The correlations between “respect” and “money” are remarkable. To illustrate the connectedness I’ve created the following short list that shows how they work in tandem or against each other.
1. How do you treat your money? Do you keep your bills neatly in your wallet, unfold the corners, place the denominations in order from smallest to largest or do you shove them in in any order or worse yet, crumple them in a pocket?
This can closely relate to how you keep yourself physically. Are you neat and showered? Are you wrinkle-free and tidy? How you use your money says a lot about you and how you respect the things in your life.
2. How well do you manage your money? Do you know where all of your money is coming from and going? Do you win in the margins, make extra income with a side gig? Do you set a monthly budget? Do you manage how you pay your taxes? Not giving the government too much so that they give you a large refund at the end of the year?
This relates to how you manage your life. Are you a goal setter and achiever? Or do you go with the flow? Do you pay attention to the small things that make a big difference? Or do you waste time on your phone?
3. Do you follow the golden rule of money? Save some, give some and spend some.
How you save and give shows if you are self-focused and live for the now or if you are open to the flows of the universe. This directly ties to life, are you thoughtful and respectful of others time and life situation or are you more worried about what you want and what you want to say?
4. Do you earn interest or do you pay interest?
For the undisciplined and unorganized among us, this is most difficult. The millionaire lesson I learned, spend less than you make, was always easier said than done until I got on a strict budget. Placing my savings and giving above my desires forced me to prioritize and look at my other habits.
It turned out, for me, that my bad habits were controlling my actions more than I was controlling my life. I wasn’t able to control my life until I learned to recognize, monitor, and change my bad habits. As I improved my bad habits my success with money increased. My awareness sharpened and I soon found that my outlook had improved and my bank account was fuller too.
As you get savvier with your money you’ll be able to show your financial IQ in your improved habits. Remember, advertisers want your money and they’ve invented ingenious ways to get it from you. Don’t take their advice without careful consideration and a list of pros and cons to determine if it is a good deal or not. With a little planning and your improved respect for money you’ll soon see more money in your bank and an improved outlook on life.
Here are a few resources that will help you improve your respect for money. The following Habits of the wealthy are always worth reviewing.
1. They read books. Millionaires read one nonfiction book a month on average.
2. They are frugal. They look for bargains and rarely pay full price for things.
3. They spend less than they make. They use their income to purchase assets before they purchase liabilities.
4. They master their time, energy (exercise) and money.
5. They avoid debt. They save and pay cash for what they want. They never rely on debt.
6. They budget.
7. They save.
8. They give.