If you’re not happy with the money you have in your life or you want to make changes about the way you create, receive and spend money, it’s totally possible to change. I’m going to share a simple but power process to get you started in this episode.
In this episode you will learn:
- How to identify your current money story
- Questions to ask yourself to create a new story
- A powerful process to create a money story that aligns with your values
- How to use your money story to guide your earning, receiving and spending behaviours
You can listen to the episode above or read the unedited transcript below.
How To Rewrite Your Money Story
Meaghan Smith 00:20
Hello beautiful people and welcome to another episode of the money mindful Podcast. I am your host Meaghan Jean Smith. I'm a money mindset and life coach for women. Welcome to the show, it is so good to be in your ears. Today I'm going to teach you or share with you how to re write your money story. Okay, in a few simple steps. So, before I do that, though, I just want to clear something up. Because I've, I've had a few people reach out to me and they want to talk to me about investing. Now listen, I love talking about investing. I love talking about money, but I am not a financial advisor. Okay, I do not give financial advice, nor am I qualified to do so. Okay, I do know a thing or two about managing money and investing? Yes, I absolutely do. I am for the most part self taught. I have read and F tonne of books and attended educational events to educate myself about money. I am really interested in it. Obviously, I put out a podcast every week, I think it is something that every woman should know about and have a positive and healthy relationship with money. Money is a transaction tool that everybody I know uses. I know there are some wild ones out there who live money or live a life with no money. But I don't know those people. And money is something that was developed a long, long time ago as a transactional tool. But it has become something that people have so many thoughts and ideas about. And yeah, I talk about it a lot. And I love it. But I'm not a financial advisor. Okay, so don't book a consultation with me. If you want financial advice, you need to go to a financial advisor if you want financial advice. But there is something that I do want to mention and bring up about this because I think it is important. I am trained as a certified life coach through the Life Coach School, okay, I am an expert at helping women change their lives, because I know how to teach them how to use their minds. Okay, it's something that we have full control over to create exactly what we want in our lives, okay, when we know how to manage our mind. Now one of the common mistakes that I see is that people think they need to ask me or need to ask somebody else about money and investing because they think it's hard, because they think they're not capable of doing it themselves, or worse. They don't trust themselves and their own wisdom. Okay, they think it's not something that they could do. It's too complicated. And for some reason, some cocky financial planning guy would know better than them. If that's you, in actual fact, what I think you need is a coach, not a financial adviser, and here's why I'm going to explain that to you. Okay. Now, I'm not suggesting that you shouldn't seek out professional expert, financial advice with particular things. Okay, we used a buyer's agent when we were buying one of our investment properties. I've used Estate Law like special specialty estate lawyers to do our wills and things like that. Because, you know, I don't want to do that myself. And I want somebody who's actually an expert in that area to do it. But certain things to do with investing really, any, any person can do it. As long as you can read, you can be an investor. If you can't read, it's probably going to be a bit challenging for you. But even even still, there's videos and things on the internet that you can watch that explain investing. And for the most part, I can't see a lot of good reason to pay somebody a lot of money in fees to invest in shares. I think that's a complete waste of money because you can do it yourself. You can totally do it yourself. And the reason why you would want to do it yourself is to not pay fees. When you pay fees, it adds up to 1000s and 1000s of dollars in a lifetime of what you could have had. But the people that you pay the funds that you invest in, they take all that profit in fees. Now, this is not what that podcast is about. But you can totally do this stuff yourself. But people don't do it themselves. Because they have thoughts about investing that it's a difficult thing. And if that's the case, then yes, totally get a coach. And here's why. So the three main things that you would work walk away with, after you're working with me is the first is I teach you how to coach yourself using the main Life Coach School tool, the model.
