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Today’s investment education call for the Financial Woman Alliance was about the psychology of money. While my original intention for Financial Woman was to focus only on core investment education, such as as the basics of the stock market and successful investing strategies, I have found that until you deal with the head stuff around money, it is hard to become the woman you want to be with your wealth management. Last week I wrote about identifying your childhood money beliefs, and this week I want to write about your money reasons.
One of the first steps leading to financial empowerment is a simple yet powerful one; it is to decide the reasons why you want to have money. It is important to remember that it is not the money itself that enhances your quality of life, but rather what you can do with your money, such as charitable giving, vacations, building a retirement nest egg for a financially stress free lifestyle, buying a home or a vacation home, and paying for quality education for yourself or your family. Give some serious thought to your money over the next few days and understand your own reasons for wanting it. Once you know why you want to have money, you’ll discover the importance of managing it well and making it grow so you can get what you really want in your life.
Think of your own reasons, not someone else’s, or what you think your reasons should be. As you do this, think about whether it is the experiences that you most value or the “things.” From your past, is it the memory of that sailing vacation several years ago with your family and friends that really brings you joy, or was it driving your brand new car that you wanted for so long? Maybe your greatest joy comes from making financial donations to charities for women that are dear to you.
My first experience with a large sum of money was when I bought my first car at age 16. Now I have learned that I prefer to buy slightly used good quality cars, but my parents really wanted me to have a new car since I would be driving on the highway to college. It was an orange volkswagon bug. I still recall the new car smell that it had and my excitement over being able to buy that car!
What do you want to do with your money? Is it to have financial security from the ability to pay the bills each month with some additional money to grow, or is it funds to start your own business around your passion? Over the next few days, give some thought to this question. Think big. Dream and stretch your imagination. Identify your own money reasons to propel the journey to your financial goals.