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Setting Your Financial Mindset, Five Ideas for Drastic Change

The Money nerve

Setting Your Financial Mindset

Money is a part of our lives, we all plan how to spend it, and we all plan to save it!

Today, we look at some fiscal challenges and offer tools for setting your financial mindset. Emotions and old habits can rule your decisions about money. Here are some challenges people have in managing their money and a few suggestions for shifting toward a new “money” mindset.

See if these issues sound familiar:

1. I Don’t Have Enough Money

2. I Will Never Get Ahead

3. I Don’t Plan; The World Will Bring Me Good Fortune

4. It’s Not My Fault; Nobody Taught Me

5. I Don’t Have Time to Budget

It is easy to drift on an endless journey when you have no plan, goal or destination. When you are ambiguous about the direction you want to go, cruising on autopilot will never result in the “real-life” successes you dream about.

Five ideas for making drastic change and setting your financial mindset:

Enough Money

Before you can determine whether or not you have enough money, you will need to know how much money you make. Many people will use their full salary to plan their expenses, but forget to consider taxes and social security deductions. Under-estimate the money coming in and over-estimate your spending.

Never Get Ahead

Focus on positive choices each month, and eliminate the resignation and depression that come from reacting to financial headaches. Choose how you want to delegate your dollars. Change the way you view money by thinking of money as a choice, not a dictator, in life. If you have $100, you have the power to delegate a third for saving, a third for eating lunch out 2 or 3 times and a third for bills.

The World Will Bring Me Good Fortune

Well, I am a firm believer in sending out positive vibes and seeing that energy coming back my way. However, I also know that when I have an action plan to support that attitude, I am more successful. It is no suprise that the people who plan their days and work the plan seem to luckier than everyone else! Set aside five minutes to write down the main focus for your day or your week, and set yourself up to your best advantage. No one can help you better than YOU CAN!

It’s Not My Fault

Take a good look in the mirror, you are the CEO of your life. Take a truthful look at your assets and your bad habits. Explore where you can make small changes that will move your life toward a more abundant mindset. Making intentional choices creates a feeling of independence and eliminates the need to blame others. Every choice you made in the last five years resulted in where you are today. If you are not happy with your life, snap out of the routine of non-decision-making. Begin making new choices that will give life to the dreams and goals you have.

Don’t Have Time to Budget

People are so busy, being busy, that they often mistake insignificant activity as being more valuable than a scheduled chunk of time for planning. It’s a bit of a paradox, but setting aside 30 minutes a month to review your finances and make a plan for the next month, can actually save you time and money. Just jotting down your monthly bills on an index card and slipping it your wallet, will help you stay on track. Dividing your spendable dollars into envelopes is another good idea for seeing where money flows.

We all have the opportunity to create the life we dream of, it takes a little faith, a plan and choices to make it happen. A goal is merely a dream with a deadline. Go for it!

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Imagine Where I Would Like to Be!

The Money NerveProjecting Your Success: Where would I like to be!

First of all, ask yourself “where I would like to be in one year or five years. Maybe free of credit card debt is where I would like to be? Do I want to travel the world? If I had more money in my retirement account, would I be happier and less stressed? How can I change my spending habits so that I can reach my goal of $50,000 in savings?”

Once you know where you would like to be, state your goal: A year from now, I will decrease my use of credit cards. Two years from now, I will sign up for additional training.  In five years, I want to have a zero-balance on all credit cards. In ten years, I’d like to transition to another career or own my own company.

Quiet the censor in your mind and just let your imagination travel where it likes. After allowing yourself this quiet time every day, you may be surprised to see where your imagination takes you! Take advantage of planning ahead, and then, every three months or so, sit down to adjust your budget. You can still get to where you want to go, you are just allowing yourself to keep it real and update, as needed.

Will I ever quit worrying?

