When it comes to money 1+1 doesn’t necessarily =2

Why?  Because of the emotions and meanings we attach to money.


Money, Colorful words hang on rope by wooden peg

Money is still a Taboo subject.  In 1913 Sigmund Freud wrote, “money questions will be treated by cultured people in the same manner as sexual matters, with the same inconsistency, prudishness and hypocrisy.”

I think his observation is still applicable today. Look at this NY Times article

Lynda Moore   http://www.mymoneyseeker.com


Think like a travel agent when setting your goals

Our bags are packed and we are all set to go.  After months of waiting we are on our way to Sydney to attend Brendon Burchard’s Experts Academy.

20140706_063817 (800x611)We knew where we wanted to go, the date we were leaving and how we were going to get there; so planning for this trip was really quite easy.

Other times when we travel, we are more fluid.  We have a departure date and a date we need to be home and what happens in the middle is totally flexible.  So we decide what to do on a day to day basis.

Goal setting is like that, sometimes you have a short sharp goal that you just need to get stuck in and achieve.  Maybe saving for that unexpected large dentist bill or setting up your emergency fund.

Your goal may go something like this “I want $1,000 in a savings account for emergencies in 90 days from today”.  That ticks all the boxes in terms of being a clear, measurable and attainable goal.

But if you are 25 and you have a goal to have enough money to retire on when you are 65, you will need a bit more flexibility in your planning, by turning your large goal into smaller measurable and attainable chunks.

So, when you are setting your goals.  Think like a travel agent

  1. Where are you now?
  1.  Where do you want to go?
  1. How are you going to get there?
  1. When do you want to arrive?

We love to hear from you, so please leave us a comment or to learn more about our programmes, feel free to  contact us. 

Lynda Moore    www.mymoneyseeker.com

Anchoring; how it impacts on our spending behaviour

At some time or other we have all been anchored.  This tends to happen more often when we are purchasing a product or service that we don’t know too much about.  Here’s how it works.

tyre croppedI was happily driving my car when it developed a bit of a shudder through the steering wheel.  I didn’t think it was a major so I took it to my local Tyre shop, thinking my wheels just needed balancing. (That is about the extent of my technical knowledge of tyres).  I left my car in the serviceman’s capable hands and headed off to my appointment.

Within 10 minutes my phone rang – never a good sign.  It was the tyre shop, the problem was somewhat more serious than balancing.  I needed a new tyre as this one was falling apart (apparently I was lucky I made it to the tyre shop without having a serious accident).  Not only did I need one new tyre, the others were looking quite worn so I really needed to replace all four.  Not what I wanted to hear, but safety comes first so I took a deep breath and asked for some prices.

This is what I was told. Continue reading

Money Beliefs, where do they come from?

Our beliefs, or our view of the world starts with our early childhood memories.  We learn from our parents, our environment and form our own beliefs from those observations.  So what are your earliest memory’s of money? How do you think that has impacted on how you relate to money now in your adult life?


My earliest memories of money revolve around the word ‘No’.  No I couldn’t have the umbrella with the pink frill; the must have winter fashion accessory for a 4 year old.  No, I couldn’t have a Barbie doll, they were too expensive, so I got the imitation one instead.

My parents were (and still are) very careful with their money, they were quite frugal in day to day expenditure but that meant that there was money set aside for our holidays and should any emergency crop up.

Their goal was to be mortgage free, as they hated any sort of debt and over the years they achieved that goal.

Continue reading

Money is just money but we see it differently. Why?

It’s called the framing effect.  We view money differently depending on the source, and what is even more interesting is we generally aren’t even aware that we are doing it.

photo frame compressed

Imagine you are walking down the street, minding your own business, when you happen to look down, and there right in front of you is a $10 note.  You look around to see if you can see anyone who might have dropped it.  No one is there so you pick it up and pop it in your pocket.  You are probably thinking “this is my lucky day; I’ll go and buy that magazine I was looking at”.  This is the framing effect in action found money you can spend on anything you want.

I can still clearly recall receiving my first week’s wages when I started working as an 18 year old.  I was so excited; I had never had that much money at one time. I went out and shopped and spent most of it.  My prize purchase was a beautiful white sheepskin rug.

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What does Money mean to me?

I touched briefly on what money means in my blog “Money. Love it or hate it you have to live with it”.  Let’s delve now a little deeper into our own money meanings.  It’s important to define what it means to you, as it impacts on your view of the world, how you view others and your decisions. If you want different results you need to dig deeper than just your behaviours.

money definition compressSo let’s recap.  We all have a relationship with money, take that as a given; or read the blog Money. Love it or hate it.

We also associate meaning to money and once you know what that meaning is you can begin to understand more about why you make the financial decisions that you do and how you can make different ones.

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5 Tips to avoid Money Mistakes

Money mistakes; yes we all make them, but do you ever wonder why? It’s all about what is going on in our head. But you knew I was going to say that didn’t you.

This is what happens.  The more we attach emotion and meaning to money, the more we lose sight of what it really means. The maths bit goes out the window. It is when 1+1 equals more than 2 that mistakes kick in.

money mistakes

Here are five tips to help you avoid money mistakes

1. If you are feeling emotional, don’t make important financial decisions.  Sounds really obvious doesn’t it; but when you are emotional your perspective narrows and you can lose sight of the big picture.  A warning here, have you tried to help someone see logic when they are in a highly emotional state?  It can backfire and they dig their toes in even more, empathy and understanding is needed more than reasons and logic until they have calmed down.

2. Being stressed or tired are also not good times to make financial decisions. We just don’t think straight. Wait until the tension has eased.  I remember my Mum saying, never go to bed angry as you may say things you regret later, the same applies to money decisions when you are tired you may regret what you buy. Continue reading