What’s Your Money Relationship?

money relationship

Strange as it sounds we all have a relationship with money.  Think about it, it does make sense.  The world is about relationships and money is no exception. 

In fact, your relationship with money is the longest relationship you will have in your life!

Money is everywhere, we really can’t ‘opt out’ and say we want nothing to do with it.  Unless you want to be a hermit in deepest darkest Kazakstan and be self-sufficient.  Not my idea of fun.  Continue reading

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Not all Dollars are Created Equal

not all dollars

If you happen to have cash in your wallet right now, take out a note and have a look at it.  It’s just a piece of paper.  It has a picture of someone famous on it, a few words and a number.  That’s what money is. 

In real terms, it is a medium of exchange created because bartering got a bit tricky, e.g. how do you value your cow when you want to swop it for a sack of grain.  But, as you will see, not all dollars are equal!

Sounds all very rational doesn’t it and it kept the economists happy.  But the economists forgot a very important point.  We aren’t rational!  So, when we see the piece of paper with pictures and numbers on it, we see a lot more than a symbol to buy stuff.  We see all sorts of emotions and meanings and it’s different for men & women. Continue reading

We Are Not Rational!

not rational

Have you ever done something and then afterwards scratched your head and thought, “what on earth was I thinking!?”  Welcome to the world of being human.  We are not rational and despite our best intentions, there are going to be times when we do odd things.

So, what influences our decisions?  Well, there is a wealth of research into ‘Why We do Dumb Stuff’ – technically called Behavioural Economics.  As Dan Ariely (Prof of Psychology and Behavioral Economics at Duke University) says, “we’re Predictably Irrational!” Continue reading

Your Money Personality Affects Relationships

money personalities

Your ‘money personality’ is a behavioural pattern relating to your spending and saving. In a relationship it may appear your Money Personalities clash.  By understanding how opposing types can be complementary in a relationship, you will become a stronger team.

Your Money Personality is rarely just the one type.  The large majority of us are a blend of two and sometimes three.

At different times in your life and depending on circumstances, you will very likely see more than one money personality type in yourself and that’s quite natural. As a result, you’ll probably see a cross over between these – in other words, you can show parts of more than one money personality at the same time. Continue reading

The Q&A Forum #6

Welcome back! This is the last video in our Q&A series where you get to ask us your money questions.

In this episode David from Christchurch, NZ, asks, “What is the best way to pay myself from my business?”

Then Anne from Perth, Australia, wants to know how much of her income should she allocate to paying off debt.

Did you miss out on sending us your question?

No problem, if you still have a question for us, send it to hello@moneymentalist.com and we will be happy to answer it for you.

See you in our next series!

The Other Side of Financial Infidelity

financial infidelity

We’ve read the stories in the media about financial infidelity where one partner has run off with the couple’s life savings, or has mortgaged the house without their partner’s knowledge to pay a tax bill.  That is, until the bailiff comes knocking.

The other week, calls to a morning radio show around financial infidelity were hilarious – you had to laugh otherwise you would have cried! Continue reading

Teens and Money – Part 2

teenagers and money

Teens and Money – a huge topic!  In Part 1 we covered Responsibility, Accountability and Consequences, this week we’re talking about helping your teen build a money plan – not a budget.

If your teenager hasn’t learnt the technique of managing their pocket money (allowance) using cash when they were younger, you will need to encourage them into this system. Continue reading