By far, the biggest impediment to a successful financial life is your pattern. Conversely, the greatest predictor of financial success is……… your pattern.
What is your financial pattern? Do you know. Did you know you have one? Are you willing to explore it?
If you want to know what your pattern is, become curious about it. Curiosity is a wonderful gift. You are born with loads of it. Unfortunately, it can be easily squandered and it often is. If you are curious about something you will want to explore it. Ever wonder how a radio works? The best way to find out is to take one apart then put it back together. You can also read about how radio waves are transmitted from a tower and picked up by the receiver (radio). Most people go through their lives listening to radio regularly. Satellite radio, i pods, AM, FM and Citizens Band are in constant daily use. You probably listened today.
So if almost everyone listens to some form of transmission daily, how come almost no one can tell you how the system works. Don’t believe me? Go ahead. Explain it. Ask your child to explain it. Not in theory but in fact. You can do the same test with smart phones, wireless internet, food processing, electricity, cellular division, oil drilling or photosynthesis not to mention every other process that happens every day.
So here is the deal. If you want to know how something works, you have to study it.
Do you study finance? Do you understand it? Do you dedicate part of every day to getting better at it? Professional football players are great at football because they practice it every day. Most of them have done this since they were 6 years old. What we see as natural talent is truly mostly cultivated. Sure genetics help you become 6’5″, 230 pounds and strong, but if that is all it took, how come everyone of that ilk is not in the NFL? The reason is practice. Talent cultivation.Patterned behavior that has become automatic through repetition. The best players watch hundreds of hours of film just to catch a single tendency of an opposing player. They look to exploit their opponent’s pattern. That is how intense their practice and dedication is. That is what makes them great. I would like to help you notice your pattern and then give you the tools to change it to your advantage. The repetition and study is up to you.
There are two excellent ways to begin to expose your financial pattern.
The first is to keep a daily financial diary. Simply write down every dollar you spend for the next 2 months. Include everything from a pack of gum to groceries. Buy a lottery ticket? Write it down. Put fifty cents in a can for an animal hospital? Write it down. Don’t miss anything. A clear picture of your money pattern will begin to emerge in a few days and you’ll have a greater understanding of your habits in a month. You’ll also see what you save vs. what you spend.
The other thing you want to do is make a second column next to what you spent or saved and write down how you are feeling at that moment.
For example, if you write down ” Wednesday, June 23, 3:25 PM – Candy Bar $1.00″, follow that in the second column with, ” I feel stressed” or “I’m happy!” or even “not sure how I feel right now”. This will expose a very important sub pattern that will help steer you to the root of your money habits.
The second way to expose your financial pattern is to ask your spouse or a close friend for their opinion of your money habits. This exercise is not for the feint of heart. I believe that the best way to find your pattern is a combination of keeping a journal and asking for feedback. It is always interesting to compare what you see to what others see. If your ego is not ready for this exercise, skip it for now. It takes a secure person to be able to receive outside feedback properly.
So go ahead. Take the test. Keep a journal. Be open to what you uncover. Good or bad doesn’t matter. Besides, what you think is good may in fact be bad and vice versa. We’ll learn more about that as we go.
Good luck!
