Mind and money games💸
PYF I Stories I Rich Dad Poor Dad
Last week, we talked about Web 3.0 and the tremendous opportunities that it will bring to the way we work, communicate, exchange, and live. In doing so, I invited you to subscribe to The Finimize Crypto summit that will take place this Thursday (2nd) and Friday (3rd). This week, I want to go deeper into the topic of money as in my last letter I referred to a friend who felt annoyed at the topic.
Money causes a lot of worries for many people, and clearly, my friend is not the only one with those beliefs.
Our relationship to money starts in our mind.
Money polarises. Certain people love money, others hate it. Certain people accumulate without a purpose, others share to their last dime. Some can handle money other cannot.
It is fascinating (and sad at times) to see how money causes certain emotions and how our relations to money is built on stories we told ourselves or have been taught. Generally, not such empowering stories.
It can split families, destroy friendships or even kill. But we often forget that money feeds, builds, allows choice, improves health, allows innovation and many more beautiful things.
Without judging whether it’s good or bad, money is a tool to trade.
How come some have and some have not? Is it what we know and the tools we use? Maybe who we are? What we have been given at birth? Or what we have been brought to believe?
We all have stories, like “money is the roots of all evil” or “money does not grow on trees!”...well really? What are bills and checks made of then? 😉
So what are your money stories?
One of my new ones is that “Money is a force for good, that helps to create!”
Another is that “Money is abundance, joy and pure energy that flows around us and that allows us to share and build.”
Or this one, “Money allows experience, life is experience so money is life.”
Those affirmations are very personal and might not speak to you, so what are your empowering beliefs about money?
A couple of weeks ago, a friend of mine shared that one of her dreams was to build a shelter for animals. An amazing and positive goal of hers. This will certainly bring value to those around her and it will be a success when it gets off the ground - and running - but to build it, guess what she needs, money.
Another friend wants to build a clinic in Africa, but besides skill and goodwill, he needs money.
One of my goals is building a foundation, I know it will not only take sweat and tears but money too!
I find it astonishing that money is not taught in school in any meaningful way: what is it? How to make it? How to keep it? How to use it?
I want to be pragmatic and offer you tools and tips that work. So, here are four for your benefit.
Pay Yourself First (PYF) – and spend what is left. Set up a direct transfer out into an account or vault of the sort that you don’t see and touch. Every day £5 is taken out of my Revolut account and sent into a virtual vault called “my Financial Freedom Account “
Diversify – don’t put all your eggs in the same basket!
Risk/reward ratio – think what the downsides compared to the upsides
Invest – even if it is not a lot! The earlier you start the better, as it is not about “timing the market” but “time in the market” that counts
QUESTION…
What are your money stories?
How actively do you manage your money?
What is your target income to achieve financial independence?