Hey there friends! I’m Jaimeson, your host of the Life Lessons on a Sunday podcast and we are up to episode 10! And I am so excited because we are going to be talking all about MONEY this month! Who else loves money as much as I do? If you raised your hand and literally said “ME” out loud, then we are already best friends! I can’t wait any more, so let’s just get started …
Today, we are starting a new series all about MONEY! I am so excited because I love MONEY! We are going to dive into our Relationship with Money, Making sure we have that $1,000 Emergency Fund, How to best budget for travel and those vacations we all dream about, what are our retirement goals and some great resources to help you along the way!
Before we dive in, I wanted to take this time to introduce you to Stephen Boyd with Boyd Wealth Management. Stephen is who I trust with my finances, so he was the first person I thought of to sponsor this series. Boyd Wealth Management is an investment firm with HD Vest Financial. Stephen has over 30 years’ experience in the finance world. I highly recommend you go check him out at BoydWM.com.
Alright, so what’s the deal with you and money?
Do you have a love – hate relationship? A love – love or maybe even a hate – hate relationship with money?
In my opinion, a love – hate relationship means that you love the thought of money and having money, but hate to spend it or hate thinking about spending it or even hate the dreaded “budget” that comes with money.
A love – love relationship with money to me means that you love everything about money, the process of getting it, saving it, spending it, and even love giving it away.
Then there’s the hate – hate relationship with money – which in my opinion means that you don’t want anything to do with money, you have bad feelings toward money – as if maybe wealth isn’t a good thing – you hate that you even have to work to make the money, then have to use it to live everyday … basically you just wish you didn’t have to think about money … life would be so much simpler if money wasn’t involved.
Which of these three do you think you are? OR maybe you think something totally different about money – and that’s completely fine – and I would actually love to hear what you think. Personally, I think I used to have a love – hate relationship with money, but am growing into a love – love relationship.
Once we can semi-identify with our love level of money, then we need to think about …
Are you a saver? Are you a spender? Maybe you’re a giver?
When you make money, do you like to save, save, and save even more. Maybe you save so you can pay cash for everything. Maybe you save because seeing money in your bank account gives you a feeling of security for the rainy days. Maybe you save because all you do is work, work, work and don’t have any time to spend it!
Are you a spender? Maybe you feel know that you only live once and you want to make the most out of your life, so why not enjoy it now while you can. Maybe you like new and exciting things, so you don’t mind paying top dollar. Maybe you’re a foodie and would rather pay for a nice meal instead of cooking it yourself. Maybe your love language is Receiving Gifts so you shower the ones you love in gifts!
What about the givers? The ones that if they have a dollar in their pocket, it’s yours. They literally give everything they have to others and all with a smile on their face. They give their time and their MONEY to causes, family, and friends. They just give and give. Are you shaking your head YES to this?
Well, no matter where you fit in, we are going to end this series with a LOVE – LOVE relationship and hopefully we’ll all be a saver, a spender and a giver – or at least we will know the steps and resources to get us there!
Now, you may be wondering how we are going to do that. The first step is to know where we’re starting at. Each one of us will be different as each of us is currently on a different path in life.
But Before we get started, I would like to share a few quotes on money …
P.T. Barnum – founder of Barnum & Bailey Circus said …
Money is a terrible master but an excellent servant.
I love this quote because it goes right with the famous question we’ve all heard … Are you a slave to the master? Well, if you are the master of your money, then it does what you say – not the other way around.
Which leads me to the next quote by Warren Buffett. We all know who Warren Buffett is right? If not, then please go google him, like right now. You will hear me quote him a lot throughout this series. One thing he has said on spending, which I find to be very true is …
If you buy things you don’t need, soon you will have to sell things you need.
Kind of makes you and stop and think a little doesn’t it?
