Strait Talk Blog
Three Ways To Think About Money
How Your Money Mindset Will Very Likely Influence Your Financial Outcomes
Has it ever occurred to you that money has a mindset? Or maybe better said, the way you look at money—your mindset—could really influence what happens with your money. My goal, when working with clients, is to help them achieve complete financial independence so they never have to worry about money again. But I have to be honest about something. A person’s money mindset is probably the number one factor that will determine their financial outcomes.
A money mindset is much bigger than how you think about money, the goals you’ve set or even the disciplines you’ve adopted to grow your wealth. A money mindset is how you feel about money and how your life experiences, both positive and negative, have shaped those feelings. After serving hundreds of affluent families for more than 20 years, I’ve come to recognize three distinct money mindsets. I’ll bet you’ll see something of yourself in what I’m about to describe and probably something of your loved ones. Let’s explore how money mindsets influence financial outcomes.
Three Ways To Think About Money
How Your Money Mindset Will Very Likely Influence Your Financial Outcomes
Has it ever occurred to you that money has a mindset? Or maybe better said, the way you look at money—your mindset—could really influence what happens with your money. My goal, when working with clients, is to help them achieve complete financial independence so they never have to worry about money again. But I have to be honest about something. A person’s money mindset is probably the number one factor that will determine their financial outcomes.
A money mindset is much bigger than how you think about money, the goals you’ve set or even the disciplines you’ve adopted to grow your wealth. A money mindset is how you feel about money and how your life experiences, both positive and negative, have shaped those feelings. After serving hundreds of affluent families for more than 20 years, I’ve come to recognize three distinct money mindsets. I’ll bet you’ll see something of yourself in what I’m about to describe and probably something of your loved ones. Let’s explore how money mindsets influence financial outcomes.
Six Ideas To Help You Stop Worrying About Money
Take Control Of Your Mental Health By Kicking Money-Worries To The Curb
The COVID-19 pandemic foregrounded a topic that has long been ignored in our culture: mental health. Finally, we get to talk about mental health the same way we talk about physical health. The stigma is abating. For so many years, we could openly talk about our gym membership, our nutrition plan and our physical trainer. That made us look healthy. But we couldn’t talk about our therapist. That made us look weak. Thank goodness that stigma is fading. Mental health is just as important as physical health.
This gives me an opportunity to talk about a mental health issue that plagues so many people: money-worries. The anxiety that comes from money-worries is very real. It can be just as debilitating as a physical disease. In fact, stress and anxiety can be linked to heart disease and numerous other ailments. It eats away at our quality of life and robs us of the every-day joys that we should experience. If you or someone you love is experiencing this, here are six ideas that I believe can really help. They have certainly helped many of my clients.
Six Ideas To Help You Stop Worrying About Money
Take Control Of Your Mental Health By Kicking Money-Worries To The Curb
The COVID-19 pandemic foregrounded a topic that has long been ignored in our culture: mental health. Finally, we get to talk about mental health the same way we talk about physical health. The stigma is abating. For so many years, we could openly talk about our gym membership, our nutrition plan and our physical trainer. That made us look healthy. But we couldn’t talk about our therapist. That made us look weak. Thank goodness that stigma is fading. Mental health is just as important as physical health.
This gives me an opportunity to talk about a mental health issue that plagues so many people: money-worries. The anxiety that comes from money-worries is very real. It can be just as debilitating as a physical disease. In fact, stress and anxiety can be linked to heart disease and numerous other ailments. It eats away at our quality of life and robs us of the every-day joys that we should experience. If you or someone you love is experiencing this, here are six ideas that I believe can really help. They have certainly helped many of my clients.
How The Pandemic Might, And Might Not, Change Your Financial Plan
Here Is How I Recommend You Think About This Global Event
The COVID-19 global pandemic changed so many things. Nearly every family in the US has been touched by this horrible disease, including my own. I contracted COVID in the spring of 2022 and got to experience first-hand how it takes a person down. I was fortunate. I came through it fine and so did my family. But the experience was deeply unsettling. I could not predict how sick I might get or even if I’d recover, let alone how it might impact my wife and children.
