“All my daughter really wants from me is a few minutes of my undivided attention… the richer people get the more money they spend trying to “

Dorothée Loorbach

I am bad with money

It has taken me many years to admit this to myself. It was only by admitting it that I have been able to take the steps to put my family on a path to financial freedom.

I have a long standing belief that if I am a good person and do good work, the “money thing” will sort itself out. This has proven to be a poor approach to a well balanced life.

I still have had a lot to learn about my relationship to money. Many of the lessons shared in this video resonate with my own (poor) relationship to money. I am so optimistic that the future will be better that I don’t hold myself to the discipline of saving and investing my money. It has taken several business failures and a clear objective reflection on my poor money decisions to start to accumulate money over the last few years.

10 lessons about money from Dorothée Loorbach

Dorothée was “successful” in her job and made a lot of money… and then she spent it all… until she was broke, unable even to bake her little daughter a birthday cake. She had to face her own flawed beliefs about money and how they were damaging her ability to live a life that matters.

The 10 Lessons on Money from the Video

  • 4:49 #1 Money is important
  • 5:55 #2 Money equals time
  • 7:00 #3 Money equals value
  • 8:03 #4 What people say doesn’t matter
  • 9:49 #5 What people say matters
  • 10:58 #6 It’s really simple
  • 11:33 #7 It’s not that easy
  • 13:05 #8 Being broke sucks
  • 14:35 #9 Stay Broke
  • 15:54 #10 Money is not important

What are you beliefs about money? Are they having a positive impact on your approach to life?

I know plenty of financial advisors who would love to spend a few hours reviewing my investments, cash position, investment goals and helping me make a realistic plan.

I know how much I spent on food, travel, housing, school in the last month, year and if I did the sums I could calculate a rough lifetime spend.

Money.

You can always earn more money.

Organisations spend small fortunes developing capital expenditure budgets and operational budgets and auditing the cash of the business.

My time, in contrast, goes un-managed. Most organisations have no systematic procedure to eliminate time wasters. They place clear objectives for the use of every dollar, but no barriers on the expenditure of another hour.

My first girlfriend used to tell me that time is like money but with one major difference – at the end of every day, everything you have left unspent is taken away from you. Imagine if you started every day with €240 and you knew that at midnight, any left unspent will be taken away.

Imagine Managing Time Like Companies Budget Capital

Imagine if every month, instead of receiving a bank statement, I received a time-statement: a detailed breakdown of where my hours have been put, how many were invested and how many just dripped through the cracks.

Would it change how I spend my time? Would it reduce facebook and increase playing with my daughter? Would it reduce email and increase face-to-face meetings? How would the measurement change me?