As some of you may know, I'm writing a book! And it's my hope that this book will help families to improve their Financial Planning so they can enjoy more freedom in life. While I'm writing the book, I thought it would be helpful to share some of the chapters with the world.
Why Meaningfulness is The Key to Maximising Your Money
Money + Meaningfulness = Moneyfulness
Early on in my career, I can now say in hindsight, I was too numbers focused with my clients. I would put together what I believed were great Financial Plans and when I would present these plans to my clients, they would be super excited to read them and put them into action. However, shortly after putting their plans in place, my clients would seem to lose steam. They would fall back into bad habits and make much less progress than I expected. I was really confused by this because I was doing everything exactly the way I had been trained to do it. I was giving ‘text book’ Financial Planning advice but my clients weren’t getting the results I expected or the results they wanted.
This confusion (and frustration) eventually led me down a few different rabbit holes. I wanted to work out what was going wrong and how I could fix it. I wanted to find a way to improve my client’s results. So, I started reading all sorts of books on goal setting, financial planning and psychology. I also started to learn about Behavioural Economics and how people’s behaviours and emotions affected (often negatively) their financial decision making. From all my research, I realised that the financial plans I had been creating and the service I had been providing was too impersonal. The plans were technically sound but emotionally cold. They lacked the personal connection needed for my clients to make real progress. All of my plans were too focused on the financial elements of my client’s Financial Planning and not focused enough on the personal and human elements. As I came to learn, these personal elements are much more important than the financial elements. So, the error I was making was that I was only addressing the financial mistakes my clients were making. I was ignoring the mental and behavioural mistakes, and this was causing my clients to fail at fixing their financial problems, despite their best efforts to improve with a new plan.
Fortunately, once I learned all this, I began to challenge the typical Financial Planning process I had been taught. I started doing things differently to my colleagues. I started making the process of Financial Planning much more human and more personal for my clients. Rather than just helping my clients to address their financial mistakes I also started helping them address their mental and behavioural mistakes. I changed the way I worked with my clients to focus on both the personal and financial aspects of Financial Planning. I helped my clients to uncover what matter most to them, so they could create more meaningfulness with their money. And once I started doing that, the results were amazing. My clients started becoming much more enthusiastic about their Financial Planning. They felt much more connected to their plans, they were much more engaged with their money and they made much better progress towards their goals.
This all happened because there was a stronger connection between their personal values and their financial strategies. They could see how their Financial Planning was helping them to fix their money problems and make progress towards what mattered most to them. By connecting the personal side and the financial side of their lives, my clients were able to create more meaningfulness with their money. Rather than just seeing their Financial Planning as a bunch of numbers they could now see how their Financial Planning as a way of helping them to live the life they wanted. By creating a real emotional connection with their Financial Planning and having more meaningfulness behind their money management strategies, my clients were able to make real and lasting changes that had positive impacts on their life.
From my real world experience with clients, I honestly believe in order for families to improve their Financial Planning, they have to create this Money and Meaningfulness connection. Without it, maximising your money becomes a meaningless task that will be begrudged, avoided and ignored. Money will not be seen for what it really is, which is a tool that can be used to help you live the life you really want. If you want your money to work for you in this way, then you need to align it with what matters most to you and the best way to do that is by following the Moneyfulness Method. So, with that all said, it’s time for you to learn about each step of the method so you can do that for your family!
In my next few posts, I'll be sharing with you some information about the key steps of the Moneyfulness Method.
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