Five Priceless Ways to Create a New Money Blueprint

Money is like a sixth sense. You can’t make use of the other five without it. – Somerset Maugham

To say we are in a full-blown recession is obvious. We don’t need to watch the news to find out which companies are laying off employees or simply closing their doors; we know it because our neighbors and friends tell us what’s happening to them.

As a man, and as a father and husband, I would be distraught if my employer told me I was losing my job. For me, and perhaps for some of you, money can be both a source of comfort and shame. My job, and my income, is often tied to my sense of personal worth and value.

This internalization of how we view money is an organic part of us. For example, just as the color of our eyes is controlled by our DNA, so is our attitude about money. From a very early age, our money blueprint is developed. Usually it is our parents who create this blueprint for us.

If we see our parents feel shame or anger when money is tight, then we grow up with similar attitudes. If our parents are careless with their money; then we have a good chance of not being good savers or investors, too. In short, we inherit the idea of how we feel about money.

Some of us have also probably grown up around people who have convinced us that we don’t deserve to have money; or more specifically, a surplus of money. A common attitude, or myth, we have been taught is people with money, and who don’t have to experience living life on a paycheck-to-paycheck basis, are lacking in strong, moral character.

This is indeed a lie because our true moral character is not defined by how much money we make or have, but rather our character and value is defined by the choices we make with how we spend the money we have.

Although I have only a modest amount of control over the financial health of my employer, I do have power over how I look at money and how I associate it to my importance and to my ability to provide for my family. I also have the ability to create a new money blueprint in today’s economy and to use this blueprint as a plan to find value in myself if the worse happens.

  1. Stay Centered.
    Don’t get too anxious over the lack of money or too elated with the abundance of money in your life at any particular time. If you are struggling to make ends meet and dread when the bills arrive in your mailbox, don’t be rash and overspend on unnecessary items. Instead, make a plan and then work your plan.

    When you have money coming into your house is the best time to create a budget. Take a look at your spending habits over the last six months and consider which expenditures you can eliminate. Often when we spend time focusing on how we use money, we find opportunities to keep more of what we earn. For me, this gives me a feeling of empowerment and confidence that I do have control over the financial well-being of my family.

  2. Align your income with your passion.
    When you are doing the things you care about the most and have a tremendous amount of energy in doing them, then it’s really not work – it’s you passion. A by-product of this will be greater productivity and less risk of burn-out. Your income will continue to grow as you continue to grow and be nurtured by your passion.

    Other than Mary Beth and our children, The BridgeMaker, is my passion. I love to write and I enjoy sharing and connecting with other people with similar experiences and views about life. I may never become rich by writing a blog, but The BridgeMaker provides me with a sense of energy, purpose and faith that spills over into other parts of my life. My faith tells me that no matter what happens, there is a plan and purpose for me.

  3. Live within your means.
    Spend what you have today, nothing more. Yes, you may be on path to making more money, but let that day come first. Over the years, my wife and I have found the following strategies help us to live within our means:

    • Refinance your mortgage at a lower rate. But be careful of adjustable rate mortgages and other non-traditional products some lenders may offer.
    • Tear up all of your credit cards, except one. You may need one for emergencies and for companies that require credit cards for deposits and rentals; car rental companies, for example.
    • Question every purchase. Do you need it; really need it right now or do you want it?
    • Monitor your credit report and look for mistakes on it. Clear these up.
    • If you have a high balance on a credit card, ask the company for a reduction in the rate.
    • Cancel any credit cards or lines of credit you are not using.
  4. Create value for others.
    Focus on what you can do for other people. How can you improve their lives, help them make and save more money, or simply make their lives more comfortable? By increasing the value for others, your value will be automatically and simultaneously increased. The more value you create for others leads to better financial opportunities for you.
  5. Have a plan.
    If your financial situation is not where you want to be, then stop doing the same things you have always done with you money and try something different. Meet with a financial planner and create a path that allows you to see where you are today and where you want to be in the future.

    A plan will also provide you with a picture of hope and a finishing line to set as a goal. Once you have crossed the line, it’s just as important to adopt a new plan to keep you from sliding backwards.

Everyone morning I will get up and work as hard as I can. My family depends on me to provide food and shelter. However, there may come a day when my income is interrupted for a while. If that day happens, my hope is I will not feel shame, but motivation because my new money blueprint will provide the way for me to find new opportunities and choices that will keep my life moving forward.

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Comments

One Response to “Five Priceless Ways to Create a New Money Blueprint”

  1. farouk on April 20th, 2009 10:57 am

    nice and well organized article:)

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