As I stated in Part 1 of Women and Money, the theme of the Total Woman Business Conference was finances.

Another impressive presenter that day was Helen Kim, Money Relationship Mentor.  She discussed our sub-conscious relationship with money – stressing that we need clarity about what money means to us.  She referenced four character types relative to their action or re-action to money.  They are:

• Under-earner – characterized by excessive volunteering, under-billing of time, bartering as a way to avoid money transactions, content to perform “cave jobs” – projects that keep them isolated. They also avoid raising rates and may resent people who have money.  They have a general belief that the harder you work the more money you’ll make.

• Debiting – a vicious cycle exacerbated by a sense of entitlement – “I deserve…”  Helen states that debting is the manifestation of unmet needs.

• Overspending/Over-shopping – we are in business to make money; simple arithmetic shows that we should not spend more than we make.  This type of money relationship can be triggered by:

• Loneliness - shopping fills the void
• Avoidance - shop to avoid an issue/problem
• Control – you are in charge when you are spending
• Fear – you make purchases for the sole purpose of giving it away – to abate the fear of abandonment

Helen suggest that you stop and ask yourself “how do  feel?”, “what am I shopping for?”, “do I need it?”  She also suggested a resource by April Benson “To Buy or not to Buy”

• Under-spending – characterized by feeling you are undeserving of good fortune or a fear that you can’t handle money or a concern that you’ll “show-up” your parents by surpassing their income level

Do you see yourself in any of these character types?  Perhaps, like me, you straddle two of these types.  Through education, sharing and a more conscious awareness of our actions and reactions to money – we will have a balanced, comfortable relationship with our finances.

If you would like to have a better money relationship – check out some free giveaways from Helen Kim.

 

 

I recently attended the 7th Annual Total Woman Business Conference.  This year’s theme was FINANCES.  Traditionally, women have been under-paid as workers and even as business owners.  One of the presenters, Joyce Moy, encouraged us to examine our relationship with money.   She stated emphatically “you are in business to make money!  If not, it’s a hobby!”.

She has a very commanding presence and made a dynamic presentation.  Some points that struck a nerve for me were:

• • saving a minimum of $3/day will equate to $12k by the end of 1 year
  • if I fill a water cooler bottle with loose change – it equals about $4k
  • distinguish wants from needs; this sounds elementary but our consumption driven society encourages us to get it now or be left behind
  • ensure that your needs for basic survival (rent/food) are met – without it you will have many sleepless nights

She ended her presentation with a great goal setting acronym:  SMART; it can be applied to any goal setting exercise.

Specific:  set a specific target; i.e. I will save $1k

Measurable: you should be able to easily evaluate whether you have achieved your goal

Achievable: outline the steps that must be taken to reach your stated goal

Realistic:  your goal should be executable

Timeline: set a time for achieving your stated goal

Personally, I struggle with writing my goals down – financial and otherwise – preferring to keep them in my head.  After this inspirational talk – I’m going to write them down and post it next to my vision board!

Do you have written goals – financial and otherwise?  Do you periodically review and adjust them?  How do you celebrate an achieved goal?

Your comments are welcome and appreciated!