What is your money story?
We start living not knowing that our habits and mindsets start getting formed from a very young age. At that time our little minds didn’t know the difference between logic and illusion. So we believed whatever was in front of us without questioning or reflecting. This is how the human species survive.
Talking about our financial stories, everyone has one of its kind. That is considered to be the foundation to start your life whether it is in career or business. Beleive it or not, there is a narrative down there in your mind that is running your financial life today. That is the self-talk about money and how we deal with our finances. If its not questioned and looked at regularly, it has better chances to control our current lives.
To question this narrative, there are few steps one can take to dig down and find that story and how it started. First is go back to your childhood. What did you learn about money and finances? What were the common phrases you heard about money? Did you perceive lack or abundance towards money? What emotions you picked on about money during your childhood? Did you feel scared and not comfortable or confident and empowered?
Those hints give you a start. You can realize what was your starting point before you jump on any quick fixes or strategies.
Second is find out how did those childhood incidents impact your perception and interpretation of money and finances. Each one of us perceive situations differently. What stories you told yourself when you experienced your family’s approach towards money? For instance, if you saw no one talks about money at home, what conclusion you made in your mind? Or if people around you had tough and tensed conversations about expenses, what intake did your mind form at that situation? We are very good at making conclusions and confirmations when we perceive past incidents in our life.
Once you do that, you get to know the scripts you successfully created out of those past scenarios. They could be: Money is hard to get and easy to spend. Or money needs to be kept for rainy days. Or never touch debt or loan from the bank. Or always keep your money for retirement. Or money is limited. At that time you wanted to make sense of what was happening to rationalize your understanding.
Third is you need to question and ask yourself if those scripts are working for you today or not. For instance one of my core beleives about money is the need to control and budget it because it is limited and it will finish any time. That beleif created stress and tension around money. Once I receive the paycheck, the struggle starts in terms of how to budget it and what to do with it. It is like focusing on one place and ignoring any other potential or opportunity for money to grow.
When you do this process, you realize the money blocking ideas you have and start creating new ideas. It is interesting to do this process. It can be hard at the beginning. We like to hold on to our past beliefs. Sometimes it could feel like you lose a part of yourself when doing this reflective process. But its worth it when you want to make a change in your mindset towards money and finances.