Save your money!
Budget your money!
Invest your money!
Guaranteed, at some point in your life, you’ve heard one of these sayings about money. And contrary to popular belief, I believe many people do in fact hear these phrases earlier in life, rather than later. The difference lies in people’s ability to apply that information, and take action. Which becomes solely dependent on the individual.
So the question is no longer if we have access to the information, because we do. The information around money has been commoditized. Anything you want to know, you can find on the internet. And let’s be honest, most people know what they need to do to become better at something. It’s pretty simple.
If you want to lose weight… eat less, exercise more.
Just the same if you want to save money… make more, spend less.
It’s a pretty basic formula.
But the question becomes, why aren’t we doing it? Why can’t we seem to save money? Why aren’t we actively investing? Why are we still living paycheck to paycheck? What’s wrong with us?
Here’s what’s wrong… we’re financially sick, and we don’t know it.
Imagine if we never actually applied any of the nutrition advice we’ve heard throughout our life. What if after everything we’ve learned about vegetables, grains, plant based living, general health and nutrition, we still chose to fill our body with processed, sugar heavy, chemical filled foods? How healthy would we feel after doing that for years on end?
More importantly, when we reach that point where we are desperate to change our diet, how easy would it be? Not easy at all.
Most likely there would be some physical consequences they would experience, due to their health, so in this scenario, many people would look to seek help to change their eating habits. To most, this would become a top priority for them. And since it’s a tall task and probably too hard for them to do on their own, most people would find a health coach, nutritionist, or doctor to assist them.
Now let’s think about money…
In the same way this can happen to someone’s health, it can happen to someone’s financial life.
If you’ve never been taught about money, either from school, or your parents, its safe to say you’ve never understood the importance of being financially healthy. Most likely, you were never taught good money habits, and never knew how to make good financial choices either.
So for most people, the first twenty plus years of their life is spent being financially malnourished. Not having the information and/or not applying the information, led most people down a path of making poor choices, which led to poor financial habits. So when it comes time for us to change, and become better financially, its very difficult to change those habits we’ve created, which have been instilled in us for years.
This is where working with a good financial coach, financial planner, or financial advisor is so necessary (and yes, they are all different).
Naturally, for most financial novices that are inexperienced and unequipped to change their own financial habits, seeking help would be best thing. However, this thought is not common among the masses.
In a time where we can find anything we desire online, people are starting to move towards self education when it comes to their own personal finances. More people are taking control of their saving and investing by using apps on their phone and downloadable software on their computer (I recommend the Acorns app for saving, and the Robinhood app for investing… I use both) It’s clear the reason people are using less human, financial professionals, is because the tools to help people with money have become more convenient. People can do it on their time and at their pace. It gives people a feeling of control over their money.
But, in any area of our life, there are things that we cannot see. We call these areas blind spots. Every human being has things about themselves that they don’t pay attention to. Normally a close friend or family member notices this trait or quality and will point it out. However, since the person is usually unaware of it, they’re not likely to agree. But most times it takes an outside perspective to alert us to our blind spots.
This is another function of working with the right financial professional.
I believe there are three areas that normally hinder people from achieving their financial goals and becoming financially healthy. These are typically the blind spots that the right financial professional should be able help you see.
- Your Mindset. How do you think about money? When we have poor or negative thoughts around money, it makes it more difficult to attain it. Many of our thoughts around money stem from childhood, from parents, and peers. If we’re unaware of these thoughts, they will unknowingly dictate our financial success.
• Your Energy. Whether you believe it or not, energy runs the world. Money is another energy, that is extremely powerful in nature. So the energy you give towards it, you will receive back from it. Having a giving and generous spirit, returns the same energy back to you. That’s why some experts say the secret to wealth is giving.
• Your Habits. Your habits are everything. Some say that when learning the sport of golf, its best to get a coach first before practicing by yourself. They do this because they say it’s easier to learn correctly initially, than fix bad habits later. When it comes to our money, we’ve had years and years of bad habits that we’ve built. The only way to break them down, is to build new, healthier habits.
These blind spots are tumors that grow in our financial life that keep us financially sick. If you never uncover your blind spots, you may never know the root of your financial sickness. And without knowing the root, one can’t expect to get better.
The benefits of working with a good financial professional is they can help uncover your blind spots, to get to the root of your sickness that you might not see. In some ways, the right financial coach could be seen as your financial therapist. They’re there to help you uncover your root relationships with money, and give you strategies and concepts to help heal you financially. People that can help change your habits, change your mindset, and shift your energy around money, can help take your financial life to another level. The key is taking action.
So if you’re feeling like, “how can a financial professional help me,” remember that you don’t know what you don’t know. If you can get the expertise of someone that helps you shift your perspective on money, you will begin to grow healthier financially.
Originally Posted on Medium