Community

Preparing your Mind and Finances for a Second Wave of COVID

Many people tell me how shocked they are at the level of fear they tap into when they feel their earning power or financial security is threatened. This isn’t just materialism – for many, it’s about having a sense of security in an insecure world.  Without getting to the roots of your emotional triggers around money, … Continued
Maggie Craddock

Maggie Craddock

2 Min Read

Many people tell me how shocked they are at the level of fear they tap into when they feel their earning power or financial security is threatened. This isn’t just materialism – for many, it’s about having a sense of security in an insecure world. 

Without getting to the roots of your emotional triggers around money, you can be prone to skimping in vital areas in some moments, and financially binging in others. Consider the below:

  • What do you think money actually means to you and those you love – and why?
    • What values did your mother instill in you concerning money?
      • Did she work?  Full time homemaker? Both?
      • For financial purposes or sense of purpose?
    • What values did your father instill in you concerning money?
      • Was he confident as a provider?
      • Generous?  Strings attached?
    • Did money impact the balance of power between your parents?
      • In a mild disagreement, did the parent who earned the most exert influence?
      • Was it the parent who had the most personally rewarding career?
      • The full time homemaker who called the shots domestically?
  • How much money do you realistically need to provide for necessities while getting the experience necessary to purse a second career?
    • Your Standard of Living vs. your Standard of Being
      • When whole industries are in flux, some people overlook rewarding career opportunities because they fear the temporary financial stress of reinventing themselves
      • If you career choices are dictated solely by the size of your paycheck, the price you will pay is your unexplored dreams
  • What’s your emotional relationships with money?
    • How much of your identity is tied to your spending habits…what you wear, what you drive, what you provide for your children?
      • Are you indulging in recreational spending to avoid stress?
      • Are you comparing your financial situation with that of a sibling or friend?
  • Beware of a “scarcity mentality”
    • Doing for others – volunteer work
    • Charitable contributions – break the chains of isolation
    • Help yourself through helping others