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Defining “True Wealth”

By “how much is enough?,” I mean the amount that will allow you to stop driving so hard professionally should you choose to do so.  I mean the amount that will allow you to feel safe, the amount that will compensate for risking hard-won relationships, the amount that will affirm your feeling good, smart, successful, accomplished, in control.

Pamela York Klainer

How Much is Enough?

 

How much is enough? What does this mean to you?  As author Pamela York Klainer explains, “The question is deceptively simple, but the answer is critical to integrating money with other aspects of your life and finding happiness.”

Similarly, Karen Ramsey commented in her book Think Again: New Money Choices, Old Money Myths about the importance of making sure your financial life supports what is most important to you:

Money will only improve the quality of your life when it is used with clarity.  Only when you learn to spend money in concert with your underlying values—the things that you most deeply care about—will it become a tool for creating a more fulfilling life.

In other words, money can help you to achieve your goals, but financial resources alone cannot produce the essential ingredients of a satisfying and rewarding life such as peace of mind, loving relationships, and meaningful activities.  Michael Stein, author of The Prosperous Retirement, also recommends a holistic approach to life and money:

“Just as a wagon wheel without spokes will not carry your wagon, money cannot, in itself bring joy, satisfaction, fulfillment, and a sense of balance into your life.  In fact, money sometimes can get in the way of achieving these non-financial goals.”

In addition, it is very helpful to view your life as being multifaceted, and to consider how each facet contributes to the quality of like you experience—now and in the future.  Think of each facet as an integral part of your total “life portfolio” and remember that it is your investments of time and energy that will make your portfolio grow.

In conclusion, always keep in mind that the word “rich” has two meanings.  It can be can be defined as “possessing great material wealth,” and it can also be defined as “that which is abundant, meaningful, and significant.”  Once you have a clear definition of what “true wealth” means to you, then you can invest in each area of life in a meaningful and purposeful way.

November 15, 2018 by intrinsic 0 Comments

Kids Need Money Mentors

With the level of consumer debt skyrocketing and the cost of housing, education, and health care increasing at double-digit rates, younger generations are facing unprecedented challenges to achieving economic security and financial independence.  Therefore, helping our youth to learn effective money management skills, and to adopt good financial habits and attitudes, is more important than ever.

So what can you do if you are worried about the financial future of your children, grandchildren, nieces, and nephews?  The best place to start is by considering all of the ways you can be a positive influence in shaping their financial well-being.  Next, choose specific ways to be a proactive Money Mentor in their lives. Here are suggestions and resources to get you started:

Set a Good Example—First and foremost, examine your own money behaviors and take action to get your own financial life in order.  Always remember that nothing is more effective in guiding the younger generation than providing a powerful role model.  An excellent handbook for reaching this goal is You and Your Money by Lois A. Vitt and Karen L. Murrell.

Assess Your Attitudes—Your own attitudes and beliefs about money have their roots in value-laden messages you picked up along your life’s journey.  Often these messages reside in your subconscious and influence how you feel and talk about money.  Becoming more aware of these internal messages will help you to be more mindful about the money messages you are passing along to the young people in your life. A good resource to guide this more internal exploration is Caring for Your Soul in Matters of Money by Karen Ramsey.

Be Aware & Prepared—Stay alert for teachable moments to communicate positive money messages and to share your financial expertise and wisdom.  Very few topics affect us on a day-to-day basis like money, so there are endless opportunities to provide mini financial lessons via word and example.  A great handbook to prepare you for this journey is The Opposite of Spoiled by New York Times money columnist, Ron Lieber.  It covers everything about how, when, and why to talk to kids about money, whether they are three-years old or teenagers.  The Opposite of Spoiled is both a practical guidebook and a values-based philosophy.

Use Tools—There are a number of great resources available to help make financial education fun and interesting for children.  One example is the Moonjar, “a tool for children and families to incorporate strong financial values and practices into their daily lives.”  The creator, Eulalie M. Scandiuzzi, explains the meaning behind the name of her product in this way:

Moon:  “To shoot for the moon”; to go after dreams and goals.

Jar:  Following ancient custom where wishes or dreams are written down and placed in a special jar for future celebration!

The Moonjar kit (www.moonjar.com) consists of three colorful moneyboxes (one each for spending, saving, and sharing), a special Moonjar elastic band to hold the assembled boxes together, a passbook for deposits and withdrawals, and a family guidebook.

Reprinted by permission of Money Quotient, NP

 

 

September 6, 2018 by intrinsic 0 Comments

Listening To The Wrong Money Messages

For many of us, managing our finances and building economic security is a nagging concern.  We know we should be making greater strides in taking control of our money matters, but nothing changes.  What keeps us from achieving the financial peace and satisfaction we desire?

One of the main obstacles to financial freedom is listening to the wrong money messages.  Our attitudes and beliefs about money have their roots in the value-laden messages we have picked up along life’s journey. These money messages are not only clothed in the words of others, but in their behaviors as well.

However, these revelations are not intended to give you the opportunity to place blame, but rather to help you recognize potential obstacles to your financial well-being. Remember, awareness is the first step to change!

Therefore, it is important to look for clues in your past that will help you to understand your current financial life.  The following questions will guide you in this reflection process:

  • Starting with your childhood, what experiences have shaped your underlying beliefs and attitudes about money?
  • What were you taught about money when you were growing up?
  • In your family, was money an issue, a source of conflict, a reward, or a tool for achieving goals?
  • When did you first start spending money? How did that make you feel?
  • In your past, has money been a source of conflict in your important relationships?
  • As an adult, what was the most important lesson you learned about money?
  • What money habits have been obstacles to reaching your life goals?
  • What money habits have brought you closer to your life goals?
  • What do your patterns of earning, saving, investing, and giving reveal about the money messages that have influenced you?

In summary, to discover the roots of your financial attitudes and actions (or inaction!), look first to your past experiences.  A review of your financial history will give you tremendous insight into the money messages that consciously and unconsciously influence how you deal with money on a day-to-day basis.

Reprinted by permission of Money Quotient, NP

 

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Our Offices

Tempe, Arizona

1255 W. Rio Salado Parkway #115,
Tempe, AZ 85281

(480) 924-5613

(480) 924-8062

NEW OFFICE!

Orange County, California

2522 Chambers Road #200A,
Tustin, CA 92782

(480) 924-5613

(480) 924-8062