So many families experienced that same thing. This feeling of uncertainty will not likely go away anytime soon. It will stick in our memories. So you might be wondering—if the future feels so uncertain, does it even make sense to develop long-term financial plans any longer? How can you plan for things you can’t see coming? Is this an exercise in futility? I don’t think so. But I do recognize that COVID changed a lot of things and so we should probably change accordingly. After pondering this and talking it over with colleagues, I’d like to submit for your consideration some things you might want to change, and some things you might not want to change, as a direct result of the pandemic.
How The Pandemic Might, And Might Not, Change Your Financial Plan
Here Is How I Recommend You Think About This Global Event
The COVID-19 global pandemic changed so many things. Nearly every family in the US has been touched by this horrible disease, including my own. I contracted COVID in the spring of 2022 and got to experience first-hand how it takes a person down. I was fortunate. I came through it fine and so did my family. But the experience was deeply unsettling. I could not predict how sick I might get or even if I’d recover, let alone how it might impact my wife and children.
So many families experienced that same thing. This feeling of uncertainty will not likely go away anytime soon. It will stick in our memories. So you might be wondering—if the future feels so uncertain, does it even make sense to develop long-term financial plans any longer? How can you plan for things you can’t see coming? Is this an exercise in futility? I don’t think so. But I do recognize that COVID changed a lot of things and so we should probably change accordingly. After pondering this and talking it over with colleagues, I’d like to submit for your consideration some things you might want to change, and some things you might not want to change, as a direct result of the pandemic.
How To Help Your Multi-Generational Family Stop Fighting Over Money
Five Guiding Principles To Enhance Family Unity And Peace
Families disagree about all sorts of things: what to have for dinner, where to go on vacation, what color to paint the house. These kinds of disagreements are normal and healthy because they demonstrate that family members have their own opinions. But there is another type of disagreement that can be devastatingly unhealthy: fighting over money. That kind of conflict can lead to irreparable relationship damage that tears families apart.
Over the last several years, I’ve helped several multi-generational families navigate these difficult waters. In this thought piece, I’d like to share five guiding principles that have helped my clients. I share these because I think they are important, especially for family patriarch and matriarchs. These individuals often worked incredibly hard to ensure that their heirs would not have to worry about money. They wanted their wealth to create a happy and unified family that enjoys each other’s company. But fighting over money puts that in jeopardy. If you or a family you care about is experiencing these challenges, I think you’ll really benefit from what I’m about to share.
How To Help Your Multi-Generational Family Stop Fighting Over Money
Five Guiding Principles To Enhance Family Unity And Peace
Families disagree about all sorts of things: what to have for dinner, where to go on vacation, what color to paint the house. These kinds of disagreements are normal and healthy because they demonstrate that family members have their own opinions. But there is another type of disagreement that can be devastatingly unhealthy: fighting over money. That kind of conflict can lead to irreparable relationship damage that tears families apart.
Over the last several years, I’ve helped several multi-generational families navigate these difficult waters. In this thought piece, I’d like to share five guiding principles that have helped my clients. I share these because I think they are important, especially for family patriarch and matriarchs. These individuals often worked incredibly hard to ensure that their heirs would not have to worry about money. They wanted their wealth to create a happy and unified family that enjoys each other’s company. But fighting over money puts that in jeopardy. If you or a family you care about is experiencing these challenges, I think you’ll really benefit from what I’m about to share.
Who’s Helping You Make The Big Decisions In Life?
Five Areas Where You Need A Trusted Advisor
The rugged individualist is a popular icon of American culture. Rugged individualists go it alone, needing no one and standing on their own two feet. Picture the Marlboro man or any Clint Eastwood movie and you get the idea. But there’s a problem with this picture. It belies something we all know to be true. Being alone is lonely. This is especially problematic when you have great big decisions to make with nearly irreversible consequences. That’s when you could really use a wise friend or even a team of people who know you well who can guide you.
