What is YOUR money mentality?
The number one reason for business, and personal, failure is the “lack of knowledge” about MONEY!
As a successful business owner, running a multi-million dollar retail product placement company, I know first hand how being bad with money can be, and how being cash starved is always fatal.
I hate to admit that I did have money issues as a start up business, and still struggle with tendencies. I think however, if you can see me now, and learn how I recovered to go onto great success, that maybe you can too. Remember, admitting the problem will be step #1. Even as a SCORE counselor, the number one area I counseled business owners on were their finances, both personal and business. They are always reflective of each other.
I made the comment on the Big Idea with Donny Deutsch once that your sloppy personnel financial habits WILL follow you into your business, and I totally stand by it. Check out that show, it may give some good advice that you could use. http://www.youtube.com/watch?v=te1SjoA6VNo&feature=related
I was never particularly good with money, really I was horrible with it. First, I was raised by non-conservative parents who did not see the importance of, or teaching, the value of money. Second, this lack of education opened the door to squandering, and not having the tools to value money.
Having admitted all this to you, I now want to share some of the valuable tips that helped me turn my financial footprint around.
#1 Tip- Admitting that you have money issues. Recognizing that you need some help in the area of finances is the start. Once you admit help is needed, you will feel a power come over you. Once you know what you’re doing wrong, you can fix it. Indication you may have money issues: You pay so many bounce fees at the bank, that the bank sends you gifts….
#2 Tip- You need to seek out help. You need to take the initiative to find the resources, or someone, to help you in your education process. I always say that you should have a great team helping you through life and business, now is a good time to seek assistance. You will need to put pride and ego to the side and be willing to make the changes you need to. Pride has no monetary value at the bank.
#3 Tip- You need to learn the value of money. Currency is only worth the value the government, and you, put on it. Even though it’s physical currency value is only $1.00, 100 pennies, or 4 quarters, and so on, what value you place on money will tell you how much, or not, you respect it.
#4 Tip- Stay clear of people that have the same bad habits you have. You will maintain those traits if you choose to associate with others who have bad influence over you. Clean out the group you hang with, fly with bigger, better birds.
For many years I felt that money was just paper and that I could use it anytime, anywhere. It had no real value, so therefore it went EVERYWHRE. After being tired of the chicken today feathers tomorrow lifestyle, I realized I needed to make changes in my behavior. If I changed the way I viewed money, looked closely how hard I had to work for it, and not be OK with giving it away, I might just survive this rat race.
It all boils down to having a respect for money. Being a mother of four boys, I recognized early on that if I teach my boys to be disrespectful to me, they will be to other women. Teach respect initially, and it will last a lifetime.
If you do not respect and understand your money, you cannot mentally change how you think of it, and use it. Be considerate of how hard you work for money, and do not give it away.
I went and found myself a good financial advisor, committed to changing how I thought about money, started living within my means….and low and behold…..the money started accumulating and my financial future improved. Good food for thought!
Always DREAM BIG!
Kim Babjak
August 28th, 2008 at 7:22 pm
Oh my goodness, I didn’t realize you were the “BITE ME CHARLOTTE” woman from DD’s show. Ha! You rock, so glad to have you here!
August 28th, 2008 at 11:15 pm
Thank you…..
August 29th, 2008 at 2:51 pm
awesome! Very inspirational!
August 30th, 2008 at 10:52 pm
Kim, your post hits home. I have been working diligently to change my attitude toward money, and just knowing that I’m not alone is helpful motivation!
Thanks for the insight.
Regards,
Corrie Wilder
Managing Partner
GRiPPiES, LLC
August 31st, 2008 at 6:44 pm
There is a book called “The Secrets of a Millionaire Mind” that is a very good read for anyone who is interested in changing their attitudes about money. I used to be the kind of person who didn’t like to open my bank or credit card statements. I was an “avoider” of money. I started my first stint in self-employement 3 years ago and honestly didn’t even know how much I spent or made (I don’t think I am alone on this). It is funny to note that I now provide an online accounting software(http://www.clarityaccounting.com) for small business owners to keep track of their income and expenses. If anyone else has the same problem I had, I suggest you stack up all your statements and receipts and take even 30 minutes opening them and entering the numbers into an income and expense tracking system. You will be amazed at how easy it is. The hard part is getting started.
September 2nd, 2008 at 9:19 pm
How right you are. It took me a long time to realize that too. You need to have a firm grip on your finances and a healthy respect for money, so that money can find its way to you!!
http://www.longisland.myarbonne.com id #17835924
September 3rd, 2008 at 2:39 am
Interesting post!
It’s important to remember that it’s not difficult to obtain this knowledge. There are many websites, books, and people out there to help you. It just takes the discipline and the time to do the research-even just the basics. And, it takes some discipline to use the knowledge about money.
Check out http://www.financialstatementschool.com to gain knowledge about financial statements and financial analysis. It starts at the beginning. You’ll learn the basics and build from there.
February 7th, 2009 at 3:38 am
When I realized that money is an idea, my mindset changed. In “Before You Quit Your Job”, Robert Kiyosaki explains that there are 3 Types of Money:
1. Spiritual Money - mission-based
2. Cooperative Money - teamwork-based
3. Competitive Money - currency-based
By understanding how each type of money applies to creating overall value, I have become a better steward over my money.