109. Why do we do the things we do with Money?

While being financially literate is fundamental to our ability to manage our money effectively, if we don’t have healthy relationships and beliefs about money, our financial knowledge means very little. Today on CFO at Home, Vince and Certified Money Coach Dennis Harhalakis discuss the three things that make up our relationship with money, the beliefs that support positive relationships with our finances, how the money scripts that we bring into our relationships impact both us and our partners, and more.

Key Takeaways 

• Your relationship with money is made up of 3 things:
• • How you feel about yourself
  • How you feel about money
  • How you feel about money and yourself

• A positive relationship with money is based on a set of beliefs
• • People who are good with their finances: 
  • • Feel good about themselves
    • Feel confident in their decision making
    • Take ownership of their outcomes
    • Know that Net Worth does not equate to Self Worth 
    • View money as a tool to achieve wellbeing

• Money behaviors aren’t “good” or “bad” unto themselves; it’s more about their relationship to your goals
• • They support your goals
  • They undermine your goals
  • They’re neutral to your goals

• Most people make bad decisions when they are:
• • Hungry
  • Angry
  • Lonely
  • Tired
  • The “Flight, Fright, or Freeze” mindset does not lead to good decision-making

• We each bring our own money scripts (our beliefs around how  money works) into relationships. Self awareness of your own money script and the scripts of our loved ones helps us to develop healthy money relationships

Resources

• https://cambridgemoneycoaching.uk/take-money-type-quiz/

Ways to connect/follow

• Cambridgemoneycoaching.uk
• https://cambridgemoneycoaching.uk/contact/
• https://www.linkedin.com/company/cambridge-money-coaching/

Contact the Host - vince@thecfoathome.com