Finances will always be a part of your life—not something you can ever move past. Confront your financial fears and set aside an hour per week to update your records. If you use computer software, download your bank statement and expenses. Balance your checkbook. Keeping up with your money each week for a small amount of time helps you stay on track for your bigger goals. Having a plan to work from results in a more efficient use of time and less worry.

Make an effort to spend responsibly. Make a list of all bills you get each month, and check them off your list as you pay them. That way, if you didn’t receive a bill, you still realize it has to be paid. Spreadsheets are a great way to keep track of expenditures. Once a year, list your assets and debts to get a sense of your net worth. As a result,  you now have a true road map showing where you have been and how to move more efficiently toward your current financial destination!

 

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Keep Focused in a Cluttered World

Keep focused Keep Focused in a Cluttered World

You are intent on finishing the task at hand, and suddenly “something” comes up. You don’t realize the chunk of time distractions can steal from your day — you just change direction and give it attention. Keep focused!
In a world full of political strife, constant social media pop-ups, continuous alerts from emails landing in your inbox and worries about matters you cannot control, the ability to keep focused is a dynamic tool for keeping a positive mental attitude and a sense of purpose.

Over half of us get distracted after 15 minutes and — boom — you have no idea where you started or why you can’t get your mind and heart into your goal. You can’t stay focused at work anymore and are becoming less productive. Valuable time and effort go right down the tubes, and so does your momentum and energy.

One way to keep focused is breaking big projects into more manageable bites of time. Richard Branson shares that people should “take the stairs,” literally, to stay in shape with physical activity and also as a metaphor for big goals and life dreams. It’s a “gradual climb,” with “inevitable failures and setbacks along the way.” Very few people can take the elevator to instant success.

It’s almost impossible to shut out the world while you’re busy. It is your choice or decision to stay focused. Explore the right techniques for you, know your priorities, and stick to them. When you achieve this – You are in the zone!  Five minutes, ten minutes. Sometimes you may stick with a project for hours. When you look up, time has flown, and you have been incredibly productive.

Five Tips to Focus more Effectively:
1. Have a “to-do list” with the most important or longest tasks at the top.
2. Clear your mind from emotionally charged worry. Sift through the clutter. Learn to separate what you can make better and what might be out of your control.
3. Work offline: Try using paper and pen — perfect for brainstorming! Put your phone on silent and check email only occasionally (try once every hour). Set a timer to keep up with time and allow yourself to check mail.
4. Create Plan with Prioritized Goals and Tasks (daily, weekly, and long-term).
5. Organize your life, your office, and your desk. Studies have shown having a clean life-space declutters the mind.

Looking for tools to manage your day more proactively? Check out these resources.

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New Year, Fresh Start for 2017

3x3-new-year-fresh-start

New Year, Fresh Start for 2017! Where Will You Take It?
The party favors and New Year’s Eve champagne are gone. You have a New Year, full of hope and promise, ahead of you! Don’t overthink it or tally up an enormous list that is unachievable. Define a few areas in your life that you would like to improve. The year will be successful as you take the time to slow down, be grateful, and make the right choices.

A new year is not just the party, a boatload of resolutions, and anticipation. The year 2017 will take shape as you reach your goals through thousands of small moments; moments where conscious choice leads to richer, more fulfilling life.

Resolutions are merely thoughts you have written down to guide you to a higher level. You may have some money-motivated ideas, lifestyle goals or educational objectives. Write down a few significant possibilities to determine the small steps that would help you achieve personal success. Four best practices to sustain your resolutions.

What would make your life better? Take some time to think about the future. You can enrich your life with thoughtful intentions, making the most of the opportunities that come your way. Take pleasure from your successes and be flexible, try again when your dreams do not go as perfectly as you planned. Franklin D. Roosevelt said, “Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort.”

People are the only living beings on this planet that can visualize a better life in the future. Take this moment to “see” yourself in a new place this coming year and start the journey!

Enjoy this motivational TED Talk from Gilbert Jones (below). He shares how to visualize and incorporate happiness into your life. I hope this will help you to design a prosperous 2017!

