What is your first memory about money?
How do you think this memory informs your current beliefs about money?
All of us have personal stories about money – how to earn it, how to spend it, and how to invest it. Many of these stories come from our formative years and are so ingrained that we may not even recognize them as stories or understand the sway they have over our behavior. Sometimes these stories serve us well and sometimes they sabotage us. As a result how you think about your money – and the stories you tell yourself about your finances – can have a significant impact on your ability to grow your wealth and invest with confidence.
Break taboos by talking about our money
One way to break the taboo about money is by having conversations about it. You can start very simply by talking to family or friends, either one-on-one or in small groups, about aspects of the subject that are not intimidating. Discussing your money stories and the values that you would like to support with your money can be a great opening.
These conversation prompts can get you over the hurdle of kicking off those conversations. You might be surprised by what you learn and what these conversations open up for you in terms of your own money beliefs.
Discover your dominant financial archetypes
Brent Kessel, the founder and CEO of Abacus Wealth Partners, a values-aligned financial advisory firm, developed eight financial archetypes that described the financial and behavioral characteristics he saw in his clients. Based on his analysis, Brent designed a simple straight-forward quiz that can help anyone identify their, often unconscious, financial biases.
Once you complete the quiz, you will receive an analysis of your dominant financial archetypes. Your email is required to receive the results. You can learn more about Brent and how the archetypes were developed in this 17-minute video.
Invest for Better Circles are a great place to dig into these questions more deeply with a trusted set of peers. You would be surprised by how much you learn and how much this exercise builds trust to take the next steps in taking control of your money.
Now that you’re clearer on your money story, you’re ready to dig into Personal Finance Basics and take stock of your assets.