Want to reveal what lies beneath the surface of your (and your partner’s/family’s) attitude toward money? Try some free-writing.
I use this technique with my journalism students. For five minutes without stopping they must type any word or phrase that comes into their mind, even if it’s “I don’t know what to write next.”
Starting with the word “money,” you might like to give it a go. I did, to see what would come up as a column topic, and found I kept returning to a common theme:
“What other people think.” “Feel good about self.” “Appreciate what you have.” “Worry what others think.” “Accept who/what you are.” “Attitude is the key.”
Interesting. Like it or not, we do care what others think of us. Yet we should try not to let that influence our financial decisions.
This factor is most evident on the spending side, as in “keeping up with the Joneses.” Thanks to our consumer-based society, pressure always exists to have the latest or newest or best – and to have more of it.
Youngsters in particular, highly sensitive to “what other people think,” feel this pressure, which they don’t hesitate to pass along to their parents.
Being aware of these feelings is the first step along the path to doing it your way. Separating what you need from what you want can also help.
Believing that “my way is the right way for me” should also rule your other financial planning and decisions.
By all means look at how other people invest, for example. You can always learn from others. But resist any pressure to make investment decisions based only on what other people think you should do.
Even advisers should take into account personal as well as financial factors, and tailor their advice to suit your unique personality and situation – to encourage you to be your own person.
Use the free-writing approach to reveal your financial personality, to help you manage your money more effectively and successfully.
Mike Grenby is a columnist and independent personal financial advisor; he’ll answer questions in this column as space allows but cannot reply personally - email mike.grenby@gmail.com
