Over the years, I have had the pleasure of working with a fascinating array of people. While I relish all of the variations of personalities and circumstances that flavor each coaching relationship, I’ve noticed patterns and personality types when it comes to wealth creation and management. One of the most obvious dynamics involves those who seemingly have it all and wear it well, but beneath the surface are tattered, torn and overwhelmed. We all know people like this. They see a large cash flow every month. Behind the façade, though, they are caught up in a vicious circle. That is, the more money the make, the less they know how to manage it…the more they hide from the growing responsibility that comes with prosperity.
I call this the Ostrich Approach: stick your head in the sand and try to hide from the chaos! There’s just one problem. When your head’s in the sand, your rear end is in the air, and you’re more vulnerable than ever because you can’t see what’s threatening you!
As a coach, I am granted permission to step behind my clients’ facades and to help them pull their heads back up into the light. I use several methods to help them turn over stones and pry their own fingers from lids they keep sealed over the deep dark secrets of how they manage—or rather mismanage—their wealth and the mixed bag of blessings that it brings. I’ve seen people make amazing journeys out of the money-pits they’ve dug for themselves. For the purpose of client confidentiality, specific instances and names have been changed, but I’d like to share some scenarios with you from which you can learn some valuable truths that will facilitate your own journey to happiness, health and wealth!
Problem: People don’t come to me to talk about how everything’s coming up roses for them. They come to me to help them address a problem…or sometimes a slew of problems. To illustrate my point, let’s call this client “Sherry,” our resident ostrich. I have known Sherry for over four years. Her problem was not creating more wealth in her life. With an income of over $50,000 a month, there was plenty of cash flow.
Sherry’s problem was neglecting cash flow management. She runs a business, and as its income momentum grew, the mismanaged finances swirled through her life like a tornado, sucking up more and more of the things that were supposed to be bringing her happiness, not destruction. The bottom line was, she loved the creative process of building a business, but hated working with numbers. Money came and went as if it were blowing around in that tornado. Does any of this scenario sound familiar to you?
Her husband—let’s call him “Sam”—also ran a small business and was innocently covering losses and expenses with her income. It was easy, after all; their one bank account served both businesses and their personal matters, including their kids’ college tuitions. To complicate matters more, their CPA was Sam’s old college buddy. Over several years of avoiding taxes they amassed a huge IRS bill. Things were simply a mess, and Sherry’s head was firmly planted in the sand!
Implication: When people get into situations like this, they seem to default to thinking, “Oh, I’ll just make more money! I’ll find my own way out of this mess.” The problem with this philosophy, though, is that you can’t outsell what you can outspend. In other words, your habitual spending and mismanagement habits are always one step ahead of your solutions. Sherry’s debt was growing month by month. The stress pulled and punched at her marriage. The IRS had she and her husband in what felt like a death grip. If she didn’t pull her head out of the sand, someone was going to violently extract it for her.
Solution: Completely at loose ends, Sherry sought help. She started working with me on an individual basis where we could specifically address her cash flow management problems and fears. Awareness is always the starting point. “You can’t improve what you don’t measure”, and the coaching relationship sets up the accountability by which you can measure your progress.
In summary, she raised awareness, took improved actions, and created environments of accountability. She decided to hire a bookkeeper to get monthly reports. She formed a Mastermind Group—(look for more information on masterminds in future newsletters). Here’s how we accomplished these steps.
Sherry got involved—as do most of my clients—in the Happy Healthy Wealthy Game. Participants set 3 goals to address in 90 days, and the coach—one of my team members—provides players with tools and support designed to produce sustainable results. The format includes 3 lessons per month, for 3 months. We offer both live and interactive teleclass sessions, as well as on-line tools to keep the entire group connected. The coach interacts with each player during the live, interactive teleclass sessions and our proprietary online scorecard to hold you accountable throughout the 90 days. Sherry made great strides at this point.
Result: Today, Sherry is committed to mastering cash flow management. She has set up a web of support that keeps her consistently accountable for managing her cash flow. She hired a bookkeeper and separated her bank accounts. She created her own Ultimate Wealth Team—another tool we’ll discuss in future articles. By sharing and discussing her finances, Sherry has made herself transparent. She shares ongoing, interactive relationships with other participants in the programs I offer that keep her engaged in and accountable for managing her wealth. Frequently, one of the glorious results of facing our fears is finding their root. In the process of coaching, Sherry realized that her fear of facing numbers and managing finances came from childhood memories of being teased in math class. With her head out of the sand and the tools to dismantle her fears, she’s engaged in her own happiness, health, and wealth!
About the Author
Jim Bunch is considered by many leaders to be “The Ultimate Life Coach.”
His company and team of coaches inspire thousands of leaders and their teams to Play and Win “The Ultimate Game of Life.” Their mission is to inspire Happiness, Health, and Wealth worldwide through transformational coaching programs, seminars, and products, such as books, CD’s, and online courses.
Call 888-335-3880 or visit www.jimbunch.com to learn about transformational programs.
