Where have you been, where are you now, and where do you want to be? What does this all mean to you?
Money EQ – Money is the most emotionally charged topic of praise and disappointment; it has solved and created many problems. Money takes on many meanings, it can be a status symbol or considered evil, an end to a means, or maybe it means giving back. How we view money determines the stories we tell ourselves and how unconsciously we pass them on to our children.
“Money is the most misunderstood, chased after and necessary thing in society.” -Jayshri Amin
Some people have taken their parent’s view of money and gone in the opposite direction; either way, it still influences your story. When I started examining my money stories, I was amazed at how similar my decisions were to my dad’s. My dad influenced my money stories more because I followed in his footsteps as an entrepreneur.
Money does buy happiness; however, when it defines you, it buys you misery. It’s time to break down the barriers, myths, and bad habits, get real about your Money EQ, and have an honest and sincere self-reflection. To do this, it starts by asking some tough questions.
I usually ask my clients some starter questions; this enables them to develop a framework of their belief system and the stories they live by. Once we have established this, we dive into more challenging questions.
Be honest with your answers because the realization will become apparent, and the change will be profound. You may have some ah ah moments mixed with OMG, or I already knew about me.
Mindset – Here is a list of some foundational questions to ask yourself:
Where does your money come from? (Working, trust fund, from one spouse’s earnings. rentals, investments, alimony, etc.)
What does money mean to you, and why? (Is it an end to a means or a status symbol; be as specific as you can).
Do you like money? Why? And how does it make you feel? Ex. anxious, happy, and frustrated.
Is it hard to make money, or does it come easy?
Do you obsess over money, or are you carefree?
Are you a spender or a saver?
How do you protect your money, if at all?
What makes you happy: when you spend or when you save?
Do you usually have buyer remorse, and if you do, do you return your purchase?
How did you grow up with money? How did your parents make, spend and save money?
What is one small thing you would change about your money habit today?
Let’s dig deeper.
Where is your money?
Are you a risk taker or risk-averse, and why?
Do you have a fear of missing out (FOMO)? Give examples.
Do you and your spouse have separate bank accounts and joint?
Who holds the money bag in your home or makes the financial decisions?
What is your biggest money fear? What keeps you up at night or consumes you?
Does money help you with whatever you want to achieve? Or is it an obstacle that always gets in your way?
Because of money, have you been unable to start your dream project or leave your unsatisfying job?
How do you feel about owning property or renting?
How do you feel about paying taxes?
Are you happy with your financial situation now?
What stories do you tell yourself about your money?
What did it mean to your parents?
Do you find yourself saying the same things your parents did about money?
Do you feel blessed and energized about life when you think of money? Or do you feel frustrated when you think of money? Why do you feel this way?
What is enough for you?
What happens when you answer all these questions?
It’s time for thought to understand your money strengths, challenges, obstacles, and biases (SCOB). This exercise helps you discover where the gaps are and develop an understanding of where you are and the capacity to make decisions. Creating a new habit requires focusing on which mindset to change. Let’s start changing behavior’s.
If you would like to learn more about SCOB please email me at jay@thewealthintelligence.com
Money IQ – There are many products, platforms, and advice to tap into or tap out of. Term Insurance, Whole Life Insurance, Universal Life Insurance, Critical Illness, Disability Insurance, Long-term Care, Segregated Funds, Stocks, Bonds, RRSP, TFSA and Non-Registered and the list goes on. How we comprehend and navigate financial complexities can become overwhelming, confusing, and frustrating. I don’t know about you, but when I am overwhelmed, I just don’t deal with it, which has consequences.
Let’s demystify and simplify these concepts to overcome the fear of the unknown. Then I will help develop how they work to encourage decision-making that results in growth and prosperity in redefining your wealth.
Knowledge – Knowing what is available is half the understanding; how it applies to your situation and goals is the true knowledge. Finding the right financial advisors makes all the difference in the world.
Time – Time is money. – Benjamin Franklin. “The key is not spending time but investing it.” Stephen R. Covey
The best time to start is now and especially when you are young. We are young, healthy, with minimal debt; thinking about life insurance or investing is not the first thing that comes to mind. But if think of time as compound, you can learn how to get more out of life. One way is to avoid high premiums due to age or health issues, purchase life insurance early enough to prevent them. Investments should start the minute you are legal to do so.
A financial advisor can guide teenage children in the family with financial literacy, strategies, and sustainable goals.
Wealth Intelligence – Taking what we learned from MEQ and combining it with MIQ, The Wealth Intelligence is the path we have chosen to prosperity, growth, and legacy. My mission is to help families get to wealth, keep their wealth, and create legacies that the next generation can build upon.
MEQ equals mindset plus reflection
MIQ equals knowledge plus time
WI equals MEQ plus MIQ
WI yields prosperity plus growth