So I want to ask you a question. Who do you trust to help you make the really important decisions in life? Here’s why I ask. Big decisions represent a fork in the road, mutually exclusive options, in most instances. Turning to the left means that turning to the right is not an option. Sometimes, when a decision is made, there’s no going back. After thinking about this a while, I’ve come up with five areas where I believe you absolutely need a trusted advisor to help you make decisions you won’t regret. Let me share with you what I’ve learned after working closely with hundreds of families facing complex decisions.
Who’s Helping You Make The Big Decisions In Life?
Five Areas Where You Need A Trusted Advisor
The rugged individualist is a popular icon of American culture. Rugged individualists go it alone, needing no one and standing on their own two feet. Picture the Marlboro man or any Clint Eastwood movie and you get the idea. But there’s a problem with this picture. It belies something we all know to be true. Being alone is lonely. This is especially problematic when you have great big decisions to make with nearly irreversible consequences. That’s when you could really use a wise friend or even a team of people who know you well who can guide you.
So I want to ask you a question. Who do you trust to help you make the really important decisions in life? Here’s why I ask. Big decisions represent a fork in the road, mutually exclusive options, in most instances. Turning to the left means that turning to the right is not an option. Sometimes, when a decision is made, there’s no going back. After thinking about this a while, I’ve come up with five areas where I believe you absolutely need a trusted advisor to help you make decisions you won’t regret. Let me share with you what I’ve learned after working closely with hundreds of families facing complex decisions.
How Much Should I Give My Children?
Four Guiding Principles To Prevent Unhealthy Money Conversations
I love being a parent. My children mean the world to me. One of the reasons I work as hard as I do is so I can provide for my children. But I do worry about something. My wife and I did not grow up with money. We both learned to scrap and scrape to make a life. We learned as young adults how to rub two nickels to make a dime. Necessity forced us to be financially disciplined. But my children will never know that kind of necessity. This leaves us wondering sometimes – are we giving our children too much? Are we robbing them of the opportunity to learn financial discipline?
I often find my clients struggling with the same question. Here is why this matters. If we give our children too much, they never learn to stand on their own two feet, something every parent wants for their child. But that also impacts us financially. Our financial futures can be put at risk if we give our kids too much. After reflecting on my own, and my clients’, experiences, I’d like to share with you four guiding principles to address this important and often difficult topic.
How Much Should I Give My Children?
Four Guiding Principles To Prevent Unhealthy Money Conversations
I love being a parent. My children mean the world to me. One of the reasons I work as hard as I do is so I can provide for my children. But I do worry about something. My wife and I did not grow up with money. We both learned to scrap and scrape to make a life. We learned as young adults how to rub two nickels to make a dime. Necessity forced us to be financially disciplined. But my children will never know that kind of necessity. This leaves us wondering sometimes – are we giving our children too much? Are we robbing them of the opportunity to learn financial discipline?
I often find my clients struggling with the same question. Here is why this matters. If we give our children too much, they never learn to stand on their own two feet, something every parent wants for their child. But that also impacts us financially. Our financial futures can be put at risk if we give our kids too much. After reflecting on my own, and my clients’, experiences, I’d like to share with you four guiding principles to address this important and often difficult topic.
5 Reasons You Must Take Risk To Achieve Complete Financial Independence
How The Risk-Reward Paradigm Benefits Long-Term Thinkers
My colleague Todd Sixt wrote a couple of great articles about achieving complete financial independence. In this article, I want to expand on an idea Todd presented that I believe will have a major impact on this goal—risk. My thesis is simple. Most people in this country will have to take risk to achieve complete financial independence. However, this is a topic that makes a lot of people uncomfortable. I totally understand that. Risk makes me uncomfortable too. None of us want to lose our wealth.
After more than a decade of serving clients in the financial services industry, here is what I’ve learned. Not all risks are alike. There are some risks I believe you should take and others you should avoid. Yet, after working with hundreds of clients, my observation is that most people are not taking enough of the right kinds of risk and sometimes take the wrong risks. Here are five guiding principles about risk that can serve you well as you work toward achieving complete financial independence.
