Recognizing and Refining Your Money Rules – Ep 29

How are your money rules serving you?

I don’t like rules. Big surprise!

But the fact is, we all have rules around many parts of our lives, including money. Whether you’re a big rule-follower or an eager rule-breaker, it’s time to identify what your money rules are, why they exist, and how they serve you.

Let’s dig into this so you’re set up to create wonderful, impactful money rules that align with your revolution and the rich life you’re building.

Compare your money rules to your values and beliefs

Obviously, the first step is identifying your money rules. The directives you follow tend to come from all kinds of places—books you read, your own mind, your parents’ practices growing up, your friends. It’s great to borrow from various sources to build up your money rules, but then it’s important to examine each one closely to make sure it really resonates with your values and is a true reflection of your beliefs.

Feel free to get as specific, unique, and ridiculous with your money rules as you want! Remember—you are the one they need to benefit. One of my money rules, for instance, is that I only fly business class, and I’ve definitely had friends tell me I’m nuts for maintaining this standard. But, you know what? This is a rule that works for me, is feasible for me right now, and fits into my own rich life revolution. So, who cares what anyone else thinks?

Lean into the rules that serve you and throw out the rest

Ok, now that you have your list, start thinking about how each of these money rules makes you feel. Does it come from a scarcity mindset or some deep-seated guilt or fear? If so, can you do away with that one, or at least tweak it to serve you better?
Let’s say you really like the idea of paying for large purchases upfront rather than putting them on credit. That’s great; good for you! But depending on your circumstances, you might need to caveat this one. Maybe you put an upper limit on it—you’ll save up in full before you pay for a car or a trip, but for larger items, you instead need to have at least 60% in the bank, and then you can finance the rest.

What I’m saying is: Make your money rules work for you!

Accept that life (and rules) can change

Once you know which rules you plan to stick to, still be gentle with yourself. Life changes, don’t we know it, and that means your rules might have to change, too. I’m not giving you permission to play it fast and loose with all your goals and guides, here, but I do think it serves your higher goals when you can recognize where to be flexible. Sticking with the previous example, let’s say your car is totalled off unexpectedly, but you need to drive to work every day. This might be a case where you relax that rule a little bit.

At the end of the day, your money rules serve you and help you along your rich life revolution—they aren’t meant to be stifling or depressing.

Ok, here’s your episode homework. Three things to reflect on:

  1. What are your money rules?
  2. Did any of my examples evoke a strong reaction? Why?
  3. What are your non-negotiables?

And be sure to tune into the episode, because I share some specific examples, inspiration, and personal thoughts (spoiler: rules bug me)!

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