MAWMonday Motivators 04/05/2015

by: Dr. Michael A. Wright In Blog, Coaching DiaryTagged , , , , , , ,

I took time this weekend to file my taxes in my final submission as MAWMedia Group, sole proprietorship. I prepared a report for the family as is our tradition. I wondered how many people 1) run their households like a business, especially in the area of finances, and 2) report on the key indicators of both a long-term and month-to-month budget? I filed that thought away for a future COACHMethod.com blog post and eventual Udemy training. I went to Twitter to see if others were thinking about money, success, and securing the future. I found that Twitter, as always, was motivating.

money_heart1. Develop a Healthy Relationship with Money.
Your relationship with money will improve your life. That makes sense. But, what are the elements of a healthy relationship with money? The first one you know. It feels good to know whether it’s going to come home when you expect it. Second, you want to make sure it goes exactly where you want it to go. The third may be less familiar. Third, you want your money to do what it can efficiently. If you can get the job done with less money spent, bonus. The fourth: you want your money to speak well of you and encourage other money to come your way. You won’t get this relationship until you trust, respect, and honor your money.

2. Never get too Comfortable.
The goal is to continue…to produce. That is what money enables. The easiest way to identify a poor relationship with money is by phrase. “If I had [enter the amount], I could [enter the task].” “I wish I was rich.” These phrases equate comfort with an amount of money. But, having money is not about being comfortable. It is about taking care of business. The goal is for your money to do the working. You supervise. Organize teams with three levels of risk from completely safe, to moderate risk, to highest-reward risk. That lifestyle would not be described as “comfortable,” but it would certainly be profitable.

3. Learn, then remove “L”.
I can’t go too long without writing a blog that features admonition to LEARN. I love the wordplay in this installment. I have been laughed at by bankers, investment specialist, business moguls, and millionaires as I asked questions and revealed my ignorance. After their deep chuckle, they answered. I learned. I put it into practice. Now, I share my learning as I continue to expand my financial portfolio. Thinking about what I didn’t know and the questions I asked, I chuckle to myself. I was ignorant to so much. I continue to seek more knowledge realizing that much more exists that I do not know.

4. Do YOUR right thing.
Some basics do exist. Designate money for your lifestyle as a first priority. Make investments in yourself including technology and leisure. Invest in your team including insurance, trusts, and succession planning. Then, invest in other businesses and endeavors. These are the basics, a foundation for financial success.

People often ask that fateful question during my stock investment seminars, “What should I invest in?” I respond, “I don’t know you well enough.” The question is investing is similar to charity. What are you willing to give your money to even if it doesn’t give you tangible returns? Right for me may not be right for you. Usually, that answer doesn’t satisfy. So, I give them my top 5 options and reasoning. Hopefully, they take away the pattern not just the ticker symbols.

5. Invent Your Future.
What future do you want to see? Invent it yourself. Be your own oracle by planting intentional seeds in fertile soil. Many of my clients and acquaintances present with a noticeable (some with a crippling) anxiety about money. They worry about having enough. They worry about emergencies. They worry about income sources and the patience of creditors. The end-all-worry intervention is a well-organized budget. But, other habits contribute to a lifestyle of financial health. Real-time bookkeeping, categorical expense tracking, credit score monitoring, tithe-mindedness, and leisure/self-medication planning are the lot.

Dr. Michael A. Wright received his Doctor of Philosophy in Social Work degree from the University of South Carolina - Columbia. Since 1997, Wright has led MAWMedia Group, LLC, a firm helping individuals and organizations tell stories and translate ideas into capital.