Join us today for an episode about the person in personal finance...
Today's episode is focused on why knowing yourself is so much more important than knowing the money plan...
In today’s episode about investing in yourself through stewarding your treasures, I talk with you about why the person is often forgotten in personal finance, why all finance is personal, and why this is one key to really growing in your finances.
Join in on the Chat below.
00:00:00 Thanks for joining me on episode 620 of the inspired stewardship podcast. Hey, I'm Nick Pavlidis from the confessions of a terrible husband podcast. I challenge you to not be a terrible husband or wife or friend like me by being intentional about stewarding your relationships. One way to be inspired to be a better husband is to listen to this, the inspired stewardship podcast with my friend Scott Mader
00:00:38 You get to break down the limiting beliefs and rebuild them into enabling truce. You get to do the hard work and understand why you've always been acting a certain way with money and why you keep repeating the same actions over and over and getting the same results, but not being able to change. Welcome and thank you for joining us on the inspired stewardship podcasts.
00:01:03 If you truly desire to become the person who God wants you to be, then you must learn to use your time, your talent, and your treasures for your true calling and the inspired stewardship podcast. We'll learn to invest in yourself, invest in others, and develop your influence so that you can impact the world
00:01:37 I talk with you about why the person is often what's forgotten in personal finance, why all finances really personal and why this is one key to really growing in how you handle your finances. As we talk about stewarding your treasures, wouldn't it be great if you could support this podcast and do it without costing yourself an extra dime? It turns out you can.
00:02:04 All you have to do is use inspired stewardship.com/amazon when you're ready to make a purchase via Amazon and a small commission will come back to support the show. If you enjoy the show when you're ready to buy from Amazon, just use inspired stewardship.com/amazon The basic coaching framework that I've used with clients is a three stage idea of refocus, gain control, and set a plan.
00:02:35 You know, all too often we start with the plan. People talk about this is all you have to do. Just a save $650 a month from now until you retire and you'll be fine. Or if all you do is spend less than you make, you'll be fine. The idea is even a budget, you know, let's do the budget. Let's set up certain that we spend for different things.
00:03:01 All of these are focused on the plan and all too often the single most important step is in that refocus stage. Why? Because all too often, the biggest thing that we forget in personal finance is the person. The truth is how you're wired. You're your family of origin, your history of money, your beliefs and limiting beliefs about money all affect how you deal with your personal finance.
00:03:37 It's not as simple as doing a spending plan or doing a budget because the truth is you can do a budget all day long, but you're not going to live on it unless you do some deeper work of figuring out how you have a relationship with money, how you're wired about money, and what your approach is. When it comes to personal finance, unless you really understand yourself,
00:04:02 the person is left out of personal finance and the truth is you'll either make progress slower or not at all. I've seen it happen time after time. People come in for coaching and the first thing they want is a plan. Tell me what to do, but the truth is first we've got to do some work of unpacking a little bit about your priorities,
00:04:24 your values, what you do. Yeah. We can still do the work on gaining control and setting a plan at the same time that we refocus, but the refocus is the most important part because all finance is truly personal. Even when you're looking at the finance around a business, whether it's your business or you're an employee and you work for someone, it doesn't matter.
00:04:49 We still have a personal relationship with that place. We have feelings about it. The way we approach it has to do with our own wiring around money, our own relationship with money, our own beliefs about money. Even in the most impersonal of things. It still becomes personal. All finance, all of the ways you have a relationship with money. Our personal.
00:05:15 It's why if you're a spiritual person, it's why the Bible talks about money so much because the truth is our relationship with money often is the thing that gets in the way of having a good relationship with God or having a good relationship with others are even having a good relationship with ourselves. All finance is personal at some level. Recognizing that, unpacking that,
00:05:45 doing some hard work, sometimes even therapy if you have a particularly negative relationship with money is a key to really growing in your finances much more than just having the tools. See, you can have an great income, but if your relationship with money is such that you always think of it as a limited thing that you always have to fight for that. It's really hard for you to have an open heart and an open mind when it comes to money.
00:06:19 Generosity would be challenging for you. You would have a tendency to want to hoard things instead of saving with a goal in mind. Instead of investing with a goal in mind, you would always be looking for the next bigger, better deal. And that means that your bias is such that you could easily be taken advantage of in some way, shape or form,
00:06:40 or you can overextend yourself and do something looking for that, that instant win that puts you in a negative situation. By the same token, if you always have a fear about money running out, that again, you can hold onto it too tightly. But if you also think of money as always enough and the fact that well, I can always just go earn more.
00:07:06 I can out earn any amount that I spend, then you're going to have a tendency to overspend. And the truth is it's not that any of these are good, bad, right, wrong, or anything else, but you have to begin to unpack them and understand them and then you have to figure out, is this really how I want to act about money?
00:07:25 Is this really what I believe about money? And then you get to decide is that an appropriate belief or not? You get to break down the limiting beliefs and rebuild them into enabling truce. You get to do the hard work and understand why you've always been acting a certain way with money and why you keep repeating the same actions over and over and getting the same results,
00:07:51 but not being able to change. At least that's what I see happen when I'm working with clients. I see them begin to unpack and recognize that at the end of the day, the truth is it's always about the person in personal finance, much more than about the finance. This is why that refocus step is so important. Thanks for listening. Thanks so much for listening to the inspired stewardship podcast.
00:08:27 As a subscriber and listener, we challenge you to not just sit back and passively listen, but act on what you've heard and find a way to live your calling. If you like this episode on the stewardship of treasures, you can sign up for our treasures tips by going to inspired stewardship.com/treasures or text in the U S four four two two two treasures tips,
00:09:00 and we'll send you five weeks of our best tips on stewarding your treasures. Until next time, invest your time, your talent, and your treasures. Develop your influence and impact the world.
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It is our choices, that show what we truly are, far more than our abilities. – J. K Rowling
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