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Tag Archives: money monday

Getting Paid

When you own a business or do work for someone else – getting paid is a pretty important part of the deal.

After all, you are in business to make money.

So what do you do when a client just won’t pay their bill?

Before you come down on the client, take a few minutes to look at your payment process.

The most common reason for not getting paid, is not being clear up front about your expectation for payment.

Check in.

  • Do you provide prospective clients with clear, written communication around your payment process BEFORE you start working for them?  Why/Why not?
  • Do you require some type of payment in advance?  Why/Why not?

Be brutally honest – what’s stopping you from spelling it out?

Asking for money is a sure fire way to bring up your fears about being good enough, being successful or just plain getting the business.

And those fears aren’t going to make asking for money easy. Bring them to light now, question them and empower yourself to put the right process in place from the get-go.

Once you’ve done the hard work of looking at how and why you’re current process is working, then it’s time to tackle this specific client.

Decide how much time you’re willing to invest in recouping the money.  Decide how you want to feel about this specific circumstance and decide what action you’re willing to take.

From that place, send the No BS email.

It goes like this:

“I require payment for X service in X amount by X date.  If there’s anything else you need from me to make this happen, I need to know immediately so I can provide that to you.”

If you’ve decided to pursue the payment further, you’ll want to add that to the end.

“If payment is not received by X date, my next step is X.”

Keep it clear, specific and to the point. No explaining.  No emotion.  Just the facts.

In the comments below tell me what systems you have to ensure payment from clients and how you’ve handled non-payment in the past.

Email your money questions to christy.lambert@areyouthriving.com

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Why do you want to be rich?

Why do you want to be rich?

If you want more money, it’s one of the single most important questions you can ask.

Why.

Why do you want more money?

It requires you to get really honest with yourself.

To examine your values.  To determine what’s important.

To understand why you care about money in the first place.

The second most important question to ask is: what does being rich mean to you?

How do you define rich?  What does rich look like?

The answers to these questions will be different for everyone.

And answering them will provide two distinct benefits:

1.  You’ll start consciously thinking about your money.

2. You’ll  supercharge your goals.

Check out the video for a quick tip to figure out the real reason you want money.  It’s a great way to get past the surface reasons to discover the real reasons why.

 

In the comments below, share your why.  What’s the #1 reason you want to be rich?

Email your money questions to christy.lambert@areyouthriving.com

If you like this,  share it on facebook or twitter!


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Avoiding Feelings

I used to be a world class emotion avoider.  When it came to my feelings, I gold medaled in not feeling them.

I was a bona-fide pro.

Simply knowing that my shopping was driven by a desire to avoid a feeling was not enough for me to change.

I wasn’t motivated by a goal of not shopping.  Or spending less.

In truth, those goals were hollow. They didn’t matter.

What did matter was the idea of creating wealth.  The idea of enjoying my lifestyle while reaching my long-term financial goals.

What mattered even more, was the idea that I could consistently feel better. Feel good.  Feel happy.

Not pretend happy.

Really happy.

And I could use my relationship with money to help me get there.

This meant not sugar coating my feelings (that was just another form of denial).

This meant not shopping when I wanted to feel better.

And most of all it meant no longer hiding from and avoiding those pesky feelings.

It meant exploring those feelings.  Diving into what was causing them.

I discovered that feelings are a gift.

An invitation to explore my mind.  An opportunity to uncover my beliefs.

The worst thing they can ever do is create a feeling.

The best thing they can do is to help me change my thinking and my life.

When I changed my thinking I started to change my feelings, for real.

I consistently started to feel better, no shopping necessary.

When I felt better, I created better results.  For myself and my money.

Leave your comments and insights below.

Email me your questions on money to christy.lambert@areyouthriving.com

If you like this,  share it on facebook or twitter!

 

 

 

 

 

 

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Overcoming Money Conflicts

Relationships can be tricky. Add money to the equation and things can get even stickier.

You want to pay off debt and your partner wants to buy a motorcycle.

Or maybe you want to buy a new pair of jeans and your partner wants to go golfing, again.

It’s no surprise that money is one of the top causes of conflict in relationships.

So what can you do about?

First, understand you’re not really arguing about the motorcycle or the debt. Those items are symbolic of something deeper. For both of you.

The motorcycle might represent freedom.  The paid off debt security.  You’re really arguing for the values you think the items represent.

We all have experiences, stories and goals with money that motivate our current values and actions.

If you start the money conversation focused on the line items in the budget, you’re missing the big picture and setting yourself up for lasting conflict.

The trick is to take the conversation deeper.

Take some time to discover what’s driving your partners behaviors around money. And while you’re at it, dig into what’s driving yours.

I’ve created a three question worksheet you can download to get the conversations started.

Download Here: Conversation Starter

This is just a start.