Wishing you a joyous, fruitful new year.

Bob

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Seven Spiritual Laws for 2017

3x3-place-in-this-worldToday I would like to share a post from http://www.chopra.com/. I invite you to explore these Seven Spiritual Laws as you formulate your plans and goals for the new year:

Many of us grew up with the belief that achieving success requires relentless hard work, grim determination, and intense ambition. As a result, we may have struggled for years and even reached some of our goals but wound up feeling exhausted, our lives out of balance.

As Deepak Chopra observes in his transformational work, The Seven Spiritual Laws of Success, such desperate striving isn’t necessary or even desirable. In the natural world, creation comes forth with ease. A seed doesn’t struggle to become a tree―it simply unfolds in grace.

The Seven Spiritual Laws are powerful principles you can use to fulfill your deepest desires with effortless joy. If you put them into practice, you’ll realize that you can manifest whatever you’ve been dreaming about.

Fortunately, the laws of success aren’t difficult or mysterious but are easy to understand and apply. There are also many ways for you to learn more about using The Seven Spiritual Laws to attract the life you truly want, and right here is a great place to begin:

Sunday: The Law of Pure Potentiality

Take time to be silent, to just BE. Meditate for 30 minutes twice a day. Silently witness the intelligence within every living thing. Practice non-judgment.

Learn more about The Law of Pure Potentiality 

Monday: The Law of Giving

Today, bring whomever you encounter a gift: a compliment or flower. Gratefully receive gifts. Keep wealth circulating by giving and receiving care, affection, appreciation and love.

Learn more about The Law of Giving

Tuesday: The Law of Karma

Every action generates a force of energy that returns to us in like kind. Choosing actions that bring happiness and success to others ensures the flow of happiness and success to you.

Learn more about The Law of Karma

Wednesday: 
The Law of Least Effort

Accept people, situations, and events as they occur. Take responsibility for your situation and for all events seen as problems. Relinquish the need to defend your point of view.

Learn more about The Law of Least Effort

Thursday: 
The Law of Intention and Desire

Inherent in every intention and desire is the mechanics for its fulfillment. Make a list of desires. Trust that when things don’t seem to go your way, there is a reason.

Learn more about The Law of Intention and Desire

Friday: The Law of Detachment

Allow yourself and others the freedom to be who they are. Do not force solutions—allow solutions to spontaneously emerge. Uncertainty is essential, and your path to freedom.

Learn more about The Law of Detachment

Saturday: The Law of Dharma

Seek your higher Self. Discover your unique talents. Ask yourself how you are best suited to serve humanity. Using your unique talents and serving others brings unlimited bliss and abundance.

 

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FINDING YOUR FINANCIAL GPS

3x3 From A-ZReady to start a NEW PATH?

By setting a financial GPS, you can navigate more efficiently to reach your goals. Using this analogy of traveling through time to reach your next destination is an excellent way to approach your finances. As you journey through life, new opportunities arise, and you have the choice to make changes to hit that next target. Even as you move closer to some of your goals (or destinations) and “things” are on the right track, it is inevitable that roadblocks or challenges will pop up.

When you look at a map or plug a route into your GPS system, you will see numerous roads lead to the same destination. One choice may be the scenic route. Another faster option might be to take the highway, and if you plan several stops to run errands or take in more experiences, your choice might meander a bit – although you have packed more action into your trip. All three choices ultimately lead to the planned location. We must know where we are to make savvy decisions that lead us to the targeted destination

If your only goal is to be rich, your goal may not be specific enough. A financial GPS is no good unless you plug in a dream, a goal or a destination. How can your finances get on board if you do not know where you are going? A grandiose idea such as “being rich” is not a destination. Plugging in a smaller, more strategic financial goals provide you with a meaningful roadmap that brings positive results. You may choose to save $10 per week, freeze the credit cards for one month or save for a big vacation or a home.

