Tag Archives: money psychology

Fear Is A Four-Letter Word

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Many years ago, I was presented with an opportunity that left me filled with fear instead of anticipation. I was asked to teach a module of a Portfolio Management course, as the lecturer thought I had done well in the class the year before. My initial response was to decline the offer.

After reflection, I recognised that this development was perfectly lined up with the goals I had set; why would I fear taking it on? Examining my emotions, I realised that it bothered me that I did not know how to create a PowerPoint presentation, and that I was clueless about using a projector.

When I admitted my fears to the lecturer, she reassured me that those shortcomings were easily solved. After a quick introduction to the mechanics of setting up a projector, and a month’s worth of self-tutoring on PowerPoint, I designed my lesson plan and entered the exciting world of teaching. Continue reading Fear Is A Four-Letter Word →

Instant Money Motivation

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Years ago when I worked in an investment firm, I often wondered why even though all my clients received detailed advice to help them accomplish their goals, less than 50 per cent actually carried out the recommended steps. In addition, only a very small percentage of those who started the process continued until they had achieved their objectives.

Could I have done more to assist those who fell by the financial wayside? Could I have done a better job in finding workable solutions for my clients? My determination to help people achieve evoked my desire to learn about the factors required to bring about lasting change in their beliefs and behaviours.

With more experience in money coaching, I now recognise that there are various underlying reasons that can block persons from actualising their dreams. Although counsellors can make suggestions and show them practical ways to fix their financial problems, the reality is that the decision to take corrective action can only come from within. Continue reading Instant Money Motivation →

Get Mad and Get Going!

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“When will this ever end?” Martha groaned in frustration. “If I have to face one more tirade from Mr Johnson for a mistake I didn’t commit, I’m going to scream!” Martha reflected on the practice of her dishonest supervisor to blame his junior staff for his own errors of judgement. Since Mr Johnson got promoted six months ago, he had made her job a daily nightmare.

For the third time that day, Martha daydreamed about what her life would have been like if she had followed her heart. Doing administrative work was not her real desire; in school she had excelled in home economics and had wanted to pursue a career in catering. However, she doubted that she could have earned a living at it, and had studied business at the community college instead.

Twenty years later, Martha was amazed at the developments in Jamaica’s food industry and a little envious of all the persons who had risen to stardom in the field. She still treasured baking as a hobby and enjoyed the praises of her friends who encouraged her to go into business using her talent. “What’s the point?” she sighed. “I’m too old now to make a change.” Continue reading Get Mad and Get Going! →

Money Thoughts Produce Money Results

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“For as he thinketh in his heart, so is he.” Proverbs 23:7

What do you think is your biggest problem with money? Is your income too small to take care of your everyday needs? Are your material desires always in excess of the money in your pocket? Is your bank account continually empty? Do you always have to borrow money to survive? Are you unable to accumulate enough funds to achieve your major financial goals?

Over several years of helping persons to improve their relationships with money, I have come to realise that the root cause of the financial issues they experience has little to do with figures and balances. For most people, the number one problem is not a lack of funds or viable opportunities. Instead, their major obstacle has to do with how they think about money. Continue reading Money Thoughts Produce Money Results →

Money Mission: Emancipate yourself from financial slavery

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“Emancipate yourself from mental slavery; none but ourselves can free our minds.” – Marcus Garvey

This week and next Jamaica commemorates its 50th anniversary of Independence as well as 174 years of Emancipation from slavery. In the midst of all the celebratory events, some of us might question how independent or free we really are as a nation, with all the economic, social and political challenges that continue to hinder our productivity and prosperity.

In true Jamaican style, most of us will ‘tek kin teet kibba heart bun’ and enjoy the festivities, putting aside our concerns until after the holidays. However, all too soon, the pressing problems will resurface and vie for our urgent attention. When it comes to money, it seems that both the country and many of its citizens are still trapped in economic slavery.

What are some of the ways in which you can be held captive by the shackles of financial bondage? Continue reading Money Mission: Emancipate yourself from financial slavery →

Turn Criticism Into Cash

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When I encourage persons to look for ways to generate extra income, I often get the response that although they may have some great money-making inspirations, they are afraid of the possible reaction that they will get from friends and colleagues.

One of the biggest deterrents to creativity is our fear of being criticised, and this can cause us to abandon good opportunities to earn. In Simple Steps to Impossible Dreams, author Steven K Scott explains that your “efforts to avoid criticism subvert and suffocate your creative thinking and sabotage your launch before you even attempt to achieve your dreams”.

Words can bring long-term hurt

Why do we avoid criticism like the plague, sacrificing the potential gain that may be our reward for trying something new? The simple answer is that being criticised hurts. Continue reading Turn Criticism Into Cash →

Money Mission: Become A Money Magnet

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At the beginning of the year, many of us made firm resolutions to make 2012 the best ever. This was going to be the year, we declared, that we finally got our money act together. Reciting our 2012 Money Manifesto pledges, we vowed to make positive changes in 12 areas of our financial life.

If you had made these optimistic declarations to improve your finances, how would you rate your progress three months later? Have you been successful at implementing many of the habits that would allow you to achieve your objectives? Or have you given up on your plans and consoled yourself that next year will be better?

If you’re like most people and have already reneged on your resolutions, don’t despair. Decide to tackle your money problems in the same way you would approach a work or school assignment: assess the issue, research possible solutions, create an action plan and carry out the necessary activities.

Make it your mission to work on a specific money goal each month. Continue reading Money Mission: Become A Money Magnet →

Money Mission: Get Out of Debt

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Over the past two months we have expanded on some of the key principles of money achievement that were outlined in our 2012 Money Manifesto.

Whether it’s budgeting, saving, setting goals, debt management, creating income, investing or estate planning, there are some basic steps that are non-negotiable if you want to create a successful financial future.

Of all the money principles I’ve identified, I think the one that proves the hardest to master is managing debt. I always receive the most heart-rending requests for help from persons who are desperate about their debt.

Uncontrolled borrowing can not only destroy the lives of individuals and their families, but devastate entire corporations and countries as well.

Continue reading Money Mission: Get Out of Debt →

Is Money Holding You Captive?

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Money is an essential part of our existence, as we need it to acquire the basic necessities and comforts of life. I always encourage persons to be more purposeful in their financial dealings and to constantly look out for opportunities to earn more income. Becoming more focused and productive is a key ingredient to attaining our goals.

While money is very critical for our well-being, it seems that in today’s society many of us place too much importance on money itself. Our thoughts, beliefs and fears about money can lead us to make unwise financial decisions, and very often our money attitudes can bring out the worst in us.

It seems that many of us have become enslaved by our desire for and dependence on money.

Continue reading Is Money Holding You Captive? →