Category Archives: Money & Your Mind

The Love of Money

For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs. – 1 Timothy 6:10 (NIV)

Money.

What emotions and feelings does the word ‘money’ evoke in your heart and mind? Does it conjure up fear, excitement, despair, pleasure, stress, or desire? Sometimes it seems that we are involved in a desperate, dysfunctional love affair with money. If we don’t have any, we pine for it; if we have a little, we demand more; if we have a lot, we live fearfully thinking that someone is going to take it from us.

“Nobody ever has enough of you….
But one can have too much of everything else
Of love, bread, sweets, honour…
But nobody’s ever got enough of you!
Give 13 talents [coins] to anyone
All the more he’ll want 16
Give him 16 and he’ll want 40
Or he’ll say life isn’t worth living”
Wealth’ – Aristophanes (338 BC)
Continue reading The Love of Money

Three Laws of Prosperity

“Have a prosperous New Year!”

This cheerful holiday declaration of future fortune is usually expressed with the best of intentions. Wouldn’t it be funny if someone replied honestly, “It would be great if you would tell me exactly how to have this prosperous New Year, because I’ve been broke for the last ten of them!”?

How did the tradition of wishing each other prosperity in the New Year originate?

According to www.answers.com, New Year’s is a time for resolutions, when people look forward and back in time. This practice can be attributed to the two-headed Roman god of beginnings Janus; of whom it was said “could see in the past with one face and into the future with the other.” The first month of the year is dedicated to his honour.

In many cultures, activities that are thought to bring future wealth are carried out on New Year’s Day. One interesting custom is the eating of cabbage leaves, which is considered a symbol of prosperity as it represents paper currency.

Another ritual is the baking of a coin into a loaf of bread, and then dividing it among the dinner guests. The recipient of the slice with the coin is expected to enjoy good fortune for the coming year.

Superstitions aside, how can we create this prosperity that we all desire? Continue reading Three Laws of Prosperity

Don’t Give Up!

“I don’t know where to turn financially- I was made redundant and was without a job for two years. Then I started a little shop and a hurricane destroyed everything I had. I tried to make some money in a network marketing business, but the profits were too small to make a difference. To add to it all, my girlfriend is expecting our first baby in three months. I really feel hopeless right now.”

As a financial coach, I hear a lot of stories of financial despair. Sometimes it’s the quiet desperation of persons who are outwardly successful with all the trappings of wealth, but are inwardly terrified because the bank owns it all, and they know that a missed pay cheque can lead to financial ruin.

Then there are the plaintive cries from those who have no income- tales of job unavailability, impending foreclosures, and bailiffs at the door abound. Then somewhere in between are the masses of people mired in credit card crises, spending addictions, pension-less retirements, failed businesses, and payroll loans spiraling out of control. Continue reading Don’t Give Up!

Are you too generous with your money?

I’m trying to turn around my financial life – I’ve paid off my credit cards, and I’ve stopped overspending. However, there’s still one problem that’s preventing me from building up my savings.

“Every time I have a little extra cash, someone turns up with a hard luck story and I end up lending them the money. Although I don’t usually get paid back, I can’t seem to stop giving away my money. Help!

There are universal and biblical laws that point to the benefits of charitable giving. Those who believe that money is abundant and donate freely to worthy causes usually find that their own personal fortunes increase as their giving grows.

Many of the world’s wealthiest people like Andrew Carnegie, Bill Gates, and Jamaica’s own Ferdinand Mahfood, have established foundations that have helped millions.

Although we are told that “It is more blessed to give than to receive,” or “In charity there is no excess,” is it possible that you can be too generous with your money?

Continue reading Are you too generous with your money?

Free Yourself From Financial Fear

“Emancipate yourselves from mental slavery, none but ourselves can free our minds.” Bob Marley

This week, as Jamaicans commemorate our emancipation from slavery and the birth of our independent nation, some of us might reflect on what it means to be free. Financial freedom can represent different things to different people, but there is a universal desire in most persons to be free from fear about money. Unfortunately, many of us are in bondage to our financial fears, and have no idea how to emancipate ourselves.

