Article #12, July 21, 2003
Money - Are You Making The Right Decisions?
Money is a very emotional subject. Many, many relationships have been severed due to money. Siblings, friends, husbands and wives will discard each other because of money. In fact, many people will remain unhappy for years and years in order not to lose money.
Money is only a tool. While it is true that having money can solve problems and create fun, it remains only a tool. There really are people in this country and across the world who have no big problems and have much joy in their lives with very little money. Life can be easier with great health insurance, a maid and a tropical vacation every year, though!
Money is mostly about choices. If all I wanted was money, I could have an MBA and be making over $100K/year right now. Would I be happy? Sometimes, maybe, but I’m happy nearly all the time right now, and I am not wealthy. My life is rich, though, because of the choices I have made for myself. I acknowledge that my life is the way it is because of my choices, and I take full responsibility.
Are you taking full responsibility? I recently met with someone who told me they thought they had no choice in solving in their money problems. They must sell their property – that’s the only option. In fact, this person has many choices. They can get a job and give up their dreams - temporarily or permanently. They can acquire more debt. They can claim bankruptcy. They can ask other people to give or lend them money. The fact is, they have already decided against the other options, making the decision to keep their career dreams and retain their integrity.
Here are some options people often disregard as unacceptable:
- Get a second job (this could be waiting tables, consulting or babysitting!)
- Sell things (jewelry, antiques)
- Trade down (get a less expensive car; move to cheaper neighborhood)
- Borrow money to invest in your business (be very careful with this one!)
- Eliminate expenses (movie channels, Starbucks, private school)
- Stop shopping (God forbid!)
There really are only 2 ways to solve money problems – get more or spend less.
A critical component in making the right money decisions for yourself is a plan. What do you want? Do you want to start a business? Do you want to keep your business? Put your kids through college? Retire early? How much do you need to accomplish your goal? Without a goal of some kind, it makes it more difficult to make the right decisions for yourself and your family. Put together a life plan that includes family goals, career goals and personal goals. This plan is only for your use – you can change it any time you want. Remember what the Cheshire Cat said to Alice – if you don’t know where you’re going, it doesn’t matter which way you go!
I would be happy to talk with you about putting together a plan. I don’t make judgements about your decisions, and I don’t have an agenda for you. Email your questions, or call me for your complimentary coaching session. I promise you will receive value in this first session, with no obligation to go further.
818-508-1678 or mailto:email@example.com.