What is Your "Money Monster"?

Replies to This Discussion

Permalink Reply by Ryan Lewis on January 30, 2009 at 10:57am

I followed the same pattern for years. I thought of the credit card as a great way to have fun now and pay it off later. I even tried to convince my brother what a great thing it was to "pay only $50 or $100 per month in interest when you can have so much fun now!" I don't think it was an avoidance of responsibility but more of a lack of financial education.

In 2001 my Mother handed me a copy of "The Wealthy Barber" and told me to read it that evening. By morning I was a different person. I learned how doing small things could make such a big difference 10, 20 and 30 years down the road. I also learned where my current spending would take me and how hard it can be for people who don't manage their money.

This book taught me how to have a comfortable retirement at age 65. It didn't take long for me to start branching out to learn what I could do to achieve it much earlier. Although I'm not there yet, I've defeated my Money Monster which was a lack of financial education.

My next step is to work on not spoiling the kids!

▶ Reply to This

Permalink Reply by Ric Morgan on January 30, 2009 at 2:07pm

Money changed when I stopped chasing it. Many years ago I had a dream in which I saw a bill with two stick legs and two stick arms and two big oval shaped eyes on it like they had been drawn on with a pencil in a cartoon.

In the dream I was running down the street chasing this bill, never getting closer, until I thought, "This is stupid," and I stopped in my tracks. When I stopped the bill stopped and turned around and looked at me, blinking its eyes a couple of times. It was then I turned and started to walk away from it, and when I turned around the bill was chasing me. Ever since then, my relationship with money changed, and while I'm not what most would consider financial "rich" I do live a comfortable life and am able to buy whatever I NEED. It was funny dream and an even more peculiar concept, but it worked for me.

▶ Reply to This

Permalink Reply by Russ B on January 30, 2009 at 2:36pm

My "Money Monster" seems to be my budgeting. With Student loans, rent, car payments all coming in monthly it seems like I am in over my head. It also does not help that I live in one of the most expensive cities in the United States with friends that constantly are going out to dinner and enjoying the night life.

I recently discovered Mint.com and it allows you to set up certain budgets and it actually send you notifications via email or text message if you go over your monthly budget in a specific category. Pretty neat, you should check it out, www.mint.com

▶ Reply to This

Permalink Reply by Ric Morgan on January 30, 2009 at 3:16pm

Russ:

I have been doing a monthly budget for over 25 years. I get receipts for EVERYTHING, and I keep track of it all with an Excel spreadsheet. Some people think I'm tight and frugal....well, I have money to get by on without any problems right now, while all of those people are struggling. When I realized how much I was spending on dining out I took a couple of cooking classes, and now I fix better meals at home a lot less expensive than I can get in a restaurant. One of my favorite places used to cost me about $90 for just me, and now I fix the same meal for less than $10....

▶ Reply to This

Permalink Reply by Russ B on January 30, 2009 at 3:50pm

Eating out is very expensive and it adds up quickly! I should consider learning how to cook more than just Pizza and Grilled Cheese :)

▶ Reply to This

Permalink Reply by Ric Morgan on January 30, 2009 at 3:55pm

Russ:

There is always peanut butter and jelly as something different from the other two.

▶ Reply to This

Permalink Reply by Patricia Clason on January 30, 2009 at 4:15pm

My money monster was a belief that there is only enough for what I need and not enough for luxuries.
I learned to use credit cards consciously, creating "needs" that I had confidence I could fulfill. Then it was a process of going beyond other beliefs from my childhood so I could excel and succeed at new levels.

The money monster I am taming now is moving up in lifestyle and consciousness from my lower middle class upbringing to enjoying wealth and attracting abundance. It's working! It's fun! and there are levels and levels of deserving and desire to move through.

▶ Reply to This

Permalink Reply by Sana Ahmed on January 30, 2009 at 7:03pm

My money monster is a fear of scarcity as well.

After having an argument about money wtih a loved one, I saw a few bills in my wallet, and thought to myself, "I can't look at money. It's disgusting." I shed a few tears after that.
The emotional weight that comes with the lack or abundance of money is not good for a person's emotional well being.

Reading Keith's tip #152 helped me face my fears and emotions with money. I put my hatred towards money because I don't have enough of it. Then the fear I have is that one day I'll have alot of money but it won't be able to benefit my loved ones.

When my money monster fears take over, I have to take a deep breath and distract myself with one of my favorite songs: "Angel" or "Perfect Girl" or "Answer" or "Dirty Little Secret" by Sarah Mclachlan.

▶ Reply to This

Permalink Reply by Emilee on January 31, 2009 at 10:59pm

My money monster is heredity. If my father can I feel I can! This is not always the case. When I put in 40 hours a week then I have excellent results, but if I have too much fun and not enough hardwork I fall behind. My dad could always seem like he was enjoying himself. If I take my work seriously and I have no control over my circumstances, life etc. and don't believe that God is in control then I can come off as too critical.

▶ Reply to This

Permalink Reply by Sana Ahmed on February 1, 2009 at 10:36am

What's so touching about this thread is that I remember asking Keith for advice on my money monster! During his busy schedule of being away for Big Task Weekend , Keith still made time to reach out to me!

When I say Keith Ferrazzi is the real deal. He really is! Why would a successful CEO take time out to reach out to me? After all, I'm just another somebody out there in the sea of people.It's because Keith is sincere and true to what he teaches in "Never Eat Alone." He truly does care about this community and its members. It's why I stay so active on this site!

Does anyone believe me now?! =)

▶ Reply to This

Permalink Reply by Patricia on February 3, 2009 at 10:54pm

I know my money monster is shame and I can very clearly remember the experiences that created it. We grew up poor. I remember my mom would want to buy us (me and my two younger sisters) new clothes at the start of the school year. My father always rejected the idea. My mother would take us shopping anyway, and she most likely paid for the clothes with a credit card that we couldn't afford. (And, I later found out, she hid from my father.) Then, she would hide the clothes in the house and tell us not to tell our father that we had bought clothes. I have this one very distinct memory of sitting in the car, in the garage, watching my mom with the bags of clothes walking sneakingly into the house. I associated buying nice things with shame.

To this day, even though I make more money than my husband, I am afraid to tell him about "indulgent" purchases, even little ones. I feel guilty about getting a nice haircut or buying a few small things at the scrapbook store. I even feel like I must ask for permission to buy things. And, I am afraid to tell him about my "share" of our finances. Even though we have a joint account and we know how much we make and all the bills that we need to pay, I feel ashamed about how I manage it.

▶ Reply to This

Permalink Reply by Sana Ahmed on February 4, 2009 at 9:30am

Hi Patricia,

Thanks for sharing. I can relate to these experiences on more than one occassion!

I think that if you open up to your husband about your money monster and how it came to be, then you'll be surprised that he might understand more than you think! Part of being intellectually intimate with your spouse is to share these type of things. It will help you grow together and closer!

▶ Reply to This