Unlock The Money Mindset: Exploring The Boundaries Of Financial Health
WE CAN’T BUY RESPECT OR FREEDOM, BUT WE CAN CREATE IT
So many of our decisions and behaviors are based on money.
So often, our feelings about ourselves and our happiness depend on how much money we have, don’t have, or others have.
Being successful is often referred to as having much money. More money, the better. Being able to afford anything we want is a dream of the most. For many, having more money equals more independence, freedom, options, respect, happiness, and success.
However, we fail to consider the cost we need to pay for our desire to have more money.
THE COST OF EARNING MONEY
While expecting money to provide us freedom, we lose our freedom to the demands of work.
While we want to provide stability and security for our family, we destroy our relationship with our loved ones.
While we want to have the ability to send our children to the best schools for the highest level of education, we deny them the character foundation development that only parents can foster.
While we dream of enjoying a beautiful life, we might find ourselves drawn into chronic pain due to intolerable work stress and ruined health.
While we bet on winning a lottery to get rich, we forget that wealth creation is the opposite of a one-time money injection. Wealth is created by our character traits: the ability to have sustainable earnings, savings, and self-disciplined spending.
All our dreams come at a cost. The cost that we need to be ready to pay.
“There is no reason to risk what you have and need for what you don’t have and don’t need.” Morgan Housel, The Psychology of Money
How to find a balance? Where can we enjoy our earnings, savings, and spending?
FINDING ENOUGH MONEY
No one else described so well how to define what’s enough for us as Lynne Twist and Teresa Barker in their book “The Soul of Money: Transforming Your Relationship with Money and Life.”
“Sufficiency isn’t an amount at all. It is an experience, a context we generate, a declaration, a knowing that there is enough, and that we are enough.
Sufficiency resides inside of each of us, and we can call it forward. It is a consciousness, attention, and intentional choice of the way we think about our circumstances.
In our relationship with money, it is using money in a way that expresses our integrity; using it in a way that expresses value rather than determines value.
Sufficiency is not a message about simplicity or about cutting back and lowering expectations. Sufficiency doesn’t mean we shouldn’t strive or aspire.
Sufficiency is an act of generating, distinguishing, and making known to ourselves the power and presence of our existing and our inner resources. Sufficiency is a context we bring forth from within that reminds us that if we look around us and within ourselves, we will find what we need.
There is always enough.
When we live in the context of sufficiency, we find natural freedom and integrity. We engage in life from a sense of our own wholeness rather than a desperate longing to be complete. We feel naturally called to share the resources that flow through our lives — our time, our money, our wisdom, our energy, at whatever level those resources flow — to serve our highest commitments.
In the context of sufficiency, and the flow of resources to and through and from us, our soul and money interests merge to create a rich, satisfying, and meaningful life.”
HOW MUCH WE EARN = HOW MUCH VALUE WE PROVIDE
Our salary is a direct representation of the market value of our services provided.
It is our personal responsibility to keep investigating the changing market of our provided value and renegotiate the amount.
Our salary should be set on the potential value and not for the already provided work in the past.
QUESTIONS TO BUILD A HEALTHIER RELATIONSHIP WITH MONEY
- What is your relationship with money?
- Are you making dying or living for money?
- What do you own and why?
- How does money impact your relationships?
- What do you need to do to be able to stop taking risks to prevent what you value?
- What are some of your challenges in your practice with money?
- How much is it for you enough money?
- How much do you have to have in your savings account to create yourself options when something unexpected happens in your life?
- What allows and stops you from taking risks to discover new possibilities to provide more value? What do you need to keep learning to earn more for less time?
- What can you do to keep improving your selling and negotiation techniques?
- What difference can you make with what you have now?
- What opportunities do you create for others to make a living?
RESOURCES
- Poem: Get Rich by Redefining Money by Sekou Andrews
- TEDx talk: Freedom from the money culture | Lynne Twist
- Book: “The Psychology of Money: Timeless lessons on wealth, greed, and happiness” Morgan Housel, September 8, 2020
- Book: “The Soul of Money: Reclaiming the Wealth of Our Inner Resources” Lynne Twist, Teresa Barker, October 17, 2006
- Book: “Die With Zero: Getting All You Can from Your Money and Your Life” Bill Perkins, July 28, 2020
- Book: “Never Split the Difference: Negotiating As If Your Life Depended On It” Christopher Voss, Tahl Raz, May 17, 2016
We invite you to join live talks with Olympians and Performance Coaches to explore topics that help us break our limits.
HOSTS
Inga Stasiulionyte, Olympian in javelin throwing, performance coach at Valor Performance, and founder of ofounders.com
Joe Jacobi, Olympic Gold medalist at whitewater slalom, author of “Slalom: 6 River Classes About How To Confront Obstacles, Advance Amid Uncertainty, & Bring Focus To What Matters Most,” performance coach at Valor Performance, and founder of joejacobi.com
LIVE TALKS: Unlock The Money Mindset: Exploring The Boundaries Of Financial Health
Watch the recording here:
TIMESTAMPS
05:30 — What does money represent?
- We have money sensitivities based on our upbringing and family
- What might we be giving up when striving for more money?
- How much is enough money?
- What are the opportunities to close income gaps?
- How can our money conversations affect culture shifts?
- How to equalize our provided value and pay?
- Why aren’t we comfortable asking for more money?
11:00 — What is our relationship with money, and how does it evolve?
- The meaning of money changes at different stages of our life
- How would our relationships change if we pursue to earn more money?
- Knowing the price of sacrifices
- Putting life first — choosing work that supports life and not the life that supports work
- Aligning our values with money and our lifestyle
20:00 — Resisting influences that would steer us against our values
- How do commercials, comparisons, and “free money” offerings influence our decisions?
- Different cultures and countries think differently about money. How does the current culture affect us?
- Money creates a lot of insecurities in us. What kind of relationship with money enriches us and hurts us?
28:00 — Money decisions that create more opportunities and not limitations
- What are our habits with money?
- Everything that we will decide to get has a cost — money, fears, or freedom.
- How can our decisions with money create more opportunities for each other and the next generations?
- How do our goals with money create short and long-term possibilities and value? How much would it cost our health and relationships?
33:00 — How does money impact our relationships?
- How could money talks enhance relationships versus tearing them apart?
- Taking responsibility for our choices and their consequences
- Money is not our purpose, but they are the means.
- It’s never too late to start that conversation about money and its meaning in the relationship.
38:00 — Finding a balance between money, security, and happiness
- What edge can money create, and what edge is meaningful?
- How much is extra work worth? What is the cost of the additional work?
- Our expectations can be different from reality.
- Determining how much money is enough.
- What experiences would we want to create?
- Did we take advantage of those experiences?
- Mapping the worth of what we earned, saved, and experienced
48:00 — Present and future of our money
- Balancing our current and future needs
- What do safety and freedom look like for us?
- Our risk tolerance changes with age.
- It is important not only how much we earn but how we earn it.
- What experiences would we like to have at different stages in life? What do we need to do today to have that later?