Now, let’s start really thinking and spending time on the “relationship” you have with money. You may have said at least once so far to yourself … why does she keep using the term “relationship” when it comes to money. We have “relationships” with our parents, spouse, kids, friends, co-workers, and other “people” but with “money” … a piece of paper? I SAY YES! Because – that piece of paper, those numbers – they automatically stir up feelings. Or if we know someone does or does not have those pieces of paper makes us feel a certain way about them. So, yes – we all have a relationship with money … I’m not sayin’ it’s a healthy one, but we do. And just like any relationship, there is work involved to make sure it is a happy one!
So, let’s first start with what we think about money. I encourage you to take the time and finish these statements, really think about the answer and write it down. I know, it may seem silly, but if you write where you are today, then in 5 weeks, you will be amazed at where you will be.
Here’s 7 open ended statements to get us thinking about money:
- Money is …
- Money causes …
- If I had more money, I would …
- I don’t have more money because …
- In order to have more money, I would need to …
- Money makes people …
- My biggest fear about money is …
It may take some time and looking at these statements over and over again until you can really pinpoint what your thoughts and feelings are toward money. And as I’m saying this, I already know that one of my answers has already changed just from saying it out loud. Maybe do that too … say each statement out loud and see what comes to mind.
Next, I really want us to pay attention to our relationship with money over the next week … Yes, I’m being totally serious – I want you to accept that you have a relationship with money and I want you to take notes on that relationship.
Here’s some things we all need to be looking for and watching:
- What are some of your habits?
- Do you buy that $5 coffee every morning? Why? Does it make you feel good? Do you think before you dig into your wallet and pull the credit card out for a $10 or $20 purchase … maybe you do if it’s a $100 or more. Do you pay bills once a month, are they automatically taken out or do you look at your bank account every week, maybe even every day. A great way to notice or recognize habits that maybe you don’t even see yourself is by keeping a “spending journal” or piece of paper and every time you make a purchase, write it down. Just the amount and what it was for. Just short and sweet – nothing too complicated. We can dive into the Why’s later.
- What are your financial goals?
- Do you even have them? Such as … vacation, retirement at 60, new home, kids college, no debt – and the list could go on and on. But take some time and write out what your financial goals are.
- Next, think about how you’re going to get to those goals?
- Have you ever put pen to paper and said – I want to do A, so that means I need to do B? Or maybe this is where you stop. You dream about the goals and where you want to be, but you don’t go past that, you don’t make a plan. Or, you could be an over achiever and have each goal mapped out. Either way, let’s still write some ideas down.
- Finally, I want us to just make the time. In any relationship we give time and energy to make it positive, so I want us to do that here. Some of us will be obsessing over money and how to “fix” ourselves while others will just push this to the back and say that it’s fine – there is no issue and no need to worry so I don’t need to spend time on this. I still encourage you to do so.
Okay, to make things a little easier, you can head over to the show notes for all the bullet points or you can visit the website for all the details we discussed today.
Time for our THOUGHTFUL TIDBIT. I would love for this section of the show to be filled with your voice, your thoughts, your advice and your life lessons! Now, I’m not savvy enough to incorporate your literal voice just yet (unless you are and then you can teach me) … so, until then, PLEASE, please, please – leave a comment, drop me an email, use the #LifeLessonsonaSunday or simply post a review.
So, for this week, why don’t we share one thing about what we think of money. Finish this statement by tagging or sharing with me, so I can share with all of us “Life Learners”.
“If I had more money, I would …”
Fill in the blank. Don’t be shy – and don’t worry, I don’t have to share any information about you … just your answer. And let’s say the first thing that pops in our head … Here, I’ll go first … “If I had more money, I would travel more”. See not so bad.
Shew, okay I think that is enough for today, don’t you?
Make sure to come back next week where we will follow up on our answers and talk all about our emergency fund! Do you have one? How much do you need? How do you even start saving for one? Well, don’t fret, I’m with you all the way and we are going to be doing this together!
I would like to leave you with this last quote from Rachel Cruze …
Every dollar you spend is a reflection of your values.
Until Next Sunday …