Money Thought Leader: Karen McAllister
Have you noticed that increasing your income doesn’t satisfy the list of wants you have now?
I notice my wants change and grow. Do yours? I take out that bucket list of wants I had on hold. It seems like step changes in income create step changes in wants. Many clients say to me, “My income has increased, but I still don’t have any money left at the end of the month. I don’t know where my money goes.”
So here’s the thing: Your wants never disappear. They may change. They may become more or less expensive. But they never disappear.
Manage Your Wants:
So, let’s talk about managing your wants.
Here’s what I have learned about managing wants:
It is crucial to own your authority as the spender rather than being a victim of your spending.
To understand owning our authority, we need to examine our belief that we deserve or are owed certain privileges. This is sometimes called the Trap of Entitlement.
Three Ways To Escape The Trap Of Entitlement:
1. Learn To Find Satisfaction And Create It:
From my experience, satisfaction doesn’t come from the things you buy. Spending money will not save you or heal your losses. Satisfaction comes from using your money toward your commitments, values, and essential concerns over your lifetime.
2. Ask And Answer, “How Much Is Enough?”
According to Lynne Twist, the source of suffering in our relationship with money is our global money culture, which perpetuates lies and empty promises. Many of us believe that if we just had more money, the suffering would stop, or life would be better. While having more money may ease some of life’s pains and give you greater access, many people with ample wealth will tell you that suffering does not disappear. What lies do you tell yourself about not having enough? Are you in the trap of entitlement?
3. Build Skills For Effective Communication And Collaboration:
Build skills for effective communication and collaboration. Honor your word. We can honor our word in two ways: by keeping our promises promptly and as agreed or by communicating openly when we cannot keep our promises and addressing any resulting issues for those affected. Failure to do so diminishes integrity, reduces our ability to deliver on intentions, and affects self-esteem and well-being. It also diminishes affinity, relatedness, and connection with others.
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About the Author:
Karen has worked with over 100 clients, helping them untangle their money issues and to become more effective in their work because of it. To do this, Karen has studied financial issues extensively from both the practical, behavioral, and the emotional perspectives.
She has been certified by Deborah Price of the Money Coaching Institute as a Certified Money Coach, a Couples Money Coach, and a Business Archetype Coach. She has studied with Lynne Twist from the Soul of Money Institute for two years on Mastering your Money and Transforming your Life, including studies in Lynne’s Fundraising from the Heart program. Checkout Karen’s site TheMindfulMoneyCoach. Or, you can email Karen directly at thekaren@themindfulmoneycoach.com. If you want to improve in any of these areas—whether it’s your scarcity mentality, your communication around agreements, or developing a practice of generosity—join my FREE webinar on September 25th @ 7:30 pm – 9:00 pm EST here.
