When it comes to thinking about how we think about money, I love the scarcity/abundance framework.
My sessions are expensive. I know this. And yet, I’m continually amazed by clients, making $120K per year who enthusiastically decide that working with me is worth the investment. And then there are people making $750K who tell me I’m too expensive.
It’s not just about the fee. It’s about your attitude toward money.
I was just speaking with a friend who runs a family office – a family office is the infrastructure for folks who have generated significant wealth for generations to come. The office runs multiple estates, financial planning, end-of-life planning, college planning, you get it. They just tend to the unique needs of the mega-wealthy.
Anyhoo, my friend described G1 (the first generation to create wealth) and their feelings about money – that people are always out to get them, out to take.
G1 had created extraordinary abundance. And yet they were living with a scarcity mindset. (If you’re reading this, G1: call me. 😂 Kidding. But also… not kidding.)
It got me thinking: Are you the person making $120K who feels comfortable investing in yourself? Or the person with $100 million who still feels like there’s never enough? Because your bank balance and your relationship with money are two very different things.
Throughout this series on money, I’ve shared ideas about money awareness, saving money for future you and living within your means.
And now I want to talk about something less tangible: your money attitude. How you feel about money is how you use money. Do you enjoy spending it? Do you trust yourself to make good decisions with it? Or does money make you anxious, even when you have plenty?
Here are a few questions to consider:
- How did your parents approach money? Was it positive or negative? Were you scraping by, spending freely, or somewhere in between?
- Was money connected to control, love, power, conflict, gambling, addiction—or even being “cheered up” with shopping or trips to the mall?
- How comfortable are you talking about money today?
- Do you know what’s in your accounts? All of them? Or have you delegated your financial awareness to someone else?
- Do you know your monthly burn rate?
- Who are your money partners? Who do you make financial decisions with—or avoid making them with?
That’s a lot of questions. Pick one or three and answer them, and yes, feel free to share in the comments section on LinkedIn. Just don’t post your bank account numbers. 😂