Our money stories go deep. The more you understand about your story and your partners story the more equipped you will be to resolve conflict for the long term.

Leave your comments and insights below. 

Email me your questions on money to christy.lambert@areyouthriving.com

If you like this,  share it on facebook or twitter!

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Can you afford it?

You really want to buy something, sign up for a class, go on a trip, and the numbers don’t support it.

It’s a drag to think you really want something and then tell yourself you can’t afford it.

So stop lying to yourself.

When you make up your mind that you want something, there’s almost always a way to get it. You could sell everything you own, you could work two additional jobs, you could cash out your 401k.

But you’re not.

There’s a reason you’re choosing not to afford it.

The only reason you ever want to buy something is because you think buying it will make you feel a certain way.

  • You think participating in a class will make you feel confident or connected.
  • You think a new pair of shoes will make you feel sexy.
  • You think going to Greece will make you feel relaxed and free.

And it might.  But you don’t have to buy those things to get those feelings.

The same is true when you choose not to afford something.

The only reason you ever choose not to buy something is because you think having something else will make you feel better.

  • You think paying off your bills will make you feel responsible.
  • You think having money in your savings account will make you feel secure.
  • You think not working a second job will make you feel free.

And it might.  But it’s possible to buy the item you want and still get those feelings.

The only way to really know if you can afford something is to know what you value and why.

What do you value most: the item or what you’ll get by not buying it?

If something is important to you, stop telling yourself you can’t have it.  Instead, brainstorm creative ways you could choose to afford it. Check in and see if you’re willing to do those things and understand why/why not?

Affordability isn’t just about dollars and cents.  It’s about value. And you always get to choose what you value.

Leave your comments and insights below. 

Email me your questions on money to christy.lambert@areyouthriving.com

If you like this,  share it on facebook or twitter!

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Getting Organized

It’s easy to blame money disorganization on being busy or not having the right system.

The truth is, disorganization is usually about something deeper.  

It’s a symptom of avoidance. Avoidance often comes from fear.

Unless you address WHY you are disorganized with your money, no system will cure the problem.

When the mind is scared, it goes into fight or flight.  You don’t have to be attacked by a bear or face ruin to activate this response. Subtle emotions are powerful triggers. Being unsettled, worried, stressed or unsure can initiate fight of flight.

Take a moment and consider where you might be avoiding your money:

  • Are you procrastinating paying bills? Is there one bill you keep forgetting?
  • Are you avoiding balancing your checkbook?
  • Do you keep forgetting to cancel that subscription you never use and are still being charged for?

These are all symptoms of disorganization that indicate an avoidance problem.

Want to clean it up?

  • Embrace some element of unpredictability with your money.  Your financial life is always changing. That’s not something to be scared of.  You can handle whatever comes your way.
  • Spend some time giving yourself credit.   Write down a list of all the reasons you can handle whatever happens.  You’re smart. You have skills and contacts.  You know how manage your money.  Gather as much evidence as possible.
  • Use fight or flight to your advantage.  When you believe you can handle what you see, that you can face any challenge in style, you’ll be more likely to face your money head on.

Leave your comments and insights below. 

Email me your questions on money to christy.lambert@areyouthriving.com

If you like this,  share it on facebook or twitter!

 

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Money Monday – Sell or Hold?

Have you ever been in the midst of making a financial decision and felt stuck.

You arrive on a decision only to second guess yourself just a few minutes later.  You run the numbers over and over and still don’t feel 100% confident in the decision?

I know I have.  Sometimes what looks great on paper, the story the numbers seem to tell, feels different when you go to pull the trigger.

What might be happening is an ownership bias. 



When you own something, you like it more, just because you own it.  Seriously.

This can make it especially tricky when it comes time to make a decision around selling something.  Maybe you’re committed to paying off debt and selling the boat seems like a good way to go.  Or maybe you’re getting ready to buy a bigger house and trying to decide to sell or hold onto the smaller one.  

Because you own the item, your mind will likely value the item more than the markets or the financials do.

So how do you get around this?

First – be honest with yourself.  Do you actually own the item? If you have a loan against the item, it’s not yours, it’s the banks. Being honest about that can help reduce the ownership bias.  

Then ask yourself these questions:

1. Given your current goals and finances, would you go out and buy the item again today?  If not, what’s really holding you back from selling it?

2. What do you think it means if you sell the item?

3. What do you think it means if you don’t sell the item?

These questions will help you get some perspective on what you are trying to gain, besides money, by holding or selling.  They will help you see where you’re looking at the numbers and where your ownership bias is showing up.

I’d love to hear your experiences with ownership bias and how you moved past it.

Leave your comments and insights below. 

Email me your questions on money to christy.lambert@areyouthriving.com

If you like this,  share it on facebook or twitter!


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