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Your Million-Dollar Mindset

Pic credit epsos.de

Pic credit epsos.de

Staying with the topic of money for one more day, let's have a closer look at how your money personality may be showing up. The following are notes I took at a money 2.0 seminar for entrepreneurs held by Monica Shah, and I hope you find them helpful. 

MONEY LOVES TO BE UNDERSTOOD.

In order to understand money, we have to become comfortable talking about it.

In order to be able to talk about it, we need to understand our relationship to money. In your own minds, or on a piece of paper if you like, complete these sentences:

  • When I see something I absolutely love that is super expensive, I say to myself:
  • When I look at my bank account and there’s less money than I thought, I say to myself
  • When someone asks me what I make in a year, I say to myself
  • When I hear that someone made over a million dollars, I say to myself

Is there a different money voice in your head than what you say out loud? How do you feel about your inner money voice?

One of my biggest take-aways from that seminar was that numbers are just information, not judgment on who you are or where you’re going.

For example, if you take your baby’s temperature, and the thermometer shows 97, you’re fine. If you take your baby’s temperature and the thermometer shows 99, you might consider giving it a kiddie Tylenol. If it shows 102.5, you don’t yell at your baby for having a fever! You take the number as information that you should probably get him to a doctor.

Stop yelling at yourself for having “bad” numbers. Just like you’d give your baby a cloth or take him to hospital – you can decide to stop spending, start saving, or get your hustle on.

The numbers are about the baby’s past, not its future. The baby’s not going to be sick rest of his life – and neither is your bank account.

MONEY LOVES CLARITY.

Monica identified four money types, and with our psychological type information, we know that they may map onto our Temperaments and preferences. She calls hers:

The avoider, the saver, the spender, and the martyr.

Avoider

  • Majority of entrepreneurs in first year
  • Unclear about bills, doesn’t like numbers
  • Unclear about how much money is coming in
  • Don’t understand the relationship between money and what you have to do to get what you want.
  • Magic of manifestations, “knowing numbers would ruin magic”
  • Numbers can magnify what you can create – power is within you.
  • ACTION – know your numbers, use systems/reports to enhance clarity, have money dates – look at your numbers once a week
  • Mantra: My numbers aren’t who I am today.

Saver

  • Joe Cool about money
  • Probably no debt, but if so there's a plan how to pay it off; savings
  • Clear what you’re willing to spend money on
  • Playing it safe, not taking risks
  • “I’m proving myself”, I’m a good person
  • Whose approval are you looking for?
  • ACTION – spend within 30 days, holding on too tightly stifles flow of ideas & opportunities. Start a “FUN” account, goal is to put money in a fun account every month – consistent rule. Your job is to spend that money within 30 days. On yourself. Build muscle of knowing that it’s ok to spend and that there’ll be more coming to spend in the future, too.
  • Mantra: Money is energy, and all energy is in flow. Don’t let it stagnate or it can’t come back to you.

Spender

  • So much fun to be around
  • They’ll get you to buy things, too
  • Often in debt, rationalizes spending, e.g. it’s for learning, only one more book…
  • Spend for emotional reasons, not the real one behind it, think there’s a connection to love, approval, having friends
  • Is there over-spending in one particular category? E.g. clothes, rent, food… make a budget for that area. You’ll feel more empowered and in control.
  • ACTION – money advisor & budget, recognize how you make decisions about spending from emotional place. Heart, head and mind may give mixed messages; advisor helps better understand money-spending decisions. Make sure they’re objective and no personal agenda, i.e. not your partner.
  • Mantra: “I can have money or love/approval/acceptance”

Martyr

  • Good at what they do
  • Have trouble accepting money for what you do
  • Everybody is a friend and should get a discount
  • Hard time owning own value
  • “There’s something wrong with asking for money.”
  • Inner voice about fraud / value system / spiritual alignment
  • Needs to be worked on and healed so you can enjoy receiving
  • ACTION – script sales calls & practice positive expansive growth money voices. Say “it’s $500” (or whatever the cost) and hit the mute button. Let the amount sink in, give your client a moment to process. Say whatever you want while you’re off air.
  • Mantra: If I make more, I can do more.  

Have you identified your money type?

Good.

Let’s recap:

  • Numbers are just information.
  • Money loves to be understood.
  • Money loves clarity.

By the way, it’s ok to wish it were easier, but there’s simply no use in resisting. 

Just remind yourself of why you want to make more money? What’s your desire?

Desire drives behavior.

Set that intention.

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What is Your Money Type?

Pic Credit 401(k) 2013

Pic Credit 401(k) 2013

Spend by 401(k) 2013.jpg

Ray Linder came to our Dallas Chapter a couple of years ago and took us through his Money and Type workshop. I still remember how each of us described our decision-making process when purchasing a car.

One dominant Fe said, she simply fell in love with hers as soon as she saw it on the lot. Nothing else mattered - it was the right color, the right place - done.

Another dominant Fi said, it's no question, he knew one brand was going to be the best and most reliable ever since he was a kid - done.  

