Ep 71: Whats Your Relationship with Money? - Coaching Conversations

EPISODE IN BRIEF

In today’s episode of Coaching Conversations, Nick and Chris talk about the breakdown of money – and your relationship to it.

They’ll flip your perceptions around cash flow with a keen focus on business owners who habitually check their bank balance and freak out. Sounds uncomfortably familiar…

Or perhaps your bank balance gives you a sense of security… that is often misplaced.

No matter how you frame your attitude to money, if cash flow keeps you up at night, this podcast is for you.

So, let’s get into another tremendous episode of Coaching Conversations….

Time Code/Show Notes

0.26 Intro: Business coaching experts Nick Psaila and Chris Herbert talk about relationships with money….

2.20  Why do we react to money as we do… how can we understand our motivations… and how our understanding of finances is dictated largely by the way we were brought up.

3.45  Whether you love/hate money, your interactions with money are heavily influenced by your formative years and those adults who introduced you to currency – how to earn, how to save it.

6.25  Nick believes money is associated with a particular ‘energy centre’ – eg, safety, security, tribal association.

Association with a horror bank balance can take you right back to experiences that were a result of a lack of money – anything from parental separation to moving from a private to a public school.

10.00 By association, an unhealthy bottom line can send you into an instant spiral as you replay events with emotions of the ‘old you’.

 Your programming around money can involve guilt, shame and blame. Negative associations with money can begin to replay decades later.

12.50 Understand that you are not your past. Address the way you now teach your kids about money. Nick has some great ideas to share.

14.25 Identify patterns. We are firmly entrenched in default patterns. Do you get a little bit of money, then burn it all… do you act out habitually and can you identify when it happens? Be aware.

17.55  Change requires new input. Re-set the bar. Make the choice to avoid reacting negatively to your bank balance. Make the choice to avoid feeling hopeless.

22.30  Focus on what you can do to increase your bank balance.

26.20  Reach out to [e-mail] to learn more about how you can dig deep to overcome ingrained attitudes to money and form a positive relationship with your finances.                                      

EPISODE SUMMARY       

Remember that you must cast aside your negative past with money.

You are not defined by poor financial experience nor should you allow yourself to feel hopeless about cash flow.

Your interactions with money can only change by re-setting the bar, however, you can only do this by identifying unhealthy default patterns.

Only then, can you recalibrate and begin to study money and understand your emotional responses to money.

It’s fascinating but also very simple – change requires change. And it’s something you can work on immediately. Good luck.