I have been hearing some pretty awful things about YOU. That is, the person who said them intended them to be awful. But, as a financial coach, I know better. What they have been saying about you will actually result in your financial well-being. Stick to the plan. That means that you will have to endure a bit of shaming from people who don’t know any better. But, it was the venerable Dave Ramsey that popularized the quote,
Don’t take financial advice from broke people…
People, in the generalized THEY of society, have said a lot even though they can’t demonstrate the value of their advice. Meanwhile, one of the most lucrative vehicles to wealth is to provide advice. The same people telling us to save our money are the people asking us to buy their products.
I’m not mad at them or you. It is a wise investment to sow into your financial future, especially into your knowledge of the system. But, I also caution you to do more observing of the mechanisms than the advice. And, for the love of your legacy to your children’s children, don’t get caught up attempting to please people or defend your choices when people say bad things about you and your money mindset. Your only responsibility is to produce results.
What They’ve Been Saying
1. “You’re Stingy (or Cheap).” Learn to be stingy with your money. Outline your bills and income across 12 months. Financial outlays that have diminishing returns must be decreased. Every dollar must be accounted for and purposeful. Even fun and enjoyment is purpose to account and limit sustainably.
2. “You’re in Debt.” Manage your money with other people’s money. Truth is you don’t get paid when you need money. You get paid on the date the employer sets. If you don’t have the cash on hand, how do you manage? If you have to make a large purchase, or pay a bill larger than your reserves, some people say you just don’t buy it. They tell you this while they utilize credit, finance loans, and secure investments. Don’t be fooled. The ability to manage other people’s money (debt) is important to your financial health.
3. “You’re too opportunistic.” Ambition is only a bad word to the loafer sleeping on your couch. Plan your get ahead moment. Look for opportunities. Strive for something better. Build from where you are. You can do that while enjoying each moment. Coupons, new cell phone rates, lower interest refinancing, debt settlement, and more are opportunities to free cash up for better purposes.
4. “It’s Always about money to you.” Think in terms of money motive. This is the beginning insight for finding the mechanisms. Ignorance about money, financial markets, geo-political impacts on markets, and wealth creation is not cute, nor is it humble. A worldview that includes financial lenses is a worldview that includes important impacts on human complexity.
5. “You’re selfish.” Most often heard when someone wants something you refuse to give. In order to give consistently, you must have consistently. Your first thought must be on consistent income. Next is creating residual income. Then, you can securely create the basis for generosity. You are the owner who gets to choose where that money is eventually invested. Choose an investment that provides a return you can be proud of. That makes you selfish, but sustainably so.