants”. Need = Must Have and Want = Would Like to Have. I never recommend that people live a “needs-based” lifestyle, as feelings of deprivation can be the root cause behind certain money issues that don’t serve you well; from Overshopping and Debting to Underspending.

When you feel deprived you may look to cover up feelings of emptiness inside yourself with such behaviors, locking yourself into a vicious cycle of overspending, debting and probably, overworking. When sitting on the fence as to whether something is a “want” or “need”, ask yourself these questions; “Is this just fillling a void in my life?” “Can I wait to purchase this?” While certain “things” might elevate you into a better state of feeling for a while, it might not have the same lasting effect as putting that money towards your retirement account, a project that holds importance for you or a shared experience with friends and family.

These days are particularly stressful so try to remain mindful of how you spend your time and energy. Be clear with yourself about what and who matters in your life and remember that maintaining a positive balance comes with daily practice.

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