Beyond Frugality: Money Abundance For 2020


 

Abstract:
 

People aren’t too fond of learning about money. Too much of the advice around finances focuses on self-denial and frugal living.
 

It can be frustrating when you try to focus on your passion(s). A lot of the time you need to spend money: on equipment, materials, tuition… The expenses add up quickly.
 

What if I told you that tapping into abundance is the opposite of self-denial? It may sound unbelievable, but don’t stop listening just yet. I’ll show you exactly how it works.
 

Your mission is to learn and apply the principles of joyful money for your passions.
 
 

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Task 1: Learn why self-denial doesn’t work

 

Most people try to save money and never manage. Every time they get ahead, something happens to eat up all their money again. I was once in this sitution myself, and I know it sucks.
 

Nor am I going to tell you that you can just will yourself out. The truth is, it’s absolutely possible to change your financial destiny, but it requires some dedication and consistency.
 

Self-denial is counterproductive, because it is restrictive and limiting. You won’t create flow by building barriers. It’s as though two opposing forces of nature were at work.
 

Money Abundance

Photo by Daniil Silantev on unsplash.com


 

Task 2: Tap into money abundance

 

Instead of focusing on the lack of money and what you can’t do or buy, focus on what you can and what you already have. Here’s some inspiration to get you started:
 

  • Every time you pay something, say or think: “There’s more where that money came from.” (I learned this from Marie Forleo)
  • Give away 5% of your income. Find a worthy cause or donate spontaneously each month.
  • Create a Passions budget of 5-10% of your income.

You may also look into increasing your earnings and learning to budget, as well as improve your mindset long-term. Take a look at my Money abundance program, read books on personal finances, educate yourself about investing. If you work on it consistently, you’ll notice a huge shift.

You Do Have Time (And Money) For Your Passions


 

Abstract:
 

One thing I keep hearing from my Coaching clients is: “I don’t have time to pursue my passion” and “I don’t have the money”. It’s either that, or a combination of both.
 

I’m going to be a little in-your-face today and say that you do have time and money. I’ll also argue that you feel like you don’t have them because of internalised patterns.
 

Your mission today is to break through the patterns which keep you from doing what lights you up.
 
 

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Task 1: You do have time

 

Do you need to volunteer for every bake sale? Do you need to outdo everyone else at the fancy-dress day at work? Unless these things are among your passions, consider cutting back in favour of something that lights you up.
 

Are people taking advantage of you? It’s not them, you know – it’s up to you to stop allowing it. Set boundaries; get support in learning this if you need to.
 

Examine what you think you “have” to do. Is it really necessary for your house to be spotless all the time? Consider getting help. And if you think you can’t afford this, then the next task is for you.
 

Time and Money

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Task 2: You do have money

 

I once went broke, was forced to educate myself about finances, and lived extremely frugally to pay back debts for over 10 years. I know a thing or two about money.
 

Just like time, money is subject to a lot of beliefs. You may think you don’t have the money to pay for a cleaner, or for your laundry to be done by someone else. But you’re already spending money you don’t need. Examples:
 

  • You don’t need new clothes for at least another year. Really, you don’t.
  • You don’t need to spend a lot of money when you go out. One drink can last all evening.
  • You don’t need a TV license. Pursue your passion, and you won’t even have time to watch TV.

Who Owns You Really?


 

Abstract:
 

This might sound crazy. After all, if you’re watching this video, you’re almost certainly not a slave physically owned by anyone else!
 

I’m not talking about actual slavery, but entirely different, subtle forms of ownership. In our day and age, this usually happens through money.
 

Your mission today is to become aware of who owns you, and then minimise the outside influence.
 
 

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Task 1: Become clear on who owns you

 

Of course we are no longer physically owned by someone who can literally buy and sell us, harm and even kill us. And yet there are people and organisations that have a claim on parts of your life.
 

If you’re employed, large parts of your time belong to your employer. If you pay off a mortgage or buy anything in installments, you have effectively given away power.
 

This isn’t always a bad thing, but it’s something you need to be aware of. Create a list of everything you’re paying off or owe.
 

who owns you

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Task 2: Take back ownership

 

A bank can take fairly drastic measures against you if you default on loan payments or a mortgage. Here are some steps you can take to gain back control.
 

