How To Align Money With Purpose
If you align money with purpose you can develop better strategies for managing your finances. Still, understandably, many modern women feel anxious about their financial security. We hear over and over again that we should be saving more, investing more wisely, and cutting back on our spending. All this talk of money, though, can create stress and worry. Especially when you’re raising kids alone.
And feeling stressed about money is common, especially when facing or after divorce. It’s bad enough that you will now most likely be raising your children alone. But having to worry about whether you can manage financially without a second paycheck can be frightening. Worse still if you feel helpless and alone during a divorce.
However, no matter what stage of life you’re at, you can still take action to overcome your money worries and begin fostering a healthy relationship with your finances.
Identifying the misconceptions that have kept you from moving forward is one step toward this goal. In addition, Certified Divorce Financial Planner, Michael Ringel explains how you can win financially if you align money with purpose. He helps women build confidence around money so they can effectively manage their finances and align money with purpose.
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Helping Women Build Confidence Around Money w/Michael Ringel
In this episode of SoloMoms! Talk I talked with Certified Divorce Financial Planner, Michael Ringel who shares his tips and strategies for navigating your finances during and after divorce.
Michael’s mission is to help divorced women build confidence around money. Because sometimes during divorce mom is either too emotional to think clearly or she just doesn’t have anyone to help her navigate the financial aspects of a divorce. This can be especially devastating if her future ex is money savvy, vindictive, or has good representation without having any desire for fairness or what’s best for the children.
Myths About Money
When your financial goals and values are in harmony, you’re less likely to give in to frequently circulated money myths. It’s a common misconception that you need a degree in finance to manage your finances well. That is not the case at all. Everyone can benefit from following a few simple guidelines, and there is no shortage of information to help you go further.
The idea that you must have a high income to feel financially secure is another common myth. That isn’t true either. A high income will undoubtedly help you get closer to your monetary goals. But there are ways to better your financial status even if you live paycheck to paycheck.
For example, In Money Master the Game by Tony Robbins, there’s a story about a UPS worker who was worth more than $70 million when he died even though his salary was a mere $14,000 per year. Building this type of wealth takes discipline and focus. It is possible when you align money with purpose.
In the video below Michael Ringel explains how to gain confidence about money so that you can start to align your purpose around your finances. Because when you have goals in place it’s more difficult to make impulsive purchases, even when the kids are begging for something not in the plan.
How To Align Money With Purpose
Money is a tool that can be used to achieve your financial goals. But what is your ultimate goal for money? What do you want your money to do for you?
Knowing why you’re saving or spending money will give you the peace of mind you need to manage your finances with ease. Spending less on things that don’t matter to you will make it easier for you to save and invest in ways that reflect your values.
Here are some questions to help you align money with purpose:
- What are your most important values?
- What are your long-term goals?
- What do you want to achieve in life?
- How do you want to use your money to make a difference in the world?
You may start making financial decisions that support your beliefs and desires once you have a firm grasp on both. If you place high importance on doing good for the community, you might choose to give to charity or offer your time as a volunteer. If you enjoy traveling, you can set aside on a regular basis for special trips.
Money fulfills a purpose that is specific to you. No potential solution is right or wrong. Achieving your goals requires careful consideration of your financial options and effective use of available resources.
Here are some additional tips for how to align money with purpose:
- Think about your childhood. What did you dream of doing when you grew up? What were your passions?
- Consider your current life. What are your most important relationships? What are your hobbies and interests?
- Look to the future. What do you want to achieve in the next 5, 10, or 20 years?
- Talk to your friends, family, and mentors. What do they think your true purpose for money is?
Identifying your true purpose for money can be a challenging but rewarding process but effective to align money with purpose. By taking the time to reflect on your values and goals, you can create a financial plan that will help you achieve your dreams.
Tips To Align Money With Purpose
There is no foolproof way to amass wealth. Getting where you want to go begins with taking action. This could involve doing things like creating a spending plan or researching various investment options. Or it may require seeking extra income through a side hustle or overtime at your current job.
Building confidence around your finances and learning to align money with purpose takes focus and discipline. But it’s worth it. When you’re not afraid of making financial decisions and managing money, you can start making decisions that are aligned with your goals and values. And that’s the key to financial freedom.
Here are some additional tips to help build confidence around money:
- Talk to a financial advisor. A qualified advisor can help you create a financial plan that fits your individual needs and goals.
- Read books and articles about personal finance. There are a wealth of resources available to help you learn more about money. Subscribe to websites like The Motley Fool and read books like Money Master the Game and Unshakeable: Your Financial Freedom Playbook both by Tony Robbins as well as The Total Money Makeover by Dave Ramsey. Also, see below for more recommendations.
- Join a financial support group. Talking to other people who are on the same journey can be a great way to build confidence and motivation. When my kids were younger, I joined an investment club where I learned about investments and how to invest in the things I loved. Maybe a club like that is available in your community. If you do find and join one, bring the kids to meetings so they can learn too.
- Don’t be afraid to ask for help. If you’re struggling to manage your money, there are people who can help. Don’t be afraid to reach out for assistance.
To align money with purpose takes focus and discipline. But it’s possible when you learn to be confident in managing your finances. The included interviews with Michael Ringel and recommended resources should help you no matter where you are on your journey.
If you fear dealing with money for some reason, breaking free from that fear is possible. With time, effort, and the right support, you can achieve financial freedom. You can become financially confident when you align money with purpose.
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|1. Women’s Institute for Financial Education (WIFE)
|Retirement planning, investing, budgeting
|2. Single Mom’s Income
|Budgeting, debt management, side hustles
|3. National Association of Personal Financial Advisors (NAPFA)
|Fee-only financial advisors, investment planning
|4. Single Moms Planet
|Financial workshops, career development, housing
|General financial education, saving, investing
|6. College Savings Plans Network (CSPN)
|College savings plans and options for kids
|7. Dave Ramsey Blog
|Debt-free living, budgeting, saving, investing
|8. AllOptions Financial
|Comprehensive financial planning and guidance
|9. National Endowment for Financial Education (NEFE)
|Financial education and resources for various life stages
|10. Habitat for Humanity
|Affordable housing solutions and home ownership support