My parents used to say to me, “How you do anything is how you do everything.” And they were right. If I was half ass about my studies, then I would be half ass with my chores. Conversely, if I was in the mood to be dedicated to the maintenance of my “new” car, then suddenly that carried over to the rest of my life. The lesson learned was mindset, bold or lazy, permeates your life. The late Reverend Billy Graham nailed it when he suggested that sound money management skills can be the gateway to experiencing peace…God’s peace.
If a person gets his attitude toward money straight, it will help straighten out almost every other area of his life. – Billy Graham
Let’s look at five examples of effective financial habits and how they influence our lives:
1. Establish Priorities. The practice of creating a budget trains you to identify important targets, envision desired outcomes and establish habits that will get you from A to Z. In the course of becoming single-minded on the processes necessary for goal achievement, you give birth to new routines: how you spend your time, who you hang with, activities you choose to partake in, lifestyle and who you allow to be in your circle of influence. This not only waters the seeds of financial growth, but enhances career decisions, health and dietary habits, social engagements, etc.
2. Set Boundaries. Experience is a great indicator of future behavior. That one friend who is always forgetting their wallet, your co-worker who continually invites you to grab a coffee with them, or that family member who has another great investment opportunity for you …these people aren’t planning to change their behavior in order to help you achieve whatever goal you have for yourself. Nope. That responsibility falls squarely on your shoulders. Learn to say NO. To the degree you are committed to your goals determines the exact proportion of concerted effort you will make to prevent your boundaries from becoming impenetrable. A body in motion, stays in motion and once you get a taste of the forward movement from advantageous boundaries, you will find it easier to set all kinds of strategic checkpoints.
3. Trust your instincts/intuition. Our bodies are amazing machines. Did you know that intuition is the way the subconscious mind communicates with the conscious mind? Often referred to as the “second brain,” the enteric nervous system is embedded in the wall of the gastrointestinal system and contains over 100 million neurons. In essence, emotion and intuition have a physical presence in our gut. Have you ever said, “I’ve got a sick feeling about this” or “I feel good about my decision?” Either way, your gut is talking with your conscious mind. As our new habits become an intrinsic part of our subconscious, we discover how to be more centered and less reactive to mental clutter, a/k/a second guessing. With each financial achievement, we learn to trust our intuition a bit more and use it in other areas like career, health and social interactions. Every person on the planet has intuition, but not every person chooses to develop or listen to it. Financial planning is a great way to enhance that gift.
4. Develop a conscientious mindset. A strong budgeting practice is the essential component needed to develop a conscientious mind. Aware of the need for organization and responsibility, conscientious people take their strategies seriously, plan ahead, control their impulses and implement reason over sensation. Once you develop these characteristics in your financial life, you’ll see them naturally segue into other areas of your life.
5. Modify problematic behavior. There is an old proverb that reads, “Money doesn't change people, it just reveals more of who they are." Money, in and of itself, is not evil. It’s how we behave with it that can have a positive or negative impact on us. The same behaviors that sabotage your financial objectives, are the very ones that sabotage other aspects of your life, as well. They can often be attributed to the inability to delay gratification. And where does that come from? Fear...fear of missing out, fear of losing out, fear of not having enough, fear of being judged, fear of feeling lonely, or fear of past rejections/painful memories. All this boils down to lack of focus. This is where you must practice, by whatever means necessary, to concentrate on the present, and not fear the past, nor the future. Certainly, learn from the past and plan for your future by virtue of goals, but your attention should only be on the tasks at hand.
Side-note: Don’t be afraid to show yourself some well-deserved love…treat yourself when you meet an objective. I remember in my college days when I was committed to losing 40 lbs., how extremely enthusiastic I had become of my dietary and exercise habits. I knew the goal would take care of itself, if I just remained dedicated to my routines. Sunday afternoons, however, were my treat days and I would allow myself one small Wendy’s Frosty, provided I lost 2 lbs that preceding week. It didn’t set me back, it was just a reward for sticking to the process. And it worked because I lost all the weight … ahead of schedule. Sure, I still had my weaknesses, but I also had boundaries to impede any bad behavior before it started.
Practice makes perfect and eventually you’ll see yourself adapting these financial routines and habits into the rest of your life. Once you succeed, and you will, be careful not to backslide into old problematic behavior. Instead, focus, focus, focus on your priorities, boundaries, and mindset (don’t forget to trust your instincts) and watch what happens.
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