Money thoughts
Some time ago I was asked why I didn’t specialize in mentoring around wealth issues as part of my coaching activities, in order to take into account my many years of professional experience in the banking sector. As has since become clear, this does not necessarily only have to concern specific questions about a person’s financial plans and risk tolerance at a certain stage in their life. Rather, it seems to be about how I support someone in making decisions about money, by examining together previous unproductive behavior patterns and exploring different new avenues until the best possible solution is found and the appropriate action can be taken to optimize decision-taking. This process contains a whole range of different coaching topics.
The idea got me thinking: How do we behave when it comes to money, and why do we do it the way we do and not another way? What relationship toward money was set as an example when we were children? Was it rather modesty and thrift? Or were wealth accumulation, commerce and investment encouraged? Were we allowed to show wealth and treat ourselves to something nice or was it frowned upon? How was it discussed at home if we couldn’t afford to buy something? Was there a strict household budget? Was other people’s wealth more of an incentive to emulate or a source of envy or wasn’t it talked about at all? What was the view on debt, e.g. taking out a loan? What emotions do you experience today when you think about money and what value do you give to financial prosperity?
Whatever we witnessed or heard in connection with money in our families and cultures, some of it still resonates with us influencing more or less our financial decisions, including our risk appetite, spending habits and salary expectations.
As we know nowadays, more than 95% of our behavior (movements, gestures, facial expressions, thought processes, actions, reactions, etc.) happens unconsciously. Consequently, the way we behave at any given moment in relation to money is part of a coherent individual spectrum of values and behavior patterns that make up our personality. That’s why thoughts and actions related to money are not random or arbitrary, but largely the result of those values and behavior patterns that are embedded in our subconscious. However, even small changes in behavior that we consciously bring about can have a major effect on our overall perspective, because suddenly we experience a situation and ourselves in it in a completely different way.
It never occurs to most people that there is something to be discussed here. As long as you don’t worry about your own money thoughts and financial decisions, that’s perfectly fine too. Only when you start asking yourself the question “How come I can’t bring myself to do this or that differently?” does it make sense to dig deeper. Let me know if there is anything you wish to explore and change.
Yours, Tatjana Gaspar
