Psychology of Money: 9

Let’s pretend there’s a software package that manages your money in exact accordance what whatever tactics will make you both happier and wealthier at the same time. There’s only one catch. You need to submit a user profile that not all of us are well-equipped to complete. You need to be able to share your blind spots. Here’s a few exercises to find those.

STEP 1 

a + b = c. What’s your financial genogram? Using Sweet’s typology describe the spending behaviours of the people who raised you. I am the product of a (spender) + b (worrier) = c (ostrich). The other choices are: planner, hoarder, gambler, gold-digger, doormat, eco-warrior. Consider your own particular equation. In what ways did “a” lead to “c”? In what ways did “b” lead to “c”?

STEP 2

What sayings do you remember hearing most often growing up e.g. “money doesn’t grow on trees.” Click here to jolt your memory with common money proverbs. Now, on a scale of 1-10 how much do you agree today with the saying you most remember hearing?

STEP 3

Scavenge for at least 3 money memories; one from when you were a child, one during adolscence, one as an adult (define those phases as you will!) After you’ve listed a few of the details, ask what money lesson or attitude is attached to each memory for you?

STEP 4

In considering the work of Gallo mentioned 4 blogs back, which is your weakest link: how you manage money, how you spend/use it or how you acquire it. What’s 2nd and 3rd? This exercise isn’t always straight-forward. For example I’d rank my weaknesses: 1st managing it, 2nd spending it, 3rd acquiring it. And yet I know I’d find it easiest to improve item 1, not so traumatic to improve 2, but very tough to adjust 3.

STEP 5

In consideration of what you’ve dug up in steps 1-4, surface at least two competing committments you have with respect to money.  For example: I am committed to managing my money better, but I am more committed to spending my time writing, working, socializing, exercising, sleeping, shopping.  I am committed to filing my taxes, but I am more committed to promises I’ve made other people (rather than my own admin.) And no, there’s isn’t time for both.

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