Can psychology and beliefs harm or help your financial success?
I just finished reading a couple of books by Barbara Stanny, a leading authority on women and money. Her story is interesting. She is the daughter of one of the founders of the famous tax preparation firm, H&R Block.
In spite of being in a prominent family with lots of wealth, she was never taught financial basics. Her first marriage ended in divorce after her husband squandered most of her inheritance and left her with very little but a million dollar tax bill she couldn’t pay.
Determined to figure out why this had happened, and needing to support herself and 3 young daughters, she studied the psychology of money--especially relating to women. She researched and wrote 3 books: Prince Charming Isn’t Coming, Secrets of Six-Figure Women, and Overcoming Underearning™.
How does this relate to you? Many women find they are dissatisfied with their earnings and/or concerned about their financial future. This translates into symptoms ranging from a mild lack of fulfillment, to stress, strained relationships, and even a life of hardship and unhappiness.
Women tend to underestimate their worth, prioritize caring for everyone else first, and feel undeserving when it comes to “wealth.” This creates a perfect stew of crossed emotions that doesn’t serve us well.
Very few women (or men) have been taught the skills to create both financial success and personal fulfillment. We’d all love to find that perfect balance of work and life that reward us amply, and also provide us with time to recharge and refresh.
Enter the book, Overcoming Underearning™. In it, author Barbara Stanny lists 5 goals for her readers:
1. Change your relationship with money.
2. Explore your blocks and barriers to success.
3. Inspire you to think bigger.
4. Keep you on the path.
5. Encourage you to share what you learn.
I was inspired, challenged and enlightened by the book. Here’s the link in case you want to read it.
I realized no amount of training or knowledge can help a woman find financial success if she doesn’t first get clear about what she wants, how she relates to her finances and self-worth, and what unconscious barriers may be holding her back. And yes, we all have unconscious “blocks and barriers”—some even coming from childhood.
The Overcoming Underearning™ book includes worksheets, inspirational quotes, and exercises. It’s more than a book about earning more or financial success. It’s a book about personal growth, with financial success tagging along in its wake.
One of Barbara Stanny’s recommendations is to find “True Believers, Confidantes, and Way Showers” to help you reach goals. Think about the people in your life who truly believe in you, the people in whom you can confide, and those who can show you the way forward. (Try to steer clear of the “Naysayers” Group.)
If you don’t have appropriate people to help you, consider reading Barbara Stanny’s book or finding additional help through mentors.
I recently spoke with a colleague from New York City, Lora Sasiela, an experienced “money therapist” and Licensed Clinical Social Worker (LCSW). Lora calls herself a "Money Makeover Artist" who specializes in helping women move beyond money barriers and blocks. Her e-book, Girl Meets Money, is a fun and sassy short read with actionable tips. Here’s the link, and the free e-book sign-up is on the right side of the page. Enjoy!
Lora is generously offering a “Breakthrough Session” to members of The Silver Purse community for 25% off. This special offer runs from October 7th to October 14th midnight EST. Use the special coupon code “SILVER” to get the discount. Here’s the link to find out more about her sessions, which are done by phone.
Whether you dive in with a professional, or just tune in to the topic of Behavioral Finance on The Silver Purse website (Mind and Money)--pay special attention to your beliefs and thoughts. I believe they offer a secret key to long-term financial well-being.
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Robin