Too often I talk to people who feel out of control financially.
They’re not certain if they have enough or if they are enough.
They’re frustrated by their lack of knowledge, time, self-control and their unwillingness or inability to do something about it.
Watch: Simple budgeting with a banana. Post continues below.
They’re desperate for a templated one-size-fits-all plan and often just want someone to tell them what to do.
Or perhaps someone to walk around slapping their credit card out of their hand.
This feeling leads us to believe we can’t do money well. That the problem lies with us. Whereas, I believe the problem lies with our financial system and the archaic (and lazy) one size fits all approach to money.
In other words, you’re not broken, the system is.
Instead of forcing people into a one-size fits all financial approach of restrictive budgets and categorising people into spenders and savers (or bad and good behaviour), it’s about accepting people for who they are and designing a system for where they’re at.
If we understand the usual financial approach doesn’t work, what’s the solution?
I believe the answer lies in discovering who we are and why we behave the way we do with money and designing a system of financial habits that is right for us.
How we do that is through understanding something I call our unique Financial Phenotype – the combination of our Money Story & Environment (the influence of our environmental factors and life experience) and our Money Type (how you intrinsically behave with money or your money personality) and curating a bespoke suite of financial habits that are right for you.
There are four parts to creating a financial solution that’s right for you.
1. Your Money Story
Your Money Story is the collection of your unique money scripts, money messages or money beliefs.
It’s the stories in your head about whether you believe money is good, bad or okay.
It’s created from your memories about money—whether that’s from your parents, your family and your peers or from the media and society in general.