Money - Mindset and Actions Around It
In last night's Zoom call, we covered one of our 8 Fs - Finances. Specifically, we discussed our thoughts and actions around how we handle money. The night really didn't focus around, should you pay the house off early vs carrying a mortgage and getting the tax write off?, etc. Nothing wrong with that discussion, it's just tactical. The overall night was focused on something deeper, and what I believe to be much more powerful (typical of coaching).
How did you grow up regarding money?
In one small group, every man shared that he grew up as middle or just under middle-class. Some did not go out to eat much at all. Some didn't get the designer clothes. Some didn't travel very far or very often. But, all (at least in this small group) were still totally happy with there lives at that time. It's what (and all) they knew. They still had fun. They did not starve, and they had good community (which money doesn't always buy).
Interestingly, all had surpassed their parents in regard to earning money, but also had limiting believes. Most were making more than they ever thought possible, based on their views of themselves as kids or young adults. Also, no man really saw himself as being rich or truly wealthy one day.
Here are the overall our take-aways, per the big group on the call:
1) Money specifics (how much we earn) is something we never talk about. And that's ok, but there may be a place to share success stories without boasting.
2) Our mindset (impacted by culture) and actions impacts our earnings, savings and investing. Do we really want this to change, why or why not?
3) Many men follow Dave Ramsey (also the Money Guy Show) either exactly or a modified version - good, proven and conservative principles. None had regrets.
4) All saw the pit falls and ego side of money - how does this effect our beliefs and desires for it? Am I worthy of more? What will people think?
5) Some men connected their money to their vision boards - it takes money to visit Bora Bora for a month - what has to change to get there?
6) Men agreed that money is a tool, and an energy (like time). Of course, one cannot get time back. But, I believe that money, for some, can be easier to give than time - for various reasons, including upbringing and even self worth (what's your time truly worth).
7) Money = Freedom. It can buy options and it provides for others
8) No matter the amount of money, stay humble and generous
9) Abundance mentality very much applies to money. How much good can you do with more of it? How does playing small serve the world? How much money is enough? All great questions to ponder and answer truthfully. And do you deserve a lot of money? It's these beliefs, and habits, that ultimately determine where we end up on the scale.
10) Of course compound interest matters, some men are living off of this (dividends and such). This goes back to freedom. And inflation sucks down the purchasing power of cash, so buy assets.
11) Some men want or will need to work forever. The challenge questions here are can he work in a vocation that he loves? What if he can't work? What if he chooses to work (purpose and passion) vs having to work (paycheck for bills).
12) One can be happy with more or less. Fully broke was no fun, but living simply was.
13) Abundance, simplicity, freedom, humility, and generosity, passion and purpose - these are the words we used to describe what most of us want around money.