Master Your Money, Defeat Your Money Demons

By: Kelly Bradley on August 19th, 2020

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Master Your Money, Defeat Your Money Demons

financial planning  |  money  |  Wealth Management

When you think of the word “demons,” what comes to mind?

The term is rooted in ancient traditions that had to do with harmful spirits that possessed people and made them do bad things.

So, what does this have to do with money?

As a child, when you first become conscious of the concept of money, we all form certain beliefs, stories, and attitudes. Sometimes these beliefs are misguided or simply incorrect, yet they get imprinted and can stick with you for life.

Our relationship with money begins at a very early age and it impacts almost every aspect of our lives, yet most of us aren’t conscious about our beliefs and stories we tell ourselves around money.

Even something innocuous you may have been told as a child, such as, “Money doesn’t grow on trees!” can create a lasting impression that money is scarce and impact your perception of the value of a dollar. It has the potential to create a fear of spending money, and a fear that you’ll run out.

However, you can break those perceptions and have a healthy relationship with money if you follow the “Five Fs of Money”:

  • Faith
  • Family
  • Finances
  • Friends
  • Fun

Using these as guides, you can make better money decisions all around, whether it's an important life decision, or just a quick purchase at the store.

Hammond_June2020_V2_PodcastGet the Complete Story, Listen to the Podcast Episode

 

Being Aware of Your Money Demons

Defeating your money demons and creating a healthy relationship with money can create a sense of gratitude and peace.

So how do you get there?

Many people try to separate their financial situation from their personal wellbeing, but the truth is that they should go hand-in-hand.

When people talk about wanting a nice house or saving for retirement, they’re really being driven by something internal. When you get down to what’s really important, it’s about security, consistency, wellbeing, and peace of mind. Most of our decisions, whether you realize it or not, are driven by the desire for these interests.

When you recognize this, you realize that many of the frustrations, stress, and anxiety around money is actually not surface level but driven by something much deeper and much more personal. And this is what can hold you back from living the life of freedom and fulfillment we all want.

This is what defeating your money demons is all about.

You probably know someone in your life that is constantly chasing money, pinching pennies, working multiple jobs even if they don’t necessarily have to. Yes, their bank account might look good. But are they happy? Fulfilled? Free? 

It’s one of the most important reasons to have a financial coach in your life.

READ: Why You Need a FInancial Coach More than Ever

A financial coach is someone who can see the forest through the trees and can give the fresh, outside perspective that you may not be able to see because it's just too close to you. Especially when it comes to money demons where it can be very hard to have perspective on your own situation and beliefs because they’re so deeply ingrained. 

A great financial coach will do more than help you build a healthy portfolio or make smart investments – they’ll help you identify your guiding stars so that you are moving towards your life goals, not just your financial goals.

 

And that’s how you defeat your money demons!