Escaping the Money Trap, Part II
Last week I proclaimed that I broke free of the money trap. I discussed how I created my own empowering story about money, including declaring I wanted a debt-free life. Both at home and at Seven Stones, I now live and work debt free. My success stemmed from implementing long-lasting practices that worked.
I did not write much about debt in my original money trap posts. However, I put most of my energy over the past few years into erasing negative balances. It paid off. This month my son will graduate from college debt free.
I see this as the biggest gift I can give my children. He has the ability to follow his passion and not focus on student loan payments.
Eliminating debt resulted in financial peace for me at home and at work, a big breakthrough in my life. For you, breaking free might look different. That’s okay. The key to our own freedom is unwinding from our current stories about money and creating a new life with new embodied practices.
Here is my journey from scarcity to freedom that I achieved through practice:
I found a money buddy. We made commitments to each other about supporting our families. We shared all of the details about our wealth or lack thereof. We had no shame in asking each other any question, no matter how simple it seemed. This led to open conversations about money with my spouse, children, sisters and other relatives. A few of us are on a journey together toward financial freedom.
I set up an emergency fund. This is something financial planners say to do, but I never did. Until now. I keep at least three months of our family salary for emergencies. We also have a rainy-day fund, which we call our vacation and play account.
I spend less than I earn. This may be obvious for financial freedom, yet it wasn’t until 2017 when my husband took a six-month break from work that we experimented with living on one salary. Spending less worked so well for us that we have continued this practice. It has allowed us immense flexibility.
I save for the things I want to buy.* I save money for any current need. Then I buy it using cash. This eliminates the hangover of having to pay for it thirty days later when the credit card bill is due. *The one exceptio
n is the house I am buying next month. Although I am borrowing for this house, I made sure the mortgage is not more than 20 percent of my household take-home pay.
I spend money and time on my personal growth and development. I set aside a budgeted amount every year to explore things that interest me, to update my skills for my clients or to learn something completely new. I expand my mind by attending lectures about topics that have nothing to do with my work. I also joined a newly-formed practice group where a few of us get together for somatic-based practice for learning and growth.
I honor my call toward generosity. I love giving money to the people and organizations that are doing work in the world for the well-being of all. Seven Stones continues to give 5 percent of gross revenue to these organi
zations or to individuals whom we love. In addition, we continue to support the Generosity Marketplace. I also give 5 percent of my net salary to causes that make a difference for others.
Money is one of scarcity’s biggest pain points, and we are here to let you know that there is a path to freedom.
Will you join us?