What is Your Money Language?
This week we speak with Tarra "Madam Money" Jackson, author of The Four Financial Languages. Do you know what your money language is? Tarra describes that we all have a financial language. It's important to know what they are to communicate with each other. The dominant languages are below. How do you know which one you are? Saving - do you get anxious when your bank account gets below a certain dollar amount? Spending - are you chasing after a deal or get a rush after a purchase? Investing - do you chase the return on the investment? Giving - is your sole purpose in life to help other people? Each language has its own dialect, triggers, and pleasure principles. 1. It's very important to first know your own dominant financial language. 2. Then, learn the financial language of your partner. If you are having difficulty in communicating about money in your relationship, it may be that you are both speaking a different language. That miscommunication will continue until you learn to speak and understand each other's money language. For example, don't use the word "budget" with a Spender. Call it a Spending Plan, because that is what they enjoy doing is spending. The word "budget" however, communicates control and can influence a negative reaction. Use words that will serve you in the conversations you are having with your significant other. The goal is to eventually be multi-lingual. In thinking about our future selves, we need to learn the languages that will serve our future selves. Tarra provides the example of her future self (whom she has named Juanita). She doesn't want 70-year old Juanita to have to work. If that is true, then she will need to learn the language of investing, because saving alone will not provide Juanita with the life she wants her to have. BIG IDEA: Immerse yourself in the Financial Independence community if you want to learn how to become Financially Independent. Three Steps to Overcome Fears as You Are Moving Into a New Financial Culture: Educate Yourself Execute In Small Increments (the scariest is the first time) Elevate or Expand ...and Bonus Step (Thank you Curtis!) - Enjoy it! OUR FAVORITE QUOTE FROM THIS EPISODE: Retirement is no longer an age, it is a dollar amount. TARRA ON THE FINAL QUESTIONS: One money lesson from childhood that has carried over into her FIRE journey: Saving change in a jar and when it fills up, taking it to the bank. One money lesson she wants to pass on to her son: Save early TARRA'S FAVORITE READS: The Secret The Law of Attraction - the reality that what we give comes back to us. Be careful with our words and thoughts. Want to learn more about your Financial Language or find where Tarra is next? YOU CAN FIND TARRA HERE