One of the best events to happen in New York over the Labor Day weekend is the U.S. Open, which is where I spent my holiday. It was so exciting to be back there again, taking in the energy of the fans and great athletes, listening to the sound of squeaky sneakers on the courts, witnessing Cilic/Djokovic and Tsonga/Safin play their hearts out (unfortunately the women's matches were very uneven the days I was there).
I was in awe of their ability to place the ball exactly where they wanted it to go. Sure, sometimes they missed but the margin of error was pretty low. As I sat watching I thought of the similarities between tennis and your financial life.
What is your financial aim? The first step is to know your goal. For the tennis players it was clear their goal was to win the U.S. Open Championship. When it comes to your money, "I want to save enough money to retire comfortably" is not a goal. Neither is "I want to get out of debt". You must be specific. Exactly how much do you need to put away each month until you retire? Exactly how much do you need to pay off what you owe? Then, give yourself specific dates as to when you plan to accomplish these goals (ex. "I will save "x" amount by "x" date).
How do you figure out how much is needed? By tracking your flow of money. Tracking is an amazingly simple tool that shows you exactly what amount you need to accomplish your goals. If you can add and subtract, you can figure this part of your plan out.
How do you plan to get there?
In the classic story, Alice in Wonderland, Alice comes to a fork in the road where she meets the Cheshire cat and asks, "Which way do I go?". "Where are you going?". "I don't know", she responds. "Then any road will do", replies the cat.
Tennis players build up to the U.S Open, match by match, moving up through the ranks as their game gets stronger and stronger. In the meantime, they eat food that will nourish them and keep their energy level high, they practice to overcome weaknesses in their game, they work on their mental game and work out to strengthen their muscles and stamina.
Have you created the roadmap that will take you where you want to go; Day to day? Month to month? Year to year? Have you implemented a Spending Plan that works with your current financial situation? that builds your bank account?
A Spending Plan keeps you from being vague or what I call in "a money fog". If you know exactly how much you have going in and out, then you build a plan from there. No guessing, no estimating. (Would you get in a plane knowing your pilot didn't have a flight plan and would just wing it, so to speak?).
Your Mental Game
"Whether you think you can or think you can't, you're right". Henry Ford.
I was in awe of their ability to place the ball exactly where they wanted it to go. Sure, sometimes they missed but the margin of error was pretty low. As I sat watching I thought of the similarities between tennis and your financial life.
What is your financial aim? The first step is to know your goal. For the tennis players it was clear their goal was to win the U.S. Open Championship. When it comes to your money, "I want to save enough money to retire comfortably" is not a goal. Neither is "I want to get out of debt". You must be specific. Exactly how much do you need to put away each month until you retire? Exactly how much do you need to pay off what you owe? Then, give yourself specific dates as to when you plan to accomplish these goals (ex. "I will save "x" amount by "x" date).
How do you figure out how much is needed? By tracking your flow of money. Tracking is an amazingly simple tool that shows you exactly what amount you need to accomplish your goals. If you can add and subtract, you can figure this part of your plan out.
How do you plan to get there?
In the classic story, Alice in Wonderland, Alice comes to a fork in the road where she meets the Cheshire cat and asks, "Which way do I go?". "Where are you going?". "I don't know", she responds. "Then any road will do", replies the cat.
Tennis players build up to the U.S Open, match by match, moving up through the ranks as their game gets stronger and stronger. In the meantime, they eat food that will nourish them and keep their energy level high, they practice to overcome weaknesses in their game, they work on their mental game and work out to strengthen their muscles and stamina.
Have you created the roadmap that will take you where you want to go; Day to day? Month to month? Year to year? Have you implemented a Spending Plan that works with your current financial situation? that builds your bank account?
A Spending Plan keeps you from being vague or what I call in "a money fog". If you know exactly how much you have going in and out, then you build a plan from there. No guessing, no estimating. (Would you get in a plane knowing your pilot didn't have a flight plan and would just wing it, so to speak?).
Your Mental Game
"Whether you think you can or think you can't, you're right". Henry Ford.
I doubt that anyone who has won the U.S. Open Championship thought they could never win it.
You have to feel and see your goal. What does it feel like to have paid off all your debt, have the amount of money you want for retirement in your account - right now?? What are your surroundings like? Who is around you? What are your days like?
When I was a student at Juilliard, the book everyone was reading and applying to their musical lives was called, "The Inner Game of Tennis" which talks about all of this; first you "see" and own it, then it can happen (So for a musician you first imagine yourself on the stage, facing the friendly audience; you imagine what your instrument feels like in your hands: you imagine the beautiful sounds coming out of it; you are breathing deeply.....and so on).
Who is on your team?
It's simple, we tell ourselves. You either make more money than you spend or spend less than you make. Tennis players could say "All I have to do is hit the ball within the lines until my opponent makes a mistake". If it were all that easy!