5 Reasons You Must Take Risk To Achieve Complete Financial Independence
How The Risk-Reward Paradigm Benefits Long-Term Thinkers
My colleague Todd Sixt wrote a couple of great articles about achieving complete financial independence. In this article, I want to expand on an idea Todd presented that I believe will have a major impact on this goal—risk. My thesis is simple. Most people in this country will have to take risk to achieve complete financial independence. However, this is a topic that makes a lot of people uncomfortable. I totally understand that. Risk makes me uncomfortable too. None of us want to lose our wealth.
After more than a decade of serving clients in the financial services industry, here is what I’ve learned. Not all risks are alike. There are some risks I believe you should take and others you should avoid. Yet, after working with hundreds of clients, my observation is that most people are not taking enough of the right kinds of risk and sometimes take the wrong risks. Here are five guiding principles about risk that can serve you well as you work toward achieving complete financial independence.
Seven Strategies To Achieve Complete Financial Independence – Part Two
How To Never Worry About Money Again
I want to ask you a question. What would it mean to you and your family to achieve complete financial independence, where you never have to worry about money again? How would this change the trajectory of your life? How would this improve your outlook on the future? In my last article on this topic, I described the everyday, ordinary people that I work with who are in hot pursuit of this milestone. The interesting thing is that they’re not candidates to be profiled on that TV show Lifestyles Of The Rich And The Famous. Remember that one?
When we think of people who don’t worry about money, it seems we mostly envision the ultra-rich with their lavish lifestyles. But none of the people I know who have become financially independent live that way. Instead, they choose a different path in life. They practice many or all of the disciplines I’ll outline here. If you want to never worry about money again, these seven ideas could be the key to unlocking the future of your dreams.
Seven Strategies To Achieve Complete Financial Independence – Part Two
How To Never Worry About Money Again
I want to ask you a question. What would it mean to you and your family to achieve complete financial independence, where you never have to worry about money again? How would this change the trajectory of your life? How would this improve your outlook on the future? In my last article on this topic, I described the everyday, ordinary people that I work with who are in hot pursuit of this milestone. The interesting thing is that they’re not candidates to be profiled on that TV show Lifestyles Of The Rich And The Famous. Remember that one?
When we think of people who don’t worry about money, it seems we mostly envision the ultra-rich with their lavish lifestyles. But none of the people I know who have become financially independent live that way. Instead, they choose a different path in life. They practice many or all of the disciplines I’ll outline here. If you want to never worry about money again, these seven ideas could be the key to unlocking the future of your dreams.
Seven Strategies To Achieve Complete Financial Independence – Part One
How To Never Worry About Money Again
When I say the words “complete financial independence” what image comes to mind for you? Do you envision ultra-rich people living on a yacht? Do you see international jet-setters with lavish homes on several continents? Do you picture high-end sports cars with luxurious appointments? In other words, do you see something straight out of an episode of the popular 1980’s TV series Lifestyles of the Rich and the Famous?
If so, you might be surprised at what I’m about to tell you. Right now, my organization is helping numerous clients work toward complete financial independence and almost none of them fit the description above. Robin Leach (if he were still alive) wouldn’t profile these people because they seem so, well, ordinary. And yet, they have something that most “rich” people don’t have – freedom from money worries. If you or someone you care about would like to achieve this, here are seven of my best ideas for doing so.
Seven Strategies To Achieve Complete Financial Independence – Part One
How To Never Worry About Money Again
When I say the words “complete financial independence” what image comes to mind for you? Do you envision ultra-rich people living on a yacht? Do you see international jet-setters with lavish homes on several continents? Do you picture high-end sports cars with luxurious appointments? In other words, do you see something straight out of an episode of the popular 1980’s TV series Lifestyles of the Rich and the Famous?
If so, you might be surprised at what I’m about to tell you. Right now, my organization is helping numerous clients work toward complete financial independence and almost none of them fit the description above. Robin Leach (if he were still alive) wouldn’t profile these people because they seem so, well, ordinary. And yet, they have something that most “rich” people don’t have – freedom from money worries. If you or someone you care about would like to achieve this, here are seven of my best ideas for doing so.
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