Bestselling author and personal finance guru, Suze Orman, looks at the role that fear plays in denying us the financial success we desire. In her book, The 9 Steps to Financial Freedom, she declares that “Almost all of us have fears or anxieties about money – but we rarely admit them to those around us. We may not admit them to ourselves.

Orman points out that “because (our fears) are holding us back, preventing us from taking control of our financial lives, looking these fears in the eye is an essential step toward freedom.” Continue reading Free Yourself From Financial Fear

Are you wired for financial success?

“One year ago I sold a piece of land and received nearly one million dollars. I decided to fix up my house and invest the rest of the money. I ended up investing in some business ventures that didn’t succeed, and now I’m broke again. I believe that money always multiplies for some people, but not for me, because I always fail when I try to make money.”

Over the years, I have done extensive research on the topic of financial achievement. My quest has been to discover why it is that some people make a lot of money and attain personal success, while the great majority of the world merely struggles to get by financially.

Is it a special gene that some people possess that allows them to be wealthy, or is it left to the goddess of luck to determine who makes it and who doesn’t?

Continue reading Are you wired for financial success?

Your Attitude Determines Your Results

“Attitude is a little thing that makes a big difference.” – Winston Churchill

One of the most frequent requests I receive is for assistance in preparing a budget. It seems that there is a universal problem that afflicts young and old, male and female, low-income or high-income alike: “How can I match my income to my expenses?”

If you are struggling with making ends meet, overcome with debt, or just need to save some extra money to achieve your goals faster, the first step to success is always the same – you have to examine your current financial picture to determine where you are now.

The budget is one of the tools to use to see exactly how your earnings are allocated in spending. Very often, the budget reveals the source of the problem and can provide the key to the appropriate solution. Continue reading Your Attitude Determines Your Results

Working For Love and Money

“I make a good living as a lawyer and I’ve saved up a reasonable amount of money over the years. The problem is- I don’t enjoy my work. I really want to be a creative writer, but writing can’t pay my bills. I would like to find a way to be able to work at what I love and still be able to achieve my financial goals.”

For many people, a job is merely a means to an end – getting a paycheck to pay their bills. It can feel like an empty existence when 40 hours per week of your life brings little personal fulfillment. Then there are some who are so passionate about their calling, that they ignore the fact that the job isn’t meeting their financial needs, until a penniless retirement looms in their future.

Is it possible to have the best of both worlds- to work for love and for money?

Continue reading Working For Love and Money

Achieving Balance With Your Money

A very good friend of mine died suddenly; she was only 38 years old. She had been saving for many years towards buying a home. She refused to spend on luxuries or even buy new clothes, and now I think all her sacrifice was in vain.

“I really feel it’s more important to enjoy my money now, because the present is all I have, and the future will take care of itself.”

Deciding how to spend our limited incomes is a delicate balancing act. It can be hard to figure out how much to spend right now and how much to put away for future needs. If your money scale is too heavily weighted on the side of spending, or if it’s concentrated on saving alone, you won’t be able to achieve a balance in your financial life.

Let’s look at two real-life case studies to demonstrate the necessity for achieving a money balance. Continue reading Achieving Balance With Your Money

Your Money Personality Pt 2

“I read your discussion about the money personalities last week, and I realize that I’m very uptight about money. I grew up poor and was always determined to make it big.

“Now I have a high paying job and lots of money in my bank account but I hardly enjoy it. I’m afraid to spend any of it, and my family thinks I’m cheap. I may be rich, but I’m certainly not having fun and I would like some advice on how to change this.”

Last week we looked at five of the nine money personalities described in “Your Money Personality:  What It is and How You Can Profit from it,” by Kathleen Gurney, Ph.D. In this book she explains the connection between your emotions and the way you relate to money.

Why should we care about how we relate to money? As Dr Gurney points out, “the money style you have developed defines the amount of money you are earning now, the amount you save, the pleasure you get in using money, and the success of your investment plan.”

So if you’re not happy with your money situation now, perhaps you need to change your money personality.

Continue reading Your Money Personality Pt 2