Me & my money: How well do you know your relationship with money?

This one is especially for the girls!

A long time ago, when we were all still listening to Spotify for free, you might have heard the advertisement about knowing your “Money Sign” in between But What About Toto? and the waiter interrupting the steaming tea about Shreya & Karan.

For those of you who missed it, what the ad says is that knowing your “money sign” is as important, if not more important, than knowing your sun sign. The voice-over talks in a reassuring way (designed to make him sound knowledgeable & trustworthy) about a test created by scientists to accurately tell you your money sign so you can make personalized money decisions that are right for you. But to me it goes deeper than identifying with one of 8 animals.

You see, I am 100% for the concept of personalization because it aligns so well with my philosophy as a leadership coach: Everyone is unique in the combination of values, motivations, needs, goals and behaviors they bring to the table and so there is no “one-size-fits-all” advice about anything. In addition, as we move through various stages in our lives, we need to keep adjusting and calibrating to our current needs.

This means that understanding who you are at the present moment and where you want to go in the future is crucial in being able to craft a life and a career for yourself that is fulfilling. And money plays a big role in creating the security, contentment, and fulfilment that most of us are striving for. To quote Ariana Grande, “Whoever said money can't solve your problems | must not have had enough money to solve 'em”.

Money can be such a sensitive and emotionally loaded topic for people and I wonder how many of us regularly give serious attention and thought to intentionally crafting the lives we want with money playing a starring role. Speaking now as a woman, I often wonder how many of us have truly given thought to intentionally creating our own lives. We dedicate immense care to others—our partners, parents, in-laws, children, siblings, friends, and so on—frequently prioritizing their needs over our own. This, however, is a great disservice, not only to ourselves but also to all the people we care about.

This led me to reflect: Am I truly intentional about my money? And I want to urge you to ask yourselves the same question: Are you truly intentional about money? Often we also bring into adulthood preconceived notions and feelings about money that have developed in our childhood, so that even as independent grown women, often with children of our own, we still carry outdated ideas about money.

The illustrations below highlight ways our values & mindset about money can impact financial dynamics ... do you see yourself in any of them?

•  The Over-Delegator: A highly accomplished individual, excelling in their career, has built a comfortable life with a supportive partner and family. Despite their professional success, they've entirely delegated all household financial management to their partner, believing it frees them to focus on other demanding aspects of their life. While seemingly efficient, this arrangement means they have little direct knowledge of their investments, budgeting, or long-term financial planning, potentially leaving them vulnerable if circumstances change.

  
  

• The Silent Partner: A person who has significantly contributed to household income and major assets (like a home or business) finds themselves in a long-term partnership where their name isn't on all shared assets. Out of trust or a desire to avoid conflict, they've allowed their partner to be the primary name on property deeds or investment accounts. As time goes on, they start to feel a subtle unease about their lack of direct control or legal recognition over assets they've helped build, especially as they consider future security or potential life changes.

  
  

• The Dreamer with No Blueprint: An individual with ambitious life goals – such as starting a passion project, traveling extensively, or retiring early – consistently struggles to align their daily spending and saving habits with these aspirations. They might be earning a good income, but without a clear understanding of their financial flow or intentional money management, their dreams remain just that: dreams, perpetually out of reach due to a disconnect between their intentions and their actions.

  
  

• The Unprepared Legacy: A dedicated and loving parent, fully immersed in the daily demands of raising their children, prioritizes immediate needs and experiences. While they provide a happy home and strong values, they haven't adequately planned for significant future expenses like higher education or established a robust financial safety net for their children beyond basic needs. They operate with the hope that "things will work out" or that future opportunities will arise, rather than a proactive financial strategy.

  
  

• The Eternal Now: An individual lives a fulfilling and active life, enjoying their present income and pursuing current passions. They are generally responsible with their money but have consistently put off serious planning for retirement, believing they have plenty of time, or that their investments will magically grow without active management. They might have a general idea of wanting to retire comfortably, but lack a concrete plan, detailed savings, or diversified investments, risking a significant downgrade in lifestyle or continued work well into their later years.

These stories aim to prompt you to start considering how much you truly know about your money and whether that knowledge and involvement are sufficient to secure your and your children's future! If I have sparked even a little thought, that’s fantastic, because we’re just getting started.

My recommendations for a few great resources to start understanding your relationship with money -

• The Psychology of Money by Morgan Housel (Read this book for free when you sign up for a trial of our digital library)

• I Will Teach You to be Rich by Ramit Sethi. He also has a podcast and a Netflix series!

If you would like a couple of sessions with one of our certified coaches to understand your values framework and work out a starter plan for getting to know yourself and your relationship with money, send us an email to info@peoplecompass.in.

Questions? Comments? We’d love to hear what you think, so please send us a message or leave a comment below.