My husband and I had just gone through the car-buying process: we had been sharing one car for a few years, and it had become impractical for me to take him to work whenever I needed to go somewhere.

I don't have time or patience for technical details of things that don't interest me, cars being one of them, therefore my criteria were four wheels, seat heater, working - done. For my Behind-the-Scenes husband this clearly was nowhere near good enough - he spent hours reviewing all sorts of websites for gas mileage and safety statistics. If he didn't, how could we be sure we got the best car for the best value? The process dragged out for weeks until I had this genius idea: "why don't I keep our current car, and YOU get another one?"

Problem solved within 3 days. 

Anyway, at the time, my knowledge of Type was too rudimentary to make connections, so I truly appreciated Ray's quick-hit refresher during the Type in Action panel discussion. 

Type may not explain everything, but

our predispositions make us seek out situations and organize our behaviors in ways that satisfy our psychological needs. Our behaviors manifest a money personality in the way we handle, manage, and deal with our money.

For example, people with a preference for Sensing and Judging (Stabilizer Temperament) are likely to budget and plan for the future to meet their need for a sense of stability. 

People with a preference for Sensing and Perceiving (Improviser Temperament) are likely to enjoy spending to create a sense of fun and form memories from experiences. 

People with a preference for Intuiting and Thinking (Theorist Temperament) are likely to weigh short and long term effects and look for value for money to have a sense of balance.  

People with a preference for Intuiting and Feeling (Catalyst Temperament) are likely to spend money on emotionally fulfilling things that facilitate personal growth or maintain relationships (presents!), to provide a sense of unique representation.  

Ray made his slides available on slideshare, so I hope you'll enjoy:  

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Are you Spending Wisely?

When you read the headline, what images did it evoke? Of all the things you can spend, which comes to mind?

Danielle and iThe most typical things to spend are time and money. Of course, you can also be spent yourself.

I've been working through the Fire Starter sessions by Danielle LaPorte. She's asking some very good questions, and is a very generous soul allowing everyone to share her wisdom. So that's what I'm going to do.

Time and money are energy. Energy flows. In order for energy to flow smoothly, it helps to have clear intentions.

The next time someone's asking for a favor,

the next time you're going shopping with your friends,

the next time you're putting someone else's needs above your own, ask yourself:

  • Will this make me feel fantastic and improve my well-being?
  • Will this help me get the results I want?
  • Will this free me up for more good things and pleasure?

Keeping these thoughts in mind helped me walk past the chips and dips aisle on the weekend, for example.

Go on, we can both practice this together.

Danielle shares her Fire Starte worksheets here for free, but the book is a work of art and written splendidly. I recommend you buy it for full effect and taking notes in the margins.

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Interpreting Expat Surveys

HSBC has published new survey findings, called "Offshore Offspring", where they looked at the experience expat parents have with raising their children internationally. Parents were surveyed to rate their country on time their children spent outdoors and studying, the cost of raising them, how many languages the children spoke, and whether they would remain in the country.

General findings include that expat children seem to be more active outdoors abroad than they would be at home, that study-time remained the same for half the respondents (increased for a third, and only decreased for about 10 %), and that children spoke more languages. You can download the study and read all the findings here.

What appeared to have caused controversy is the interpretation of the percentage of parents who stated that raising their children in the host country is more expensive than raising them in their home country. This is the case for 85 % of expats in the United Kingdom and 79 % of parents in the United Arab Emirates. These findings follow another survey in which the UK compared unfavorably in terms of overall expat lifestyle, and at least one publication presented the survey results in a way of extrapolating them to apply to the whole nation in question under the headline "UK a poor place to bring up kids". Thankfully, the article also mentions that there are expats who are quite happy in the UK, and personally, I count my years in Scotland as some of the happiest of my life.

Since money is one of the most sensitive issues to talk about at any given moment, I'm not all that surprised at the responses the survey received. Why do you think parents responded that bringing up their children in the UK costs more than it would in their home country? Maybe because the Pound is so strong? I'm no financial expert, but even I know you do not want to go comparing the Dollar to other currencies just now. I certainly never wanted to compare the Pound to the Deutschmark and later the Euro while I was living in the UK, shopping brought tears to my eyes and I remember becoming an economic vegetarian for a long time, simply because I could afford to buy meat.

I wonder if the expat parents surveyed in the UK were under local contracts, i.e. earning Pounds, or their home-nation currency. Maybe this is a great opportunity for expats and employers to look at actual cost-of-living and adjust expenses and salary calculations? But the point I really wanted to make was this: even though I assume the methodology HSBC's surveys use is sound and representative, and actually, when looking at any statistic, before you read the results and jump to negative conclusions, keep in mind what that survey is; a collection of opinions. The interpretation lies in the editing, and taking a snippit of information at face value may lead to more harm than foster understanding. In case you were wondering, in my opinion that news-headline was not the best way to engage in a dialogue about the issue, but I'm sure it got a lot of readers; hey, it even got me to write about it.

Have a good one, til next time!

Thank you to MadArtists for the free image.

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