Who is in charge of your money?

As I am writing this, I am listening to our leader Boris Johnson telling us about lockdown number 3. Leadership is an interesting topic for me.

I found a good description of leadership online – “Leadership is the art of motivating a group of people to act toward achieving a common goal.”

Now whether you think Boris is a true leader or not would be a good topic of conversation – but not for today. Today I would like to focus on you, me – us, because we are ALL leaders.

At the simplest level we are self-leaders. We are solely responsible for and in charge of what we think and feel and do. If you disagree with me and are busy blaming others for how your life has turned out, may I ask you to have another think about that?

Let’s focus on money for a minute. After all, it is my subject.

Most of us did not receive any kind of formal education on money management – I know I certainly didn’t. It took me running up a debt with my Dad when I was 18 to learn that I had to stand on my own two feet money wise.

I ran up a debt with him over time by asking him for the odd tenner here and there. Asking him for money felt awkward, so I kept it to small amounts and thought nothing of it. I had no idea he was recording each handout in his little red book.

Feeling awkward about asking him again, I came up with the idea of asking him for a thousand pounds in one go. I assumed he would say yes and that would be that. His reply to my request was a wake-up call when he said “yes, I will lend you £1000 but you need to repay the £846.23 you already owe me”! I remember that figure so clearly. “But I don’t have it to give you” I said. “Exactly” he replied. He then continued “If I lend you £1k you will then owe me more than double the original debt. How will you pay that off”.

That was the kick start I needed to become the leader of my life with money.
I got a job and repaid the £846.23 within 6 months. I never asked him for money again without a well thought out plan of how to repay it. One of the best lessons I ever learned.

When you think about you and money, what thoughts come up? Are you in charge of your money life? If not, who is? And how is that serving you?

Self-leadership means the practice of intentionally influencing the way you think, feel and act to get you towards your objectives.

Do you think that you are an effective self-leader? If the answer is yes – well done you. If you are still working on it, what steps will you take in 2021 to be in control of your money and the direction of your life? A very first step is to get to grips with your money. In the next issue I am going to help you to get started – if you can’t wait that long, either give me a call or google – how to get started with budgeting.