Meaghan Smith 05:55
This in itself, by the way, is worth the price of my programme. This is like the first thing that I teach you, this is a skill that you will have and use for the rest of your life. It's like lifetime impact from working with me for six months. Okay, then the next thing that I work with you on is that you learn how to overcome any obstacle that gets in the way of the results that you want in your life. Alright, and the main obstacles that my clients have a procrastination overwhelm self doubt, and that old, just not the I'm not good enough, right. And this is exactly what comes up for people when they want to invest, they get overwhelmed. Okay, they have all these thoughts about it, they think that it's really hard. And they doubt themselves, they don't think that they could possibly do it, and then they procrastinate, and they put it off, and then what happens, they never do it. And they think that they're not good enough, and they wouldn't be able to do it. Okay, just just a little example there. Okay. Now, just this skill alone, if you if you knew how to if you are armed with the tools to be able to overcome any obstacle, like those feelings of procrastination, overwhelm self doubt, that would completely knock out you needing somebody else to do investing for you. Right, because you wouldn't doubt yourself, you wouldn't feel overwhelmed by it, because you would know how to manage that overwhelm. And you would know how to manage that self doubt, to get you going out and creating what you want for yourself. Like in terms of investing, I'm just using this as an example.
Meaghan Smith 07:42
Alright, and you also learn how to trust yourself and back yourself to be resourceful and to use your own wisdom. Right. And finally, I work with you to develop real self confidence, like the self confidence that's not dependent on achievement or validation for others that just think for a minute, if you are a confident person who knew how to overcome procrastination, overwhelm self doubt, you knew how to to move through those thoughts of I'm not good enough, like you knew how to actually handle that when it came came up. And you had a healthy money mindset, which, by the way, is something else that I do with my clients, those who want to work on that? Would you need me to tell you what to do with your money? No, I don't think so. You would be the queen of your own castle, so to speak, you would totally be able to go after that stuff yourself and create that stuff for yourself. There's no difference between you and me. I know. No magic person came along and taught me how to invest. I just decided that I wanted to learn about money and went out and did it. And then all the major things I've done like the big investments, all the doubt, and overwhelm that came up I had a coach, I had a life coach, not a financial coach, I worked with a life coach to help me with that stuff. When I felt doubts about him, like buying our last investment property, and I was scared to do it. I had a I worked with my life coach on that about how I wanted to think how I wanted to show up all that I worked with them on all the things that I needed to actually like I'm not suggesting that you just magically know how to do this stuff. All right, if you want to invest, you got to actually learn about it right? But I knew the process to actually make that happen and work out Okay. Where am I lacking in different skills? What do I need to work on? What do I actually need to do to achieve these goals, and then all the doubt and fear that I had about making such a big investment, that is what I utilised my coach for, I worked with them on all of that stuff, not about what to do with my money. I worked that out myself, because I used my own wisdom. And I trusted myself and backed myself because I learned how to do that, like from my coach. Okay, so
Meaghan Smith 10:35
if you're looking for investment advice, that is not what I offer, okay, I'm not a financial adviser. But if you are coming to me for that, just from what I've just told you, maybe that's not what you actually need, maybe what you need is a life coach, to help you develop the skills. So you can tap into your own wisdom, and that you have the skills to overcome any of the doubts and fears that come up about doing something new in your life. And this doesn't just apply to investing and applies to anything that you want to do, maybe you want to start a business. You know, if you want to start a business, I would suggest getting a life coach, you know, yes, get a business coach, but a life coach helps you with the whole big picture of your whole life, the stuff that comes up for you the challenges that get in the way of you being able to create the stuff that you want. That is why I have been able to create a profitable business in a pandemic people in a pandemic, a profitable business, because I have had someone to work with the whole time, whether that's been with a one on one coach or group coaching programme I've been in, I've always had somebody to help me manage my mind every step of the way to overcome any obstacle that has come and that is why I have been able to create this for myself. Alright, enough about that. I want to tell you how to rewrite your money story, okay, in a few simple steps. Now, what is a money story? A money story is what people tell themselves about money. And I've sort of just demonstrated that, like, there's many of you who have a money story about investing being hard or that that's not for you, or that that's something that only rich people do or that that's really complicated. Or maybe it's that you've never been good with money, you've always overspend, you always rack up debt in your credit card, or you never seem to have enough money even though you earn quite a lot of money. For some reason, you still don't seem to have enough, it's still just you never seem to get ahead. Okay, that's a money story. That's a story that you tell about money. All right. So I want to help you be able to develop and tell a story about money that serves you and that is healthy, and that is has you in a good relationship with money and gets you the results that you want with money. Now, the first step is and you don't have to do this you can skip step one but I suggest that you take the time to do it. Just because I think it will create a lot of awareness for you that you probably don't have already so the first step is is to write down what your current money stories What do you currently tell yourself about money? So that's your thoughts about money? What you create your experience with money in your life so whether that's your money story at like, Listen, a lot of people got their story I don't have enough.
