My relationship with money has a powerful influence on my everyday life. I have a conscious and focused relationship with money that is substantial and is not stressful. Behaviors like overspending, hoarding, avoiding financial decisions, inability to follow a budget and obsessing over financial security and accumulating wealth strike a chord in me. Always, these behaviors develop feelings of fear that can keep me from enjoying a healthy relationship with money. However, my money values assist me to remain on the right track.
Values are permanent personal beliefs regarding what one views as significant, worthy or right. Values tend to indicate one’s upbringing and alter very little with no conscious effort throughout one’s lifetime. For instance, some families as well as individuals, value their religion very highly, while others value education and a successful family business. Thus, recognizing my values and comprehending the values of other individuals with whom I closely interact is significant. In identification of my money values, I carried out the following exercise:
I colored yellow one item in the pairs below that would be my first selection in answering the question of which of the two items I would spend my money? I selected one item in every pair. Housing, retirement savings; education, vacation; retirement savings, hobbies; social; activities, car; education, housing; personal appearance, car; retirement savings, hobbies; hobbies, car; housing, vacation; vacation, charitable giving; hobbies, charitable giving; Vacation, personal appearance; charitable giving, social activities; housing, retirement savings; hobbies, housing; charitable giving, social activities; personal appearance, vacation; retirement savings social activities; education, car and personal appearance, education.
Total number of times I colored each item in the pair activity are; car-1, charity-1, education-3, hobbies-1, housing-3, personal care-3, retirement-5, social-1 and vacation-0. I then ranked my values starting from retirement, education, housing, personal care, care, charity giving, hobbies/sports, social to travel. This list reflects the items I consider most significant in their order of importance. Thus, by knowing my values, I can make sure my goals and attitudes reflect my values. They nearly match my spending plan and. Therefore, the easier reaching my financial goals as well as financial security shall be.
Moreover, I have made my dreams precise, that is, I desire to grow continually my investing prowess as well as have multiple investments that offer me with an excellent and sustainable monthly cash flow that are safe from market uncertainties. Also, I and my family to live in at least four places every year, during the summer period in Michigan, at the family home in the in Argentina, in India, and adventuring new countries as well as visiting friends in the U.S.A.
The foundation of my financial plan is planning, a determination as well as communication. By understanding my financial attitudes and values, I have a better chance I shall reach my financial goals. Having the ability to identify and achieve my values is my goal.
Life is composed of dreams as everyone has them. But many individuals worry how they ever can realize their goals and can give them up with even a small experience of challenges, detours as well as curves on their way. Realizing a financial dream always is difficult when one has many financial problems that often take priority. Therefore, getting out of debt entirely to enable me to take full control over my income, save some money and investing and a free mind from worry as well as stress that comes with debt. Secondly, develop many income streams used to fund my retirement savings. Thirdly, be able to spend less than I earn so that I shall often have more income. And lastly, to put an end to any addiction to the things that are not necessary.