This week’s key is a critical key for us as we delve into some of our subconscious drives and behavior motivations. Heather Wagenhals talk about keeping our passions in perspective when managing our money.
In order to be effective at managing our money, we need to be focusing our passions on making money and generating wealth, and removing our passions when it comes to spending and investing wealth. Tune in on Friday to get all the good stuff including our trivia question, Money word of the day, and our popular minutes on your money.
Keys to Riches Number Five:
Take Emotion Out of the Picture
The Keys To Riches™ Financial Wellness Series is a baker’s dozen of financial concepts that teach you how to think like the rich and be in control of your own money. It also gives you specific techniques to create or fix your credit, eliminate debt, save and invest, building wealth and happiness holistically, all while transforming your current financial habits into healthy money management skills.
I know that I work hard for my money, and feel that I’m entitled to spend the way I want. However, to be truly successful at managing my money, I need to keep my passions in perspective, being excited about making money and conservative when spending it.
I detach from my emotions when managing my personal finances.
I commit to leaving my emotions out of my everyday money decisions.
Key Action Item:
When you are feeling overwhelmed with emotion to the point of impulse spending, walk away, take a deep breath, shake it off, and allow yourself to calm down. Then you can be objective and ask yourself this: “Is there a positive financial return on this investment? Is this expenditure going to make me money down the road, or, is this the end of the road for this dollar as I invest it into this material object?”As we start focusing on putting our money where it’s going to have a return, this will become easier over time. Good luck and we look forward to having you listen to tomorrow’s show!