Walking the path of good fortune together...
What is Financial Karma?
Why should you care?
We are used to getting our financial advice from bankers, brokers, lawyers and accountants or even a friend or colleague. They tell us how to invest, how to lower our taxes, how to run our businesses, how much to save for retirement……all of which are responsible life decisions. In truth, the professionals use a different lens to offer their advice because they assume the intended recipient will make a rational, conscious decision. I know, because I’m one of those professionals and it amazes me how many times I’ve given sound, thoughtful and money saving advice only to be brushed off. Over the years, shaking my head, I’m finally waking up to the fact that there is much more to the story.
Most of us are regular people with comfortable lives who worry about our money ALL the time. We wonder why we can’t get ahead, can’t get it all done and why we suffer with mistakes we repeat again and again. But, surprise, our brains are working against us and we don’t even know it. There is a concept called “cognitive dissonance” which means that our belief system and what we wish for ourselves (think missions, life goals and dreams for the future) is NOT in line with how we actually behave or act upon choices. This is the path of money decisions as well. I’ve often thought about poor decisions I’ve made over the years and thought “why did I do that”? Conversely I’ve made great decisions and instead of taking the credit, called it luck. My actual behavior is disconnected from the “why”. It’s like being on auto pilot and letting your car take you wherever it wants to go.