What is your money story? In simple terms, it means how do you relate to money?
Your money story tells a lot about your current financial relationship with money. You are either in one of two categories. You either have a scarcity or abundance mindset.
You either follow your childhood exposure in how you relate to money or you have done or are doing the complete opposite.
To help you recognize your money story, ask yourself these questions:
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- What is your earliest childhood memory about money?
- How has that affected your family?
- How do you relate to money in your relationships?
- What type of mindset do you have: abundance or scarcity?
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A scarcity mindset believes there is never enough. You might believe you cannot change your current money situation. It is completely out of your control and it will always be this way.
On the other hand, an abundance mindset believes I know that my current situation is only temporary because I believe that I can change my current money situation. I will do something to move me closer to abundance.
The only way you can go from scarcity to abundance is to have a shift in your mindset. You have to believe that there is more for you.
No matter what your surroundings are saying now, you must begin to change your thought process. You need to start reading books about abundance, educating yourself on personal finance, find an accountability partner or coach to help you make these changes. You need to start speaking abundance over your life and finances.
Your motivating factor has to be so large that you have no other choice, but to change and trust God for the transformation. Sometimes your motivating factor is termed you “Why”. Think about what is really motivating you, and keep digging deeper.
For example, let’s say your motivation is for more free time. Great! But let’s go deeper. What does free time look like to you? What are you doing with that free time? Are you spending that quality time with your family and friends? Or does that free time allow you the flexibility to be able to volunteer for something at your kids school? Does that free time allow you to travel more often? Keeping asking until that BIG WHY comes!
Once you know your WHY and what motivates you to change, now decide what you want. Develop a clear goal for yourself financially – make is specific with numbers and dates.
You have to be clear on what you want so that you know where you are going before you start. If we continue to be lazy and complacent and let life’s situations toss us to and fro, we really won’t accomplish anything. If your goal is vague, you don’t have a clear target to work towards.
Take a moment now to determine your goal.
- Where do you want your finances to be in 6 months?
- One year? 5 years? 10 years? 20 years?
Once you have a target, you can begin to develop the execution plan.
What’s your money story? And what do you need to do to change it to the money story you want?