Becoming aware of your Money Nerve and exploring what upsets you, helps to redefine your financial GPS. Blindly following the crowd, allowing emotions to rule your decision-making or ignoring money issues – these reactions keep you from attaining your desired financial goals.  Drop old habits that no longer work for your current situation. Stop making choices based on outdated information.

As you recognize your Money Nerve flaring up, take control and empower your financial life. Examine your current lifestyle without blame, make thoughtful changes, and choose proactive actions each day — expand your perspective! Create a life with purpose and a sense of abundance today.

Follow @TheMoneyNerve on Facebook.

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INVESTING IN VALUE = Long Term Success

3x3 Invest in Value

When you have something of value: family, friends, possessions – you want to take care of them, and maintain your investment. Many people are financial quick-fixers with a duct tape mentality, and contrary to popular belief, duct tape doesn’t fix everything. They may get immediate results, but are not actually dealing with the cause of their problem. This can result in complicated or frustrating long-term results.

If you are overdrawn in your bank account, you might think you are doing right by using your credit card to bring your account back into balance. That is robbing Peter to pay Paul. The reality is that you are creating more debt for yourself and adding interest payments to what you owe already.

I joke that I wish I could “un-know” what I know. It is a lot more work when you start to take responsibility for your life. Imagine going to a seminar and hearing that there are eight steps you have to take in order to become a millionaire. Many people in the seminar will stop at four steps and say, “I’ve finished four steps, why don’t I have 500,000 dollars?”

We live in a volatile world. Instead of being a financial quick-fixer, take a longer view into the future, make value-based choices and begin to create a healthy and abundant lifestyle over time.

  • Figure out where you are: Take a look at your spending habits and write down every purchase in a month. Will you be happy with that choice in five years?
  • Identify your priorities: How can you reallocate funds to support your priorities and provide additional value in your life? What really matters to you?
  • Create a financial support system: Actively seek support utilizing professional advice, friends, financial tools, software and applications to set your self up for success.

Once you learn to work with your list of financial goals and stop operating out of fear regarding money, you will see your efforts transfer to other aspects of your life. You may feel more financially confident once you have a clear vision of where you are and where you want to be.

Empowering yourself financially allows you to toss out old reactions and habits. You choose your actions! As you tap into your own power, you no longer wait for luck to happen or hope that you win the lottery—you actively take charge of your life. I call this positive lifestyle where the riches of life are inherent in your soul—proactive abundance!

Have a great week,

Bob

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Setting Your Priorities

Shift in Perspective

Re-evaluating what is most important can be life changing. Studies have proven that effective goal setting can bring about significant change in a person’s thought actions and lifestyle.

Sometimes people procrastinate because the task seems to big to handle. Some folks concentrate on tiny meaningless decisions that don’t make an impact on critical choices. Some people think there just isn’t enough time, but in creating a slight mental shift, time and desire can redirect your time, efforts and concentration to become more productive in your choices.

One of the benefits you may have as you make progress in one or two areas — you may find that your renewed focus and energy manifest positive changes in other aspects of your life as well. Setting goals is an excellent way to discover your true internal beliefs and take actions that are true to the “real” you. You can learn to create balance and success in both your personal and professional live.

While it may feel overwhelming, stating intentions and setting goals can be broken down into a few easy steps.

  • Step 1: Write down all of your goals for the next 2-5 years. Rank them by what you desire most and then make a side note determining if the goals are easy or difficult. Breaking the bigger, more challenging goals into smaller “chapters” gives you the ability to work out a solution over time.
  • Step 2: Realize you can’t make massive changes in every area of your life at the same time. Pick three main goals to begin with and stay focused on those first.
  • Step 3: Write down your goals and start a journal to review your thoughts, write yourself notes or log inspirational quotes or ideas to keep you going. You may find the goal evolves with time, producing better results.
  • Step 4: Reward yourself for success. Many “pint-sized” steps can culminate in achieving substantial results. Take time to recognize small victories and “treat” yourself with a little reward.

