Are Your Attitudes about Money Sabotaging You?

Posted on March 14, 2016 by Ken Abrams, One of Thousands of Executive Coaches on Noomii.

Money—the lack of it, the fear of losing it, the dread of not having enough—tops the list of concerns of many people these days.
We’re a prosperous nation, yet we’re more debt-ridden than any generation before. What’s going on?

The problem may be unspoken attitudes about money that are getting in the way of a sense of well-being and security in our lives. Here are a few of the more common ones:

I Don’t Care About Money; I Don’t Like Money
This attitude is held by people at all income levels. It can have its origin in religious beliefs that money is the root of all evil, or can stem from political beliefs or from guilt at inherited privilege. This belief can create a life of self-deprivation. The person with this belief never allows herself to have what she truly wants, and always buys the cheapest version. She is often an under-earner. She could earn enough to support herself, but she doesn’t, and sometimes relies on credit cards for basic expenses such as rent.

I’m Clueless About Money
This person rarely balances his bank statements, doesn’t know how much money he has or spends, and, if he has the means, depends solely on financial experts. He may believe that he’s not skilled enough to handle his money or may think that
money is uncouth, beneath him. He may have a lot of money that he spends lavishly, but his unwillingness to pay attention to it makes him vulnerable to theft, fraud, debt and bankruptcy.

I Don’t Have Enough Money
This person worries often about money. This is the friend who makes twice your income but is always talking about how hard it is to pay the bills. This person may believe she can’t take care of herself or that the world is a harsh place with scarce resources. No matter how much money this person has, she’s truly afraid that she will lose everything and end up homeless.

I’ll Never Have Enough
This person also feels that he doesn’t have enough money, but rather than feeling that the world is a harsh place for everyone, he believes that it is particularly hard for him. Other people will do just fine, but he’ll always be poor and suffering. If you try to encourage him, he’ll give you 10 reasons why he has it especially hard. He is often an under- earner, refusing to acknowledge the opportunities that are available to him.

If any of these scenarios resonate, you may want to explore your beliefs around money. By better understanding your attitudes and values toward money, you may find a new ease in the world you never thought possible.

Money “Clean Sweep”
 I like my work.
 I do not worry about money.
 My income source/revenue base is stable and predictable.
 My earnings are commensurate with the effort I put into my job.
 I am on a planned career path. I am satisfied with my progress and/or am taking steps to stay on my plan.
 I know how much I must have to be financially independent and I have a plan to get there.
 I currently live well, within my means.
 My earnings outpace inflation, consistently.
 I currently save at least 10% of my income.
 I pay my bills on time, virtually always.
 I have minimum balances on my credit cards.
 I have written agreements and am current with payments to individuals or companies to whom I owe money.
 I have 6 months’ living expenses in an interest bearing savings account.
 I have a financial plan for the next 1 / 3 / 5 years.
 I know my net worth (my assets minus liabilities).
 I have a budget which allows me to save money for my future
 My investments are diversified, managed, and do not keep me awake at night.
 I subscribe to publications/visit websites/read recourses relevant to my work.
 I have good relationships with people who can assist in my career/professional development.
 I have excellent medical insurance which covers prevention and emergencies.
 My will is up-to-date and accurate.
 I own appropriate levels of life insurance, long term care/home care insurance, and disability coverage.
 My assets (car, home, possessions, and treasures) are well-insured.
 I have no current or impending legal/tax infringements.
 I have safeguards in place to protect my assets and my identity (computer). © Copyright 2005 Coach U Inc., Version Two- revised 2008