Do you know someone who is really smart, but has
trouble when it comes to money? These individuals are
likely to be successful in other endeavors, but their
financial lives are out of kilter. Here are a few
-- Three years ago,
John received a large inheritance from his grandmother.
If well managed, her generous gift could provide John
financial security for the rest of his life. However, he
feels anything but secure. The responsibility of
financial stewardship has challenged his self-confidence
and triggered anxiety attacks and depression.
Tim wants to micro-manange the family budget and it is
driving Karen crazy. They have been married five
years, and Tim's attention to their money matters is
becoming increasingly obsessive. To assert her
independence in this relationship, Karen frequently goes
on shopping sprees.
-- Single and fifty years old,
Linda finds financial matters to be boring and
confusing. Her father, who is retired and has time on
his hands, is all too eager to relieve Linda of any task
she finds onerous. He oversees all of her accounts and
makes all her investment decisions for her.
checks the market several times a day. On down days,
he is filled with anxiety about his shrinking retirement
nest egg. Recently, after several days of steady
declines, the Dow precipitously dropped another 300
points. Ken immediately called his broker and demanded
that she sell every one of his investments and put the
proceeds into a money market.
As these examples illustrate, financial wellness is not
dependent on how much money you have, but on how
well you integrate money into all areas of your life.
Clearly, money can't buy happiness, but it is important
for you to understand how your money beliefs and
attitudes can affect the quality of your life and
Without a doubt, learning the basics of
money management and financial planning will increase
your confidence and equip you to make good financial
decisions. In addition, understanding the underlying
emotional motivators of your financial attitudes and
behavior will give you the extra edge you'll need to
achieve your life goals.
When you have a high "M.Q."
or "Money Quotient," you earn, spend, and invest your
money in ways that are smart and also compatible with
your underlying values and priorities. You enjoy a
sense of satisfaction and purpose with respect to your
money. Your financial life could be represented by this
simple formula (assuming for the moment that your
intelligence applies to personal finances
I.Q. + E.Q. =
Financial Knowledge + Emotional Intelligence =
Money Quotient (M.Q.) is a measure of your financial
well-being and represents a composite of both your
practical knowledge and emotional awareness in regard
to money. It has five building
Recognition: understanding the
roles of practical knowledge and emotional awareness in
achieving financial well-being.
your ability to navigate transitions and to bounce back
from financial setbacks.
your motivation and ability to maximize resources for
achieving financial well-being and life
with others that affect your financial well-being and life
Wisdom: linking financial
goals to your values and priorities in life.
all five building blocks will help you shift from using your
net worth as a picture of your financial health to a
more holistic approach that focuses on "true wealth."
Dianne Webster, CFP is president of Integrated
Financial Strategies of Amesbury, MA. Securities
offered through Commonwealth Financial Network,
Member NASD, SIPC.
||COACHING CALL TO ACTION
If you are ready to raise your Money Quotient,
contact Dianne Webster at
email@example.com, or by calling
866-661-9066, and request the Money Quotient
Self-Assessment. The assessment allows you to tally
your score for each building block and derive an overall
M.Q. score. After completing the assessment, Dianne
will offer you a series of discussions and exercises
to "raise your M.Q." and increase your financial
||IDEAS AND INFORMATION
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||ABOUT ANDREA NOVAKOWSKI
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