Meaghan Smith 14:07
Can you relate to that? I totally again, I've lived in that story for so much of my life. So it's your idea about money like money is hard. I have to work hard to make money or money you only people who in you know you have to go to university for years and years to make money only make a lot of money if you're a doctor or a lawyer. Right whatever it is, what what's your money story? What do you currently say about money? I can't earn that much money. I'm only a teacher's aide teachers aides don't earn that much money. Right. That's a story. That's the story you're telling yourself about money. Now, once you've written that, you can just do you can jot this down in a journal. Write down a paragraph or a page of your start what you what your thoughts are about money basically about your current experience with money, your story about it. And then you can ask yourself, they these couple of questions you can say, do you like the results of that story? Okay, because if you like the results of your money story, we don't need to go any further here. That's amazing. That's great. Okay, great. You like your story, keep it, there's nothing that you need to do. But if you don't like the results of that story, then we can change it. Okay, so have you examined your story? Do you know what your current money story is, and basically do like it. Now, if you don't like it, I'm going to teach you a powerful exercise, how you can change it, okay, begin to change it. So the first thing that I'm going to get you to do, and if you're listening to this in the car, maybe come back later. Also, I do put a transcript on my website, it's unedited. Okay, so sometimes you can get some strange words and things in there from what the editing programme does. Sorry, the transcribing programme does, but there is a transcript of these episodes, you can go back to the website, WWE money mindful.com.au, forward slash EP, what's this episode, I think it's Episode 82. And you'll be able to get the transcript. So what what you do first is imagine yourself, okay, imagine the future in, let's just say a year's time, okay, you can do whatever period of time you want, you can do it. Imagine yourself in five years, imagine yourself in one year, imagine yourself in 10 years, the time frame is not important. I'm just going to say one year for now, just for the sake of this exercise, okay? So imagine yourself a year in the future.
Meaghan Smith 16:58
And I want you to visualise the story that you would like to tell the vision of your future that you imagine for yourself that you would like to create. Okay, so I'm going to give you an example. So the first one is, I want you to look at your family life. Okay? Now you can go into much more depth that I'm going to go into, but I'm just going to keep it brief for the sake of this episode, not going too long. So for example, when I vision, my future in a year's time with my family, I am that my vision is that my daughters are happy and healthy. We spend time as a family, we're still doing things on the weekend together, like going for bushwalks getting out in nature, I have time alone with my partner for our relationship and just having that time with my partner to be able to you know, go out to dinner or whatever, those kinds of things. That's what I imagine, I imagine that my youngest daughter's really excited to start school, I imagine that my eldest daughter, she's really blossoming into her power and her interests and I'm present with my kids, I've got a really deep connection with them and my partner, okay, so you can go into way more detail than that. But that's my vision for me and my family in a year's time. Okay, then I want you to think about your vision for your health and your personal well being. So for me, it's I'm continuing to really look after my body and nurture my body and that I move my body every day, whether that's walking or doing yoga or some form of exercise, going for a bushwalk going for a swim. You know, I do my self coaching every day, I still have a coach, I work on my mental health, like my mental health is really sacred to me. It's very important. I prioritise that in my life. Okay, so you can talk about all the aspects of your health and personal well being like what do you vision for yourself in a year's time? Now remember, you can change that timeframe, but I'm just using a year for this example then I want you to talk about your business or your career. Okay. So some of the things for me that I in I vision for myself in the future is that I'm fully booked in my one to one practice. I've got a waiting list. I'm getting ready to move into potentially doing group coaching.
