Business Consultant Pria Masson discusses how people deal with money and the need to identify our approach to handling it.
When I work with clients, one of the most interesting things I like to notice is how they respond to financial discussions. It would seem logical that any business needs money, just like any household needs money. Given that it is such an essential aspect of life and work, it almost feels like saying people respond differently to breathing. The reality is, when something is so essential, each of us has our unique relationship with it. This month, I’m still talking about money, but I am talking about money and you (or me) and how we all deal with it is such a unique manner.
Think of money as the vehicle that determines how you experience life, and you are the driver. On the road, there are all sorts of drivers, here it’s no different. In my opinion, broadly, there are individuals who are fearful of money, those who understand and sort of flow with money, those that like to ignore money (“I don’t get numbers”) and the ones that hold on to it very dearly. The question is: which one are you and how can you manage this very important relationship?
Let’s do a very simple test. If I were to tell you, that you need to make a big purchase, how do you go about it? Usually there are a few reactions. Those that ʹgetʹ money, will usually immediately delve into the details of pros and cons, financing and funding and figure out a way to make it work. The ones who are fearful will likely need some time to process the information. This processing is not in terms of lists and details, but usually more in terms of wrapping their head around the fact that they need to make those lists and handle that matter. Those that ignore money will usually point me in the direction of a partner or employee who they would have put in charge of money matters, if they have such an individual. If they don’t, usually, the business is not too big or too successful. Finally, the ones that hold on to money will painstakingly go over every option that could somehow prevent that expense or lower its burden. Honestly, there is no right or wrong way to handle it. It’s more about how you experience the process.
What can you do with this information? Well, you may have heard of the idea of a ʹlove languageʹ which is how each of us expresses love and care differently. This is similar, we each react differently based on how we initially interacted with money, and how we saw our caregivers interact with it. This then likely forms our basis of how we handle money.
But what does that mean for your business or personal funds? It means, you have a pattern. We all do. And we play out that pattern. If you understand that pattern, regular interactions involving money play out more easily. So, know your own pain point and make the experience more comfortable for you. If you don’t like deal with money, make sure you have a partner who does. If both don’t, hire someone who can help you. If you tend to hold on to key expenses because short term money outflows bother you, have a mentor who can advise you through the process. If you tend to overthink and overanalyse, bring someone who flows with money on board.
The answer lies in balance; however, you need to know what you’re balancing. Medical professionals often say, if you can’t diagnose a problem, you can’t find a solution. So, understand your relationship with money. You do not need to aim to change it, but you do need to learn to manage it – just like any relationship.
Pria is an experienced business consultant who works as a business coach and advisor helping clients with their strategy, business plans and idea assessments. You can follow Pria at her Instagram handle @guide-_my_idea and know about her experience at www.priamasson.com
