“Most people in the world would express, in one way or another, the same sentiment when it comes to money. We all want to have a better and more fulfilling life than the generations that have gone before us. We want to take each opportunity presented to us to increase our sense of security, freedom of expression, pursuit of our passions, loving connections, love of learning and exposure to the awe that living on this planet can inspire. When we can access each of these aspects of ourselves fully, our sense of purpose and fulfilment increases, and we are able to live more authentically.
Financial Advisers often see the results of good money management in the clients they serve– clients who have learned how to manage their money well, and are self-sufficient, generous people in retirement. These clients come from many different financial circumstances – high income earners to low income earners, people who have inherited and kept their wealth to people who have built their wealth from nothing, some who have led a blessed life and some who have encountered hardship.
It seems that having lots of money doesn’t necessarily bring fulfilment or even happiness and having little money doesn’t have to bring with it feelings of deprivation or desperation. It’s more about how you manage what you get in accordance with your own sense of what is purposeful and right for you.
For many, the very mention of the word ‘money’ incites a deep-seated unease or fear. A fear of going into uncharted waters, a fear of putting our guard down, and ultimately, a fear that we will fail ourselves and future generations. There’s an unspoken ‘taboo’ when it comes to the subject of money. A ‘taboo’ which needs to be dispelled here and now.
When it comes to managing money:
- Each of us are doing the best we can with the resources we’ve got – these resources include our money as well as our current knowledge, values, beliefs, attitudes and skills. Many of you reading this may have felt some fear, resentment or embarrassment around money – there is no need for this if you are willing to tap into some new resources and learn a better way.
- This planet has more than enough money to go around, if we can each play our part in managing it well. The starting point is in managing our own money. In fact, the starting point is even more basic than that – it is in learning to manage ourselves and the way in which we satisfy each of our needs to bring a sense of purpose and fulfilment.
We can learn to consider each of our main needs in life and allocate enough of our money to satisfy each one of them. These needs may not be what you think. Certainly, food, water and shelter are basic to our survival, but what we need for a truly purposeful, significant, and sustainable life is much more comprehensive.
As human beings, we have 6 main needs that, if satisfied in a healthy way, provide the basis of a great life. These needs play out in every moment of every day in our thoughts, our feelings and our actions. If not healthy, the impetus to satisfy these needs can play havoc in our lives and rob us of the opportunity to live the rich, abundant, and authentic life we each truly deserve.
Briefly these needs are:
- Belonging to a community that is cohesive, safe and fair.
- Having the freedom to express our emotions spontaneously, live in the moment, and have fun.
- Obtaining the status, we seek in life and attaining the big things – pursuing our passions, making significant purchases, achieving success in our endeavours.
- Maintaining a true sense of connection with other people – understanding and feeling understood by our loved ones and colleagues.
- Being able to continue a love of learning throughout our lifetimes, to gain feedback on our progress in life, and having the information at hand to take the next step.
- Having a treasure chest to fall back on so that our dreams are not thwarted, and we can move forward based on inspiration and hope for the future.
We pursue the satisfaction of these basic needs daily. Neuroscience proves that our brains are wired to seek satisfaction of these needs. Good money management involves allocating money for each of these needs and teaching our loved ones to do the same.
Learning to manage your money so that it serves your sense of purpose is a skillset well worth learning.”
Leanda Kayess Dip FP (Deakin University) Dip Leadership (Alpha Crucis College). Excerpt from upcoming book.
Establishing a financial plan and having regular meetings with a financial adviser will increase your knowledge and improve your money management skillset. Have a chat to an adviser at Kelly Wealth today.