Hey Finance Warrior!
One of the most common issues I come across with my clients is…RESISTANCE around the topic of money.
Today I will talk about resistance to understanding where your money is going.
I teach my 3-step Wealthy Warrior Women Money System as a process so you can understand where your money is going. Last week I held a live workshop at the Chicago Booth Executive MBA Program and held an online webinar for Innovation Women with 100+ women and taught this.
Most importantly, I want you to identify money to invest so that your money is working for you.
Since managing your money is so important, why is there so much resistance ladies?
I wanted to put on my personal finance detective hat and assess why this is. I have identified three key reasons. You can comment below and let me know which one resonates with you.
#1: Reason for Resistance – Family Values
You may have learned a lesson early on about managing money from your family. Perhaps the process of managing money (spending money, saving money, wasting money) was a problem in your household. Perhaps it caused stress, anxiety, anger, unhappiness. This emotional attachment may be why you feel resistance.
One question to ask yourself: What was my first experience with a budget when I was growing up? Was it positive or negative?
#2: Reason for Resistance – Fear
Let’s just name one of the root causes around money – Fear. Perhaps you do not know where your money is going. Do you overspend? Are you wasting money? Are you making responsible decisions with your money? Often this is a key reason why many have resistance to tracking spending.
Once you identify the fear, there is a an opportunity to make a different decision. In my experience, once my clients/course graduates learn the basics of personal finance, they feel more confident making financial decisions in their life! The decision is yours!
#3 Reason for Resistance – System-Haters
I also hear that people do not want to feel constrained by a system. They do not want to feel like they are micromanaging their money decisions and have to waste time monitoring it. Naturally, this is another way fear manifests itself. For those system-haters, I’d like to share another perspective.
What if a system gave you MORE freedom and flexibility?
What if you had a way to monitor your spending in a concise way that was easy and convenient?
This is what I teach in my Wealthy Warrior Women Budget Process. I teach this lesson in my online course and work 1:1 with clients to design a Budget Process that's super easy for you to follow on an ongoing basis. Learn more here.
Ok, let’s just talk about what is at stake with NOT KNOWING where your money is going.
If you could add $100 every month to an investment account and invest it with 8% return, how much would that be?
The amount turns into $18,000 over 10 years! That’s real money!
That’s the power of making your money work for you!
How about if you added $200/month to an investment account with 8% return?
The result would be $37,000 over 10 years! Almost $40,000!
For many of you, $200 is a dinner for a couple at a nice restaurant these days.
I pose the question – What if you knew where your money was going?
This knowledge creates peace of mind, financial security that you are making wise decisions with your money, and ideally wealth generation as you add more money to your investment account.
Know Where Your Money is Going. That’s the secret of the Finance Warrior!
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