Posts tagged mindset
Can you be afraid of winning the lotto ?

My secret passion is true crime and over Easter I was listening to a podcast that told a story of a child kidnapping in the 50's. The unique part of the story was that the child's parents had won the lotto. Their winnings would be the equivalent of $2 million in today's money and Australia had not seen this type of crime before.

Listening to this story triggered a memory for me about my mum, teaching me how to play lotto when I was very young.

It was back in the day where the tickets had carbon under them and you filled in the top one which made a copy through the carbon onto another sheet. You would physically tick all the boxes you wanted and then write your name and address at the bottom. One went to the newsagent and you kept one.

I would watch my mum do this religiously each week, and she would always get super serious about the NFP box. This box I was told was very, very important and it meant "Not For Publication".

She told me (over and over again) that if you didn’t tick the box, then the newspaper would publish your name and people would come out of the woodwork to ask for money. 

At this point I would always loose track of her words as I was picturing worms coming out of rotten wood and was convinced she meant that worms would eat the money (?). But, that wasn’t the worst bit. NO !

If they published your name then bad people would come and take your kids away and ask you to pay to get them back.

For all her passion about winning the lotto, and having it as her main financial plan, she had the same amount of fear about winning the money and what bad things might happen to us if she did.

The funny thing is that my mum remarried, and my stepfather used to tell me that "lotto is a tax on stupid people" which only confused me more !!!

What I learnt about money the hard way.

I’ve been in the finance industry for 13 years this December and I’ve seen A LOT of different financial situations. Different incomes, different spending and different family dynamics. Once thing is certain - over time you start to see patterns and can pretty much identify someone’s money weakness or strength pretty quickly.

 The challenge is that some people aren’t ready to have a look at their situation because of fear. And I’m not just talking about low-income earners. Many admit “I have my head stuck in the sand and just don’t want to look”.

 On top of this direct experience is my personal one. I started out (many moons ago) as a single Mum at 20 (photo above ;)) without any financial support, so I’ve made many fantastic and some pretty crap decisions about money myself.

 But this month, I wanted to share with you what I’ve learnt about money. These are my top learnings:

  •  If you don’t actively manage your money and instead live on your bank account balance it will not work (oooh look there’s money I’ll spend it).
  • If you don’t respect your money (by having a plan) it will always flow through your fingers and you’ll never manage to get ahead (I’m just sooo bad with money I don’t get it !)
  • If you don’t have goals or intentions or an idea of what you’d like to achieve with money it will always feel like hard work and unrewarding. This in turn, makes you feel even worse about your situation and the cycle continues (stuff it, I deserve it – I’m buying it!). Sounds a lot like dieting, right?
  • It’s not what you earn it’s what you spend that will send you broke
  • If a bank won’t lend you money you probably shouldn’t borrow it (okay bank includes any type of regulated lender)
Money won't make you happy.

BUT the feeling of empowerment you get when you are in control of it, certainly will !