Loving Your Money
Catherine Wanjira
Let’s talk…
How is that relationship going, you know, the one with your money? Are you being faithful and loyal to it? Do you feel that you are both giving the one hundred percent needed to make this relationship successful?
Money by definition is a good that acts as a medium of exchange. Simply put, money is how you get the things you want and need. Without money it is almost impossible to obtain the necessities and the pleasures of life.
You may not realize it, but your money and you have a relationship. It is not a spiritual or meta-physical bond, but a logical master-servant association. You are the master and money is your servant. The goods and services that support your life are purchased by money and your hopes and dreams are contingent on your ability to pay for them.
This Spring, Wakilisha challenges you to “Do you”—healthy, authentic, and fulfilled.
As Africans in the Diaspora, we have a precious gift: opportunity. Now I know many have presumed opportunity is a free gift but this is not true in a capitalistic and democratic nation. It means blood, sweat, and tears, just like, and perhaps more than, others. We want to challenge you to pick up your old book of dreams and dust it off for a new Spring. This Spring, like every other Spring, trees will bear leaves, birds will sing, flowers will bloom, and the newness of a season will be upon us. Like the passing Winter, we want to encourage you to look at your passing season, for a moment, in preparation of what is to come. To be your authentic self is to take control of every area of your life, particularly your finances.
Here are some practical guidelines.
■ Face the mirror
Do you know how much money you spend? What areas do you spend most of your money on? Have you established an emergency fund?
■ Start a financial journal by keeping your receipts and reviewing your bank statements on a weekly basis.
Journaling causes you to engage with your actions, intentions, and habits. The point of such an exercise is to assess you in light of your potential, present weaknesses and strengths. With these results, evaluate your greatest concerns and create a strategic plan that addresses these points.
■ Challenge your attitude towards money and the actions that follow.
If you desire to increase your savings, take an honest look at your expenditures and see what expenses need to be cut or adjusted.
■ Now, ask yourself these questions. What do I want my money to do? What must I change in order to attain what I want from my money?
Trust your own self-evaluation, no one else knows you more than you know yourself. You know your thoughts, your motives, your hopes, and your hurts more than any one else, so trust your instincts.
■ Take Responsibility
Just like driving, we must take time to look back periodically so that we can continue to move forward. Sometimes the road ahead is not always clear, but if you look back you can decipher whether you are moving, standing still, or going in reverse.
It is worth your while to evaluate your finances and commit or recommit to building a longterm alliance that's healthy, fulfilling, and prosperous. Give your money the respect it deserves, and it will reward you exponentially.
For example, if a 20-year-old saved just $100 a month in a fund earning 10% annually, he'd have nearly $1 million by the time he turned 65. And if he increased his contributions as his paychecks increased, his money could grow to $1.5 million or $2 million.
Here are some ways to respect your money:
■ Negotiate for new insurance with better rates and coverage.
■ Pay your credit cards in full each month.
■ Apply for a rewards credit card that offers free cash, travel, or entertainment.
■ Know your credit report (watch out for inaccuracies and dispute them).
■ Invest
■ Do not carry all your credit cards with you (especially if you know you can’t say no to the Prada or Gucci).
■ Take Steps towards your dreams (set goals)
It is rare to find someone who cannot dream for a brighter future but the challenge comes in accomplishing that dream. Dreams are great and inspiring but goals, step by step goals, are the stepping stones towards fulfillment of those dreams. Look at your dream and begin to set it in increments of time and task.
Practical questions to help in this”
■ Do I need other resources?
■ Do I need to form an alliance with someone else in order to fulfill it?
■ Are there people in my life who could practically mentor me in this dream
■ Do I need further education?
■ What weaknesses do I have that could hinder this dream from coming to pass?
■ What strengths do I have that could propel this dream?
So what is your dream? I pray it keeps you up late tonight and that you fully begin to “do-you.”
The above information may not be copied or distributed and is not warranted to be accurate, complete or timely. Wakilisha Publishing nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
