This may seem a strange question to ask and the obvious answer is You! You are in charge and you make your own financial decisions.
But which you? Unless you have an identical twin this also seems an odd question. I am not suggesting you have a split personality, but we do all have an inner child and sometimes that is the version of you who is running not only your financial decisions, but quite possibly your life decisions as well.
Let me explain.
Our beliefs, whether it is money, how we see the world, how we use language, what is right and wrong or politics, are initially formed by childhood experiences. As we grow, our beliefs are further influenced by the environment around us, i.e. friends, work colleagues, etc.
So, what is your earliest memory of money? How do you think that has influenced in the way you relate to money now in your adult life? You may be living your life now based on a belief that learned as a child.
My earliest memories of money revolve around the word, ‘No’.
No, I couldn’t have the pink umbrella with the pink frill, the must have winter fashion accessory for a 4 year old. No, I couldn’t have a Barbie doll, they were too expensive and so I got the imitation one instead. From these experiences I learned that money didn’t grow on trees and you need to be careful with your money.
But, somehow along the way, I took all of the ‘No’s’ and turned them into ‘Yes’.
Yes, I could have the beautiful sheepskin rug (purchased with my first week’s wages). Yes, I could have the new car (rather than fix the stereo in my current one). Yes, I could have the diamond earrings (they are really lovely, and I do wear them a lot). And Yes, I could borrow another $10,000 to visit my daughter in Argentina even though I was already $600,000 in debt. The list goes on and on.
My rational adult mind kept giving in to the emotional four-year-old who wanted everything and wanted it NOW! It took quite some time and a lot of working on myself and my own relationship with money, for me to realise what was going on.
And deciding who needed to be put in charge of my financial future, it certainly wasn’t going to be the emotional four-year-old… well most of the time!
At some point, if you want to become a Money Master, you must examine your own money beliefs and identify,
- Who is making the bulk of your financial decisions, and,
- Are these decisions working for you?
This doesn’t just apply to your personal finances; the same beliefs could be impacting your business as well. If you are repeating the same things (mistakes) and not getting the results you want, or maybe you keep getting stuck and continually feel frustrated, it may not be the adult ‘You’ who is in charge.
It is time to take control; put the adult behind the wheel of your financial decisions and let your inner child do what they do best, have fun!
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