We "should" be able to do a lot of things, but can't do everything alone. We all need support. In your relationship to money and the game of tennis, for that matter, you need help from others who can help you achieve your goals. Create your team. Tennis players have coaches, massage therapists, agents, lawyers, colleagues, accountants, sports doctors, sports psychologists,.fans : ), and of course, friends and family to celebrate with or to turn to when things get rough. You don't need to start large; better to build slowly and choose your team wisely. If you don't yet have people in your life with whom you can discuss your money relationship, start with some books.
Here are some I found helpful (in no particular order):
Your Money or Your Life by Joe Dominguez and Vicky Robbins
How to Get Out of Debt, Stay Out of Debt and Live Prosperously by Jerrold Mundis
How to Earn What You Deserve also by Jerrold Mundis
You have to feel and see your goal. What does it feel like to have paid off all your debt, have the amount of money you want for retirement in your account - right now?? What are your surroundings like? Who is around you? What are your days like?
When I was a student at Juilliard, the book everyone was reading and applying to their musical lives was called, "The Inner Game of Tennis" which talks about all of this; first you "see" and own it, then it can happen (So for a musician you first imagine yourself on the stage, facing the friendly audience; you imagine what your instrument feels like in your hands: you imagine the beautiful sounds coming out of it; you are breathing deeply.....and so on).
Who is on your team?
It's simple, we tell ourselves. You either make more money than you spend or spend less than you make. Tennis players could say "All I have to do is hit the ball within the lines until my opponent makes a mistake". If it were all that easy!We "should" be able to do a lot of things, but can't do everything alone. We all need support. In your relationship to money and the game of tennis, for that matter, you need help from others who can help you achieve your goals. Create your team. Tennis players have coaches, massage therapists, agents, lawyers, colleagues, accountants, sports doctors, sports psychologists,.fans : ), and of course, friends and family to celebrate with or to turn to when things get rough. You don't need to start large; better to build slowly and choose your team wisely. If you don't yet have people in your life with whom you can discuss your money relationship, start with some books.
Here are some I found helpful (in no particular order):
Your Money or Your Life by Joe Dominguez and Vicky Robbins
How to Get Out of Debt, Stay Out of Debt and Live Prosperously by Jerrold Mundis
How to Earn What You Deserve also by Jerrold Mundis
Money Drunk, Money Sober by Julia Cameron and Mark Bryan (yes, the same authors of The Artists Way)
The Energy of Money by Maria Nemeth
Prince Charming Isn't Coming by Barbara Stanny
Everyday, life throws you a lot of balls. You will find it a lot easier to decide which ones to hit if you have a plan in place. All you have to do to determine your next step is to ask yourself if by engaging in this next action, you will get closer to or further away from your ultimate goal ("Is this coat a want or a need?", " Should we go out to eat or should we buy some fresh food and make a yummy meal at home?", " Will spending time with this person give me more or less energy?", "How will this course improve my life?").
Your goal is your North Star which serves as your guide. Start taking actions that draw you towards it.
Think Big
"Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light, not our darkness that most frightens us. We ask ourselves, Who am I to be brilliant, gorgeous, talented, fabulous? Actually, who are you not to be? You are a child of God. Your playing small does not serve the world. There is nothing enlightened about shrinking so that other people won't feel insecure around you. We are all meant to shine, as children do. We were born to make manifest the glory of God that is within us. It's not just in some of us; it's in everyone. And as we let our own light shine, we unconsciously give other people permission to do the same. As we are liberated from our own fear, our presence automatically liberates others." Marianne Williamson
Lastly, we all need to feel inspired by our goal. Make it as big as you want. Aim High, Plan for it and Live it!
The Energy of Money by Maria Nemeth
Prince Charming Isn't Coming by Barbara Stanny
Everyday, life throws you a lot of balls. You will find it a lot easier to decide which ones to hit if you have a plan in place. All you have to do to determine your next step is to ask yourself if by engaging in this next action, you will get closer to or further away from your ultimate goal ("Is this coat a want or a need?", " Should we go out to eat or should we buy some fresh food and make a yummy meal at home?", " Will spending time with this person give me more or less energy?", "How will this course improve my life?").
Your goal is your North Star which serves as your guide. Start taking actions that draw you towards it.
Think Big
"Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light, not our darkness that most frightens us. We ask ourselves, Who am I to be brilliant, gorgeous, talented, fabulous? Actually, who are you not to be? You are a child of God. Your playing small does not serve the world. There is nothing enlightened about shrinking so that other people won't feel insecure around you. We are all meant to shine, as children do. We were born to make manifest the glory of God that is within us. It's not just in some of us; it's in everyone. And as we let our own light shine, we unconsciously give other people permission to do the same. As we are liberated from our own fear, our presence automatically liberates others." Marianne Williamson
Lastly, we all need to feel inspired by our goal. Make it as big as you want. Aim High, Plan for it and Live it!
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