Something I must confess here! I am emotional eater- whenever I feel emotional, due to any reason, I eat. And I eat out. Eating out cost us money, meaning I can easily bust my budget just because some idiot has pushed me into any sort of emotional drama.
We all, at some point in time, spend just because we feel emotionally charged. To come back to our normal self, we engage into certain external distractions such as eating out or going for movie or even taking a walk outside to get some fresh air.
Who you are from inside?
Just like we ordinary folks spend money on our emotions, so do the super-rich. I was recently reading about Minecraft owner’s parties in his expensive mansion. He said that he had never felt so isolated in his life as after selling Minecraft to Microsoft. There are other stories like him to where celebrities spend so extravagantly and for many work is the only option left to support their lavish lifestyle.
Are they financially free? I don’t think so because the day, someone like Mayweather stops fighting, he may no longer be in a position to maintain this lifestyle. One wonders why so successful and not so successful people show such irresponsibility when dealing with money and can’t balance theiranswer lies in a simple fact of life! This simple fact is who you are from inside?
You know, to feel yourself worthy from inside is as important as you feel yourself worthy in your external world. Having a clear sense of self-worth and importance to one’s self is key factor to live a balanced and more fulfilled life- a life which is balanced on all fronts i.e. financial, healthy, relationships and of course our spiritual side.
Externals vs Internal
Let me also make another confession here- I have been victim of what is called keeping up with joneses. I bought every new model of iPhone and Samsung. I was just crazy about them and I paid the price.
It often happens that our external and internal values differ- this is the result of an internal vs external clash. Externals can push us to spend on things which we later regret however, if internally we feel self-worthy, buying anything would not have a particular value for us. However, if our self-worth or self-esteem is externally directed, we are surely going to spend as much as we can, just to make sure we keep up with joneses.
Values vs numbers
Most often, it is numbers which drive your financial planning process. You prepare excel sheets, buy software or use online tools to crunch numbers- just to see how much you will need to be completely financially free. If you are following this approach, you are clearly failing to address really important issues which go hand in hand with numbers.
Carl Richards, in his book ‘One Page Financial Plan’ narrated the story of a working woman who was earning a handsome salary, but wanted to be financially free to have a family. This is a great example of giving any financial planning process a more human touch. Having a strong personal reason to plan for secure and successful financial future is as important as drinking water.
Unless one can connect the dots between personal values and numbers, financial planning as a way to achieve financial freedom, pay debts, control expenses, plan for retirement etc. will simply fail. Personal values and why you need money (except off course to fulfil your daily survival needs), are important links to be determined before anyone starts to plan for a secure financial future.
Ask yourself tough questions of why you need money? What are some of your personal values which you believe can only be fulfilled or achieved if you have money?
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