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Your Money ProfileAll of us have deeply ingrained habits when it comes to our attitudes surrounding money. One of the first steps in having a healthy financial life is to uncover your bad money habits. All of us have financial patterns and profiles that need to be investigated.
It is impossible to break free of your poor habits unless you know exactly the habits that you are trying to break. Do you spend too much? Do you feel that you don't deserve money? Are you rarely contented with your financial situation? These are just some of the questions that we need to answer in order to begin to break free from our bad money habits.
There are many fabulous financial books available to you. Of course, as you become more financially aware, you will want to move beyond this course and make educated choices about saving and investing your money. This course will simply cover the basics. Its intention is to change your attitude about money which will in turn change your bad habits.
One wonderful financial book is Money Magic by Deborah L. Price. She is a financial advisor with excellent advice. One of her first tasks is to help you identify your "money type." She divides the different "money-types" into 8 separate categories.
- THE INNOCENT - These people are uneducated about money and have no interest in learning about money, saving and the power of investing.
- THE VICTIM - These people blame their lack of finances on the outside world. They continually feel that their financial problems are "not their fault."
- THE WARRIOR - These people are rarely satisfied with their financial situation. Even when they accomplish financial success, they feel the need to conquer more. They are never content financially.
- THE MARTYR - These people feel that they don't truly deserve money or wealth. They constantly put the needs of others above their own needs.
- THE FOOL - These people are careless and foolish with their money. They gamble, take chances and are soon parted with any money that they have. They rarely live within their means.
- THE CREATOR/ARTIST - These people have feelings of ambivalence toward money. They are both attracted and repulsed by money. They are, in essence, afraid of what money may do to them.
- THE TYRANT - These people use money to control others. They are extremely protective and non-sharing with their money. Their life is often filled with conflicts as well.
Most of us can identify strongly with one or more of these "money types." As Deborah L. Price points out, it is our ultimate goal to break our negative money type and move into the ideal money type described below:
- THE MAGICIAN - These people understand how to create, save and invest their money. They have a strong and secure relationship with money and do not feel controlled by it. As a result, their financial situation is healthy, secure and happy.
The first step in this class involves identifying your money type. Be honest. If you tend to spend your money foolishly, you are THE FOOL. If you tend to hoard your money and use it to control others, you are THE TYRANT. Or perhaps you are a combination of 2 "money-types." It is important that you are truthful with yourself. You may desperately want to avoid the label "THE FOOL." It may sound harsh and embarrassing. However, it is crucially important for you to identify your current money type so that you can move to a healthier and happier financial position. As you may have heard before, "the first step is acknowledging the problem."
The second step in this class requires you to identify WHY you have become this "money-type." There are specific reasons why you have become predictable in your money habits. You need to understand why you act as you do when it comes to money.
THE INNOCENT - Why do you avoid learning about money? Are you afraid? Does it seem overwhelming? Do you feel that others will always take care of it so that you don't have to?
THE VICTIM - Why do you blame your money problems on others? If you took full responsibility of your money problems, would you feel guilty? Angry? Sad?
THE WARRIOR - Why are you never content with your financial situation? Are you jealous with what others have? Do you feel that possessions will make you happy?
THE MARTYR - Why don't you allow money into your life? Do you feel unworthy? Do you struggle with self-esteem and feel that you do not deserve money?
THE FOOL - Why do you spend all of your money? Do you act before thinking? Do you enjoy the "rush" of shopping and buying the latest gadgets? Why do you refuse to delay your gratification and plan for the future?
THE CREATOR/ARTIST - Why do you struggle with the concept of money? Do you feel that money will corrupt you? Are you afraid that money will control you? Are you afraid that money will have power over you and change you?
THE TYRANT - Why do you feel that you need to hold on so tightly to your money? Are you afraid that you will someday not have enough money? Do you feel that you alone do not have power, but your money does? Are you afraid that if you share your money, others will expect that from you often?
These are only a few questions that you need to ask yourself about your "money-type." Why have you fallen into this type? What underlying insecurities have caused you to fall into predictable patterns with your money?
Once you understand your "money-type" and the underlying causes for it, you are able to move on to step three. As with any bad habit, your bad habits surrounding money can be broken. If you are dedicated to financial health and happiness, you will achieve this goal.
Financial health and happiness is your ultimate goal and end result. Can you achieve this goal? Yes! But, it will require dedication and persistence on your part.
The third step of this lesson is to figure out what triggers your money type to come to the surface. For instance, if you are THE FOOL and often spend money foolishly, what temptations exist that cause you to spend money that you don't have? No matter what money type you are, you can apply THE 6-PART FORMULA to find out your hidden triggers.
- WHEN do I find myself engaging in this habit?
- WHAT feelings emerge as I engage in this habit?
- WHO am I trying to impress/appease when I engage in this habit?
- WHERE do I find myself engaging in this habit? - HOW do I feel after I have engaged in this habit?
- WHY do I continue to engage in this self-destructive behavior?
Once you understand the importance of mastering your finances, identifying your "money-type", discovering your hidden temptations and triggers, and implementing an alternate activity, you are ready to move on to the next class.
About the Author:
Jessica Swanson is an extremely successful entrepreneur, marketer and life coach who has achieved a high six-figure income. She has mentored hundreds of others to achieve the same results. You can visit her at www.UnlimitedProsperityTeam.com