The Power in Your Money Personality
When you “urge to splurge” or “crave to save,” the first trick to assessing whether to act on it is to determine if it’s driven by a belief that may be distorted or unrealistic. We may have received messages from our culture or key people in our lives that have carved out some mischievous traits in our habits that cause financial problems. It helps to get the math done to answer the question of “how much” saving and spending is right for you.
- Know your dominant money personality “rascals” and strive for balance. When one is overly dominant and steering you in the same direction too often, lopsided results happen. Borrow some traits from other types to find balance.
- Resist Impulse Purchases (RIP) – they rip off the savings you need to build. Write down the item and refuse to buy it until you’ve had a 48-hour cooling off period. Remember to estimate the true cost of the item (interest earned vs. paid to credit card).
- Use the “Pampered Buck™” & “Dollar Holler™ questions in decision-making. Ask yourself, “Is this taking good care of my money, so it will take good care of me?” and “What would my healthy money say to me about this decision if it could talk?”
- Avoid using credit cards to overspend. Run several examples to learn the costs. There are many online FREE calculators that show how much interest you’ll pay over time. Try several scenarios to see how paying a little bit more each time pays off the balance a lot sooner and saves you a fortune in interest charges.
- Be ‘AHA’ driven. Heighten your values-awareness and align actions with them. Your life satisfaction and results will improve when Actions Honor Awareness.
- Be organized enough to find important records & gain peace of mind. Studies show people who can do that are happier.
- Assess and put in place enough life insurance to pay debts & replace needed lost income. Don’t procrastinate or guess. Have the amount calculated with our professional unbiased analysis (we sell no products and are not compensated by sales commissions).
- Contribute to qualified retirement plans so you get a break on income taxes. Make time your ally instead of your enemy. The longer your money grows, the less you have to put in and the sooner you achieve financial freedom. Get our help with the investment mix in your company plan.
- Know what it takes to “get there” by matching your life goals with time and money. Social Security was never intended to be a sufficient retirement plan. Know your future income needs and get the amount you need to save calculated, so you know how to apply savings and spending.
- Use The Power in Your Money Personality/Money Rascals book to get fiscally fit for good! Lose unhelpful habits and think of changing from the inside out as an adventure.