Meaghan Smith 19:55
My income is continuing to increase as I help more and More women, my processes and systems in my business are really tightening up, I'm getting all my back end side of my business even more streamlined. I'm, you know, continuing to develop my business skills and be continuing to deliberately participate in training or masterminds, where I'm improving my business and the value that I give to my clients. Okay, I've done this activity. This exercise, by the way, a mine, I'm only sharing a fraction of what I write because again, I just don't want this episode to go on forever and ever. Okay, so the next one is nature and environment. Okay, so what's your vision, when you think of the nature and the environment Now, if you're not an outdoorsy person, or if you're not connected to nature, I say environment, maybe it's your home environment, okay, whatever that means for you. So, for me, it's I get out in nature regularly, I'm bushwalking. With the family, I'm still swimming at the beach regularly, I'm continue to improve my sustainability practices, like looking at areas where I can reduce more waste, you know, I'm still contributing and donating to the Australian conservation. I can't think of what is called But anyway, it's a fun that I donate to now and I'm continuing to do that and increase the amounts of money that I donate to them. Okay, so you get the idea. It's, it's how, what, how you vision yourself in a year's time with nature and the environment. The next one is friendships and community. Okay, so for me, that if I, if I look a year from now, it's I'm, I nurture and tend to my relationships that really matter. I let go of relationships that have run their course, you know, it's like, I love you and I move on, because that's the nature of life things, that it's like life and death, you know, things blossom, they start and they and they dissolve as well. You know, friendships come to an end. I nurture my connection with my community, I continue to help women get started with crafting the life that I that they want, I help women grow their own prosperity by providing a fertile container for that. Okay, let's move on. I'm getting carried away, I just want to share everything with you, but I'm just off, alright. And lastly, after you've done all of these, so you've you've thought about your story that you want to create for yourself with your family, your health, your personal well being your business, or your career, your nature and the environment, with your friendships and your community, Then, and only then, I want you to tell your money story. Okay, because then your money story is connected to what you actually value in your life. Right. And you create money from a place that is in alignment. So some of the things that I've written down is I'm creating money in alignment with the life I want to live. You know, I'm standing in my power, I nurture and grow my money. I share my prosperity with others, I hold the space.
Meaghan Smith 23:55
A fertility is a fertile container for other women to have the support that they need to grow their own prosperity. Hey, money flows to me easy, easily I use it. I use it to live a prosperous life and I support others to do the same. My money flows into support my immediate family, my community and those around me and those causes that I want to help and grow. I'm open to receiving I serve I deserve money comes to me easily. I am a magnet for money. People want to pay me money. I like that one. That last one. Okay, so do you get the idea it's you're really creating a story from yourself about money, but you're creating a money story not from this place of like, Oh, yeah, you know, I want money like there's actually reason behind it. It's connected to the life that you see yourself living. So how do you create that story into reality, like into your life? Well, that's exactly what I do with my clients. Right? They, they create the life that they vision for themselves, like literally create it. That's what I've done, I have created this life that I'm living now I'm, I am living my dream life. That's why I've got chills, like, it is amazing for me to say that. But I wanted to create a life for myself where I worked in alignment with my family and being there for my kids, I wanted to work for myself, I wanted to earn an income helping people because I love doing that. I did that as a teacher. And now I'm doing that as a life coach. And I created that and that is what I help my clients do, too. I help them create the lives that they want. Alright, I work a lot with entrepreneurs and like business women, okay. But I also work with women who are aspiring to make change in their life. So you don't have to be a businesswoman to work with me. I work with some people who are changing direction in their careers or making a big shift that they want support to do that in their life. Now, if your story lights you up, which I bloody well hope it does, because if it doesn't light you up, I think you better go back and redo this exercise. But if your story lights you up and you want to have support and help to create that in your life, like literally be living that story. now is the perfect time to book a consult with me and find out how you can actually do that. Alright, beautiful people until I speak with you again. Have a beautiful week. Bye Bye.