A recent conversation with wealth advisor Franco Lombardo got me thinking in a new way about people and money: about wealth, inheritance, and how easily inherited money can interfere with being free to live a meaningful life.
And about how to get beyond being stuck in stale beliefs. Lombardo, who advises business-owning families, has coined the term “Money Motto”:
“We all have tapes about ourselves that play in our head (‘I’m too fat, I’m too skinny, I’m not smart etc.), which often affect our lives in more ways than we realize. Just as we have tapes regarding ourselves, we also have tapes regarding money. Although we may have a variety of tapes regarding money (such as ‘money buys me power, money is a measure of my worth, money allows me to fit in,’ etc.), one usually stands out as a central belief. I call this tape the “Money Motto.” As with the tapes people hear about themselves, a Money Motto can be empowering or destructive. If we do not identify and assess the validity of our Money Motto, we run the risk of allowing it to motivate our behaviour, as it is our beliefs regarding money that dictate most of financial decisions—how we invest, spend, negotiate, and transition our finances. Once you are aware of your Money Motto, you can measure it against your core values and determine if it is helping you achieve what matters most.”