Your relationship with money leads to your “money habits”, which, in turn, lead to your “money story.”
Here are just a few questions to contemplate on:
- Do you believe in personal responsibility and financial discipline?
- Do you habitually shop for what you need or what you want?
- Would you be willing to reduce your expenses instead of incurring debt to provide for your lifestyle?
- Do you exercise financial discipline when it comes to using a credit card?
- Do you pay your bills on-time or frequently incur additional interest for deferred or late payments?
- Do you spend less than what you earn?
- Do you save a portion of your income for unforeseen circumstances?
- Do you take time to educate yourself about your investments or just follow your financial advisers?
- Do you know how to manage financial risk?
- Do you diversify your investments among different asset classes?
- Do you plan allocation of your income
Your answers to these questions and your “family money story” would provide a fairly accurate picture of your personal “money blueprint.” Clarity about your “money habits” and awareness of your current “money blueprint” will help you realize that it’s not your “bad luck” or generational misfortune but habitual CHOICES that you make every day. If you want to change your money habits, you need to replace them with the better ones and practice them consistently. Very few people do it but those who do achieve financial freedom.
Are you on board?
Let’s get into the depth of it next week….
To Your Health, Wealth and Happiness,