I asked her, “What’s this like for you?” She said, “It’s like there’s a big circular kitchen table in my brain. Everyone sits around the table, and they take turns sitting in the ‘lookout position’ away from the table. This is the person who decides what to do and say.”
I would like to propose that each of us has five members of the internal Money Committee who collaborate to make our day-to-day financial choices. Here they are:
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The CEO This member of the money committee offers leadership. The CEO sets the vision and values that guide your choices. For example, some people want to make socially responsible investments. Others value experiences over things or are committed to charitable giving.
The Bookkeeper This member of the committee keeps track of how money flows in and out of your life. It tracks the progress towards making retirement an option. Very few physicians know what their monthly expenses are, or the value of the assets in their portfolio. The Child This member of the money committee is driven by emotion. The child wants what he wants, and he wants it NOW. The Child is the committee member who experiences that fear that makes it difficult to sleep. Children do not have the tools to manage adult financial problems. The Time Traveler This member of the money committee lives in the past or the future. People who lived through a financial trauma like the Great Depression responded to the 2008 experience as if their they might be hungry again—even if they have built significant wealth. Other people set a vision for the future that inspires then to take action. However, a negative projection —like becoming homeless—leads to anxiety. The Security Guard. This member of the money committee is always on the look out for danger. They are slow to trust. They take over when there is imminent financial danger, like today. Very few of us have the financial savvy to execute a good emergency game plan. Often their defensive actions do more harm than good, |
You will also meet the Security Guard. This is the person who calls you and yells, “Sell everything!” You can deliver an empathic message, “We’re both here to keep your wealth safe. My experience suggests a different way to protect you. Might I share my perspective?”
Please also know that YOU have you own money committee members, and your CEO is not always running the show. If you find yourself fearful or anxious, take a deep breath so you can put the CEO in charge.
Click here to watch a video in which I describe the Money Committee and suggest how you can use this model in conversations with clients. Feel welcome to like the page while you’re there and leave your thoughts!
Thank you for your hard work!
Stay safe and strong,
Dr. Vicki
Join us Sunday, March 29th, 2020 for a special tutorial.
In addition to the weekly COVID-19 update, you’ll take away:
- Concrete ideas about how to deliver value to your existing clients TODAY
- Ways to build relationships with prospects TODAY and TOMORROW
- Tips about your technology toolbox for connecting with people remotely.
- You’ll learn how to connect with prospects, clients and power partners from your home office.
Click here to register. Once you are on the list, you will get the replay..