Financial Security Is About People Not Numbers
Financial security is less about numbers and more about people, and to be more precise, the people we are surrounded by who shape how we spend, invest money or build wealth.
As a financial educator (www.redstareducation.co.uk) and financial coach with many years of experience working in professional sports environments, I know that money decisions do not happen in isolation. For many pro athletes and others in high performing environments such as music, entertainment and business ownership, money decisions happen in a team; a friendship group, family, advisers & agents, and sometimes if not working together, this can make things messy.
We make financial decisions with other people in mind – always
Whether we are aware of it or not, we are constantly influenced by the people around us. It might be subtle, like seeing what car a teammate drives, or more direct, like a family member suggesting where to invest, or an agent pushing a certain deal.
This isn’t always a bad thing of course. When someone has a supportive, trusted and well informed circle, they are more likely to engage with healthy financial habits.
But if the people around you are inexperienced, driven by short term thinking or even their own financial gain, it becomes harder to make the decisions which are right for you.
Humans are hard wired for connection
As humans we want to be liked, respected and accepted. In group environments, such as your team or social circle, this becomes even more intense. We are all watching now everyone else is doing. Instagram wouldn’t exist if we weren’t!
So if the ‘norm’ in your circle is to splash out on designer clothes, luxury holidays or high risk investments, it’s likely to feel uncomfortable to be the one putting aside money to buy a property, or serious think about your retirement planning.
Even if deep down, that’s what you want to be doing.
Who is in your room?
A trusted, emotionally intelligent person in your circle, someone who genuinely cares about your wellbeing, who has no other agenda or motivation, is an incredible ally to have.
Conversations about money, and certainly about our feelings in relation to money and wealth, can be difficult. Your emotions around money might not be something you want to share with your partner, family or colleagues. You advisers might not be equipped to hold the space needed for you to explore your beliefs – no matter how brilliant they may be at the practical element of your financial planning.
As a money coach, I can help you to understand the emotional landscape around money. Together we can explore what you would like your financial ‘norm’ to be, free from outside influence, helping you to engage with your other professional advisers in a way which helps them to build long term plans which align with what you truly believe and feel.
Having me as your money coach means you’ll always have someone you can trust to talk to about money, wealth and how financial decisions are making you feel.