Life is a series of snapshots and moments that create the wholeness and beauty of our lives – rejoice in it!

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OVERWHELMED?

3x3 Nepal Mt Everest basecampIt’s important to consider the pace you set to achieve your financial goals. If you set an unrealistic pace, you’re more likely to become overwhelmed or discouraged.

When I first arrived at Lukla, Nepal and prepared to make my ascent to Mount Everest Base Camp, the goal was ten days and over nine thousand vertical feet away.

I would have been kidding myself to think it could be done all at once!

Initially, the plan was to climb about one thousand feet in altitude, acclimate, and continue to the top incrementally. The first couple of days were pretty extreme. The thought of hiking ten hours per day over a challenging, seemingly endless path was overwhelming. My group began to convince itself that it was too difficult and considered turning back.

I wasn’t having it. I set my watch so that we would only focus on hiking for one hour with a water break at thirty minutes. We would not even talk about an eight-hour hike or what the rest of the day looked like. We wouldn’t talk about what “ifs” (for example: What if it gets dark? What if something terrible happens to us?). Everyone agreed to hike for only one hour and focus only on that one-hour!

Once we had gotten a few one-hour hikes under our belts with water breaks on the half hour, the group members stopped needing to take a break every thirty minutes. They felt they could easily continue, and they wanted to keep hiking for longer chunks of time. I remember one day specifically when the peak seemed miles and miles away. Because of our false perception, it appeared unreachable. So I set my watch for an hour, and we started hiking. Within forty-five minutes, we had arrived. The destination was actually closer than we realized.

In the same way, financial security may seem like it is unattainable, but you may simply be in need of a little perspective. The cure for being financially overwhelmed is persistence and knowledge. A robust savings account is achieved one step at a time. Put away ten dollars per paycheck knowing that, over time, that will add up to a large sum. In that way, you can create a new habit.You are often closer to success than you think you are!

If you have an area of finances that overwhelms you, surround yourself with books on the subject or go online to reputable sites. If you are more inclined to a discussion, try to find people who can provide strength in your area of weakness.

Financial stability may not happen overnight. By setting goals and starting the journey, you may find that you are only a short distance away from relief. Just put one foot in front of the other and get moving!

Turn your overwhelming feelings around:
• Persist.
• Know where you are and where you want to be.
• Learn the financial terrain.

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Build Your Dream Team

3x3 Being Financial PartnersMaking a plan for a rainy day is always prudent. Some examples might be stashing some money in a savings account, looking toward your retirement or setting aside a three-month supply of food so that you are covered in case of an emergency. Just don’t go overboard, and sacrifice living to the fullest in your present life for an unforeseeable future.

I think of my friend’s grandmother finding an envelope labeled Hawaii trip in her husband’s safe deposit box after he died. They never left mainland soil in his lifetime. He had plenty of money in the envelope; they had the time; he just waited too long to take action. His financial fears kept both of them from sharing unique and fulfilling experiences together.

Have you shared your dreams, your goals or even your credit score with your partner? Maybe it is time to sit down and have a face-to-face conversation about what is important to both of you. Make the time to explore how to make those dreams happen. You want to know what triggers stress in each other and be aware of emotions can trigger extreme reactions.

As you become more aware of your emotions and what triggers your Money Nerve, you will be able to be more understanding of your partner’s Money Nerve. You want to have a conversation with the goal of improving financial communication and a better understanding of the person you love. You may still get annoyed and even upset by the reactions of others— but know you have each other’s back to deal with your situation.

Many times, sharing your financial journey and goals with others can help keep you on track. Keeping a budget together with a common focus becomes fun with a partner because you can “team up” with one another to track receipts, and build a stronger portfolio. When you join forces, you can now plan on how and where to spend your cash, set goals for fulfilling each other’s dreams and laying the groundwork for a better future.