Each one of us has emotions that show up and trigger our money issues. These emotional triggers drive our behaviors with money that give us the result we have in our financial life today.
Everyone has money issues – they are lying or unconscious if they tell you they don’t have them.
I have identified two areas that trigger my emotions (anxiety and fear) around money.
My money issues center around debt. I don’t like debt on credit cards. I also like to keep the flow of money coming in.
I was at a party recently and saw a long-time friend that I hadn’t seen in awhile. I mentioned that John had retired, and I wanted to continue working part-time and take time to travel. She said, “You always were good at making money.”
I took that as a great compliment. I have been good at making money because I’ve been willing to do what it takes for me to make or save it.
I was a saver all my life until I married John (second marriage). At the time, we both were making large salaries so I became a spender.
It was challenging for me to go from being a spender back to a saver. It has taken years but I’m proud to say I’ve made it.
I have also gotten creative about generating more passive income. We started renting the lower floor of our home out on Airbnb.
When we bought this home, we saw the potential of doing that because it is almost like a private apartment. However I was adamant about not renting out the lower floor. I said, “I would never do that.”
I’m proud to say that I decided to do it and that we started renting it out and it has been the most pleasant experience. It’s been a nice surprise.
We’ve rented it to interesting people who are visiting Portland from California, an MBA who is commuting to Portland for school and others checking out our city.
We decided to make their experience a five-star experience and give them a bottle of Oregon wine, great coffee and do the little extras in customer service – flowers in the room and extra amenities.
My money issues — keeping money flowing in — have helped drive this change for us.
I consider this a positive way of dealing with this emotional trigger.
Another big emotional trigger for me is debt. In my second business, I carried debt on my credit card when I choose to join a year-long mastermind. I put down a large deposit and then had large monthly payments I made to my coach.
I was able to pay that debt off but the pressure of having the debt was stressful.
I looked for ways to make it work for me and found a no-interest credit card to transfer that $5k balance from my American Express card over to the Bank of America credit card. There was a transfer fee to move the money from the Amex card over to the new card but it was only $150. Then I was able to make payments for 18 months without interest until it was paid off.
Be careful to read the fine print and understand clearly how this works.
Now I’d like to hear from you. What are your money triggers and how do you work with them so that you can empowered instead of stressed?
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