10 Shocking Facts: What no one tells you about money.

We all have a predetermined stance to trust the processes that have formulated in our heads, rather than seek guidance. Seeking guidance is usually absent from the minds of people in their workflow, work-life balance, and struggle. Every day they punch in and punch out, get paid and spend it all… just in time to have that direct deposit hit their account for the endless loop to repeat itself.  There are several tricks you can use to change your money problems into financial happiness. Here are 10 things that no one tells us about money:

#1 Money does bring happiness. Many people have been told that money can not buy happiness, and that statement is completely wrong. Money cannot buy happiness through consumer spending and selfish personal gain. Money can buy happiness for all involved when we spend the money in a way that provides happiness. Happiness comes from purpose, achievement, and generosity. If you spend money on purposes outside of yourself, you can be successful in using the money to provide happiness.

 

#2 Knowledge of what to do with money is not enough, execution is needed.Just because you have knowledge, does not mean a damn thing. We all know we should save for retirement, sock money away for kids college, save 10% of what we earn, and that we should live on less than we make. So why is it that we seem to have such a problem accomplishing those goals? The answer is that, we would rather enjoy instant gratification and procrastinate than practice those “unsexy” financial goals. We take it another step further and define our situation as “special” and exempt from those best practices. Be real with yourself. What’s more important, having savings; or going to a concert to listen to halfway decent acoustics from 200 yards away? I mean, I can imagine a Beyonce` concert is amazing!  But I will be damned if she got a dollar before my children had college funds in place. I’m not saying not to have fun, I’m saying we should spend our money in priority of what we value. We know having an emergency fund is more important than an annual  family vacation, but how often do we choose the wrong activity?

#3 Your pay rate, salary, or current job is not what determines your bank account balance. Having money is about how you manage your money, not how much you make. There are cashiers working at McDonald’s who have $1,100 in savings. That would place them in the top 31% of Americans who save. So we can look at pay rate or salary and make assumptions all day, the truth is most Americans are broke and they hide it very well. It is a shame to live in the richest land that has ever existed in human history and, 69% of Americans have less than $1000 in savings… and those households average $51,000 of income!  It is not about what your earn, it is how much you keep.

 

#4 Your parents aren’t the best counsel for your money questions. Today we use mobile banking, apps to invest, and never step foot into brick and mortar banks. Our parents aren’t the most tech-savvy customers to guide us through processes that have been re-created since they experienced the process. Your best guidance will come from a successful friend, industry expert, or personal financial coach. Also, you will see in #5 that your parents probably are just as bad with their finances.

 

#5 You are broke. Yea I just called you broke! Since 7/10 Americans are broke I stand a good shot at being correct. If you are in the top 30%, great job! let’s get this money! If you are the latter, I offer coaching that guarantees to cure the plague that has your dollars doing a mass exodus.

 

#6 The only people who get money, are those who seek to have it. Set a goal to become financially stable and mean it! If you begin the journey of becoming a student and master money as a target.you will only end being a master of money. Choose a desired result, and you will certainly obtain it. The same is true of any topic.

 

#7 College doesn’t guarantee a salary. I know this may not be a secret, but I can’t whisper in this text. I really wish I could plug in a whispering emoji!  “Hey, did you hear that not everyone who goes to college graduates?”. Just about 40% of Americans who paid to go to college fail to obtain a degree.

 

#8 You are being brainwashed by marketing to part with your money. During some college coursework, I was tasked with a research paper on marketing ethics and its impact on consumers. I will keep it short and say that it  disgusted  me. Marketers are using resource data and neuroscience to convince you that a Toyota Prius, Coca-Cola soda, or even a prescription drug will make you happy. We are bombarded with messages without relief to participate in consumerism. Just remember that you should pay yourself first before you spend a dime.

 

#9 Your psychology is working against your long-term planning. We are not programmed to save money. We prefer the present value of money vs. the future value, even when the figure is doubled. Would you take $10,000 today or 20,000 three years from now?  We don’t value the money, we value the time of fulfillment. We will rationalize the choice, even though it’s an awful decision that makes no sense.

 

#10 You will spend your 20’s trying to prove you can do it on your own, only to fail and spend years in financial recovery for not seeking guidance. This is a big one! Stop attempting to mimic the lives of others. We all have different abilities, resources, support systems, and incomes. Just because Jill has an apartment, new car, and drink frappes every morning before school, doesn’t mean that’s what you should be aiming for. Plan your leap to the boat when the boat is closest to shore, or prepare for a cold and difficult swim back to the dock.

I hope this list helps someone, somewhere. Please take the time to subscribe and comment. I am excited to add that I just began accepting more coaching clients. I have a 6 session program that guarantees a 90 day turn around on your financial situation. My coaching page can be found here.

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