How To Change Your Behavior With Money
Our relationship with money is so much more than math. If it was all about the numbers we would all spend wisely, invest in our future, and give on a regular basis. The question is, why do so many people find themselves spending impulsively, not investing at all, and not giving anything they have?
The answer seems pretty simple to me. Good money management isn't all about numbers. It’s also about our emotional relationship with money.
“Good money management isn’t all about numbers. It’s also about our emotional relationship with money.”
Think back to the times when you’ve made poor money decisions? Were you simply thinking about the math of the transaction, or were you feeling the math of the transaction? By that I mean, when you went out to buy that car you couldn't afford were you doing it because the numbers on your spreadsheet made sense, or because you had an emotional attachment to that car? Maybe you were craving the car buying process. After all, spending money can feel really good! Maybe you were looking to impress a girl or your coworkers? Whatever the reason may be, when you dig a bit deeper into the “why” of your purchases you will see that often we slip up and make poor financial decisions because of our emotions — because of us!
So the real question to ask ourselves is, how can we personally grow so we can succeed with money? The problem often starts with us, so logically if we work on us we should see the needle move.
For me, reading books has greatly helped me discover things about myself I didn't know. Reading books has helped me spot the areas in my life I need to improve on while also showing me what the right path looks like. I can say the same thing about some of the YouTube channels I follow along with the podcasts I listen to. If you would like a list of some of my YouTube, Podcast, and Book recommendations click here.
A great example of this for me was when I read the book Rich Dad Poor Dad by Robert Kiyosaki and the book Extreme Ownership by Jocko Willink and Leif Babin. These books opened my eyes to the world of money and personal accountability. I highly recommend them.
If you’re desperately wanting to win with money I can say nothing more powerful than “Look in the mirror”. Master yourself and your behavior will follow. Knowledge is great, always pursue it, but without mastering your emotions and your own behavior you will find yourself running circles — making progress only to relapse and head right back to the starting line.
Another great way to begin changing your behavior with money is to get a taste of what success looks like. When you get a taste of the power of compound interest, when you see what diligence in saving can do, when you see what self-development brings you both personally and professionally you will be motivated to continue those habits. I remember the first time I received a quarterly dividend payment from my stock investments. The way I looked at money began to change. I finally started to understand. Things began to click. If you haven’t felt any of these wins yet I would highly encourage you to pursue them! If you’re a beginner investor and want an easy way to start investing I would encourage you to sign up for Acorns. When you use the link below you will have $5 added to your account when you sign up. If you would like to open a commission free brokerage account I would encourage you to sign up with WeBull. When you use the link below you will receive 3 free stocks valued between $8 — $1600 each! I personally use both of these services, and the best part is when you sign up with the below links you get free money!
Acorns — https://acorns.com/invite/3D9QS8
WeBull —https://act.webull.com/po/a7dKDdiHoDnl/m0f/inviteUs/
Talk soon,