I wonder what it's like to be a broke millionaire. Yes, that's an oxymoronic misuse of the term "millionaire", which really means to have a financial net worth over $1,000,000. When I say broke millionaire I'm talking about the people who could earn $1,000,000 in a day, and spend $1,000,001 before their next shower. Can you imagine earning a 7 or 8 figure income and having to call your grandma to help you pay off your creditors? The fear of the paparazzi recording her as she grabs your ear and scolds you to get better friends, your $6,000 fragrance blending horribly with overpowering chicken noodle vibes.
Why in the world do people who earn more than they need end up in debt? I'll tell you with certainty that they can't blame the stock market, they can't blame interest rates, and it's not about earning too little to survive. In addition to lacking basic financial knowledge, they must struggle with their ABCs - Attitudes, Behaviors, and Choices.
Attitudes = how you think and feel
Behaviors = how you act
Choices = what you do
Think of a goldmine trait like patience, which could be an attitude, behavior, and/or a choice. A patient attitude, behaving patiently, patient decision-making. Do you guess broke celebrities live with adequate patience? Naw dawg. Their impatience is like a shark pulling them below the surface.
The dull reality
Here's the deal. You have a high degree of control over your attitudes, behaviors, and choices. I know that's not sexy, and I'm really, really sorry. You can't sell the ABCs to the people looking for a miracle pill for their health and finances, but that doesn't mean they aren't more important than most things.
Your effort is best focused where you have most control, and you pretty much have full control of your ABCs. You have some influence on your salary, but you're at the mercy of market rates and other people's decisions. You don't control stock performance or interest rates, so you need a plan to maintain financial health without guarantee that your investments will get you P Diddy rich. Control what you can and trust that consistently smart decisions will add up over time.
ABCs to lose the spelling bee
Here are some losing attitudes, behaviors, and choices:
Entitled: I deserve everything I want
Inconvenienced: I shouldn't have to do anything
Jealous: I want what he has
Indifferent: Meh, I don't care
Impulsive: I want this, I buy this. I don't feel like working, I quit.
Careless: Money doesn't matter. Here, take mine!
Ignorant: If I don't acknowledge it, it doesn't exist (LALALALA!!!)
Complacent: I know I should save, but I keep forgetting
Unaccountable: I'm not the problem
ABCs to set you free
Health is freedom, and that includes financial wellness. These ABCs can set you free.
Grateful: I'm fortunate to have the opportunity, and I'll treasure it
Driven: I will do what I need to do to meet my goals
Patient: I am strong enough to wait.
Consistent: Good choices will add up over time
Engaged: My health deserves my attention
Accountable: I can do XYZ to learn and grow
Wrapping up
Some people think more money and things will cure all, but it won't. Other people think they shouldn't have to work or make safe choices, and they want to someone else to provide for them. Those perspectives are like putting ketchup on fish... just plain wrong.
Your finances should be a healthy and positive part of your life. In addition to managing ABCs, everyone needs a basic financial education to make the most of their money. I'm slightly biased, but I recommend checking out my book to help with both.
What are some other ABCs that affect your finances? Send a comment with some funny quotes that cause people to lose the spelling bee.
Thank you!
Your best life is a healthy life. Go get it.
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