subject: Money Insights: Is the Way You Manage Your Money Keeping You Stuck? [print this page] Money Insights: Is the Way You Manage Your Money Keeping You Stuck?
If someone gave you $15,000 with the instructions that you could spend it on whatever you wanted - what would you do?
This was a question I was recently asked.
Interesting!
Had I been asked this several months ago I would have responded quite differently to what my response would be today.
Previously, I would have upgraded my iPad to the latest iPad 2, as well as updated some of my other office equipment. You see, I love technology especially if it has the Apple logo on it.
So what would I do now? [I'll answer that in a moment].
The reason why people have money issues (such as significant debt and the amount of money that someone is able to make and keep) has a lot to do with the beliefs and values they hold around money. And, their money beliefs also influence the way they manage (or mismanage) money.
There five distinct Money Types. The Money Type of Love, The Money Type of Security, The Money Type of Recognition, The Money Type of Value, and, the Money Type of Status. Each money type has its unique characteristics and bad money habits. These bad money habits are what can keep us stuck from being able to charge what we're worth so that we can take our businesses to the next level.
My Money Type is the type of Status. A disempowering money habit of this money type is to purchase status brands (i.e. Apple Mac) as well as the tendency to have spending sprees.
And, by not addressing the reason behind these disempowering money beliefs I can find myself spending money on items I don't really need. This can lead to guilt and frustration negative energy which is taking my attention, focus and energy away from what I should be doing to drive my business forward.
Each of the money types has unhelpful, disempowering money habits and beliefs which can keep you stuck in a number of money issues including a never-ending cycle of feast and famine, difficulty in getting out of debt, struggling to charge what you're worth, to name a few.
If you recognise that you too have unhelpful money beliefs and ways you're managing your money, here's a simple, yet powerful system I use that helps keep me focused and on track to achieve my money goals.
So, what would I do if I were given $15,000? I would split it up between these following areas:
10% of the money goes towards donations
10% of the money goes towards ongoing learning and development
20% of the money goes in my savings. (I'm saving for a new car)
50% of the money is put away towards business expenses
10% of the money is kept for incidentals. This is my play' money
Each time someone invests in one of my coaching programs - that income is split up in into each of the areas mentioned above.
This system has been extremely helpful as it keeps me focused on my goals; stops me slipping back into my old bad money habits; and ensures I'm creating more positive and helpful behaviour when it comes to managing my money.
So, what about you? How would you spend the $15,000? What areas would you use and how much would you allocate to each?
Start using this system in your business to help keep you focused and on track so that you can reach your money bold goals much quicker.
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