Check the list from Task 1 so you’re fully aware of who owns you – or part of you and your time.
 

  • Separate the wheat from the chaff: For example, if you have a small child, they have a claim on you but that’s not ownership, it’s a natural and temporary duty of care.
  • Follow the money: Some forms of lending are good (mortgages can make a lot of sense, depending on the circumstances). But if you live in your overdraft or have loans for items, you need to re-assess.
  • Get smart about your money: read books, take coaching, go to a financial advisor. Create a plan on how to take back control bit by bit. It won’t happen overnight, so you need long-term support.

Does Money Kill Your Joy?


 

Abstract:
 

In my yearly survey, Wild Spirits regularly tell me that money is their biggest obstacle to success. Yet my money-related features are always the least viewed of all. One member of the Wild Spirits community told me: “You’re all about joy and passion, Sibylle, and to me, finances are the opposite of these things.”
 

I relate. In fact, I used to think the exact same thing, before I found a better way. Your mission today is to make finances a passion, or at least, to bring joy to your money management.
 
 

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Task 1: How does money kill your joy?

 

No, I won’t let you get away with “money just sucks”. Money buys life-saving medical equipment, trips to exciting new places, and tickets to your favourite musician’s concert.
 

Money is brilliant.
 

D’you know when money sucks? When there isn’t enough of it. It’s time you get to the reason for it – not your low-paying job or the cost of childcare, the real reason.
 

  • How was money talked about when you were a child?
  • What do you think about rich people?
  • What difference would an extra 100,000 make to the passion(s) in your life?

 

Does Money Kill Your Joy?

Photo by Pine Watt on unsplash.com


 

Task 2: Rewrite and reframe

 

It’s time to rewrite your money story. Look at your beliefs and start poking holes into them.
 

Then, it’s time to associate finances with joy. There are many ways of doing this; here are a few suggestions:
 

  • Get online banking and check your savings regularly, watching them grow with the interest.
  • Make a celebration of your monthly budgeting session with tea, candles, a treat, some quality time with your partner, dreams of the future etc.
  • Get a beautiful new wallet in gorgeous colours to give your cash a pretty home.
  • Try the envelope system of budgeting (google it) and get pretty colourful envelopes for it.
  • Have a monthly “Play” budget to blow on something fun.

Working Too Much And Still Broke?


 

Abstract:
 

In my 20s, I was broke pretty much all the time. I lived in my overdraft.
 

As I grew older and the jobs I worked in got more demanding, I slipped into a cycle of overspending, being broke, working even harder, being exhausted, and overspending to compensate. Many are familiar with this downward spiral, but can’t find their way out.
 

Your mission: Recognise the pattern and turn it around.
 
 

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Task 1: Come clean

 

You may protest that you really don’t earn enough. This might be true. But if you’re like most people, you probably earn more now than you did when you’d just finished your training or degree. Your standard of life simply went up with your income.
 

Also recognise that overspending, being broke and then having to work even more is exactly what capitalism wants us to do. It’s built on ever-increasing spending. You’re not stupid or alone, you’re still broke because you’re meant to be.
 
 

Task 2: No more “broke” mentality

 

I hate the term frugality. It smacks of lack and self-denial. I want you to recognise that your living above your means is what actually leads to self-denial, in the shape of ever more work and pressure.
 

This work goes beyond a video. You need to continuously work on your money mindset and change it from scarcity to abundance.
 

Working Too Hard And Still Broke?

Photo by Nolan Issac on unsplash.com


 

Task 3: Joy in abundance

 

When I downsized my life, it improved in every way. I had time, rest, space to pursue my passions, and enough money for everything.
 

Here are three steps to get there:
 

  1. Stop buying stuff. It’s as simple as that. You don’t need new clothes, or a gadget you’ve never needed before. Borrow, swap, reuse!
  2. Determine two or three “luxuries” you can’t do without. Consciously decide you’ll keep them, and feel good about yourself.
  3. Determine what lights you up and allocate money to it. There’s nothing more important, and you’ll no longer need impulse-purchases when you’re lit up with joy.