Whether or not you realise it, your money story has played a part in the money decisions you’ve made all throughout your life.
In fact, it’s safe to say that, on some level, it’s impacted your choice of career, job, investments…maybe even your choice of spouse!
How can I say that?
Because I too have a money story. We all do, and our beliefs about money can impact our decision making process because the concept of money includes an emotional component.
And we all know, that making decisions with your emotions can prove disastrous.
What a money story can impact
Your earning power
If you believe that money is bad and wanting more is to be greedy you’ll make choices that mirror what you feel. Hence, you may choose low paying jobs or spend money on things that you don’t really need just to get rid of it!
Your stress levels
Does money buy happiness?
Some say yes, others say no, but what it can do is reduce your stress levels.
For example, if you’re constantly worried about not having enough or you’re afraid of losing your job, your stress levels would be significantly reduced if you had some “rainy day” money set aside.
Other areas of your life that could be impacted by your money story are your:
- Spending choices
- Saving choices
- Investing choices
What’s your money story?
Before we even had a dime to our name, we watched our parents spending and saving their money.
Maybe your parents complained about how they were always broke yet they would always bring home new clothes or some new and shiny gadget, etc.
Or maybe they were resentful of their neighbours’ possessions, or felt that the boss somehow cheated them…
On the other hand, maybe you grew up thinking you were “rich”, but once you matured, you realised that your family was simply average, and that your parents were especially good at money management.
Whatever your money story, be assured that on a subconscious level you’re thinking things about yourself and about the role that money should play in your life, that may not necessarily be true.
In fact, your beliefs could be doing more harm than good.
How to change your money story
Begin by taking an honest look at money. Don’t give it more power than it has.
It’s simply a tool…nothing more, nothing less.
Then, think about your own relationship with money. Has it kept you from making smart choices such as investing in houses or creating an emergency fund?
What are your fears surrounding money? Are you afraid you won’t have enough or that you’ll have it taken from you?
Narrow down your fears and beliefs about money then have a realistic look at those fears as an adult.
For example, if your fear about not having enough money stems from something like food or housing insecurity as a child, try to think about what happened as if you are an outsider, looking in.
Be realistic about what you really faced and realise that you are in control of your own choices. You can make decisions about your own money based on your situation now, as an adult.
In other words, you didn’t have control as a child, when your money story was being created, but you do have control now.
Realise that making plans for your financial future…such as investing in houses …is a proactive way to address your fears.
Bottom line, be mindful when dealing with your finances and you’ll begin to write a new money story that casts you as the winner every time!
If you need help or want more information about your Property Investment strategy, book a FREE consultation with one of our expert Investment Coaches to discuss your situation and investing goals.
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