6 ways to improve your relationship with money
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0:00 - 0:02When you think about money and your dreams
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0:02 - 0:04and you're looking at your account,
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0:04 - 0:07you're like, "My bank account
does not align with my dreams." -
0:07 - 0:09[The Way We Work]
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0:11 - 0:14Financial health for a typical
American household can be stressful. -
0:14 - 0:18We know that 46 percent
of all Americans would struggle -
0:18 - 0:21coming up with 400 dollars
in the event of an emergency. -
0:21 - 0:25And 60 percent of all Americans
will face that emergency -
0:25 - 0:26within 12 months or less.
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0:26 - 0:29When you ask the question,
"What does money mean to you," -
0:29 - 0:32most people will say things like,
"I feel anxious." -
0:32 - 0:35And so the insecurities come.
The shame comes. -
0:35 - 0:38I think we have a fraught
relationship with money, -
0:38 - 0:40because it comes with judgment.
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0:40 - 0:43When you're not able
to pay your bills on time, -
0:43 - 0:44you can personalize that.
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0:44 - 0:47I don't want anyone to think
that I'm not smart. -
0:47 - 0:50I don't want anyone to know
that I am very insecure with money. -
0:50 - 0:53I don't want anyone to know
that I am super stressed out. -
0:53 - 0:56So now let's change the narrative.
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0:56 - 1:00[6 lessons on how to improve
our relationship with money] -
1:00 - 1:02[1: Talk about it.]
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1:02 - 1:05You can't do it alone.
And that's when your squad has to come in. -
1:06 - 1:07It's taboo.
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1:07 - 1:10We typically don't talk about our stresses
when it comes to money. -
1:10 - 1:12We need to come together
as a group of friends, -
1:12 - 1:14no judgment, no shame.
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1:14 - 1:17Celebrate the fact
that we've made a decision -
1:17 - 1:19that we want to have
a better relationship with money. -
1:19 - 1:22That is worth applauding
or snapping your fingers about. -
1:22 - 1:24Once you've done that, then you get real.
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1:24 - 1:26Nothing should be off-limits.
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1:27 - 1:28Where does this relationship come from?
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1:28 - 1:33Why am I spending all this money
on things that don't align with my goals? -
1:33 - 1:36What are your fears?
What are your hopes? What are your dreams? -
1:36 - 1:38But then we start to take action.
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1:38 - 1:41What can we do this week?
Or what can we do this month? -
1:41 - 1:44[2: Understand what money is]
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1:44 - 1:47Money is not the end-all be-all.
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1:47 - 1:50It's the mechanism to accomplish
whatever your goals are. -
1:50 - 1:52It does not define you.
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1:52 - 1:55It's just a mechanism
to accomplish what matters to you most. -
1:55 - 1:58[3: Identify what matters to you ... ]
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1:58 - 2:01Ask yourself one fundamental question:
what are you saving for? -
2:01 - 2:05If you're saving for a car,
if you're saving to pay down your debt, -
2:05 - 2:07if you're saving for that rainy day fund,
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2:07 - 2:09it will include short-term goals
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2:09 - 2:11and it will include long-term goals.
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2:11 - 2:13[4: ... and then really picture it.]
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2:13 - 2:17Visualize what you're really
trying to accomplish. -
2:17 - 2:20A vision board is visual representation
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2:20 - 2:22of what you're saving for.
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2:22 - 2:24So if we break it down,
go get a poster board. -
2:24 - 2:26Get your markers, get your glitter.
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2:26 - 2:28Take magazine pictures, cut it all out.
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2:29 - 2:31Have that picture of that great trip.
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2:31 - 2:34Have the picture of you
paying down your student debt. -
2:34 - 2:37The vision board sounds like,
"Oh, how can that really help?" -
2:37 - 2:40The point is your goals
need to align with your behaviors, -
2:40 - 2:43and the vision board
is really a representation -
2:43 - 2:46of where you wanna go
and then how you live your life, -
2:46 - 2:49and in the meantime
are the steps to really get there. -
2:49 - 2:52[5: It's not what you make,
it's what you keep.] -
2:52 - 2:55It's not about what you make,
it's about what you keep. -
2:55 - 2:58It's about understanding
do I have the ability -
2:58 - 3:01with what I'm making
to take care of my basic needs? -
3:01 - 3:04And if not, what adjustments
do I need to make? -
3:04 - 3:08And then we start to break it down
and talk about the tools. -
3:08 - 3:11We start to say, "Do we have
our savings account, auto-save?" -
3:11 - 3:14Set it and forget it,
or every day, put a dollar a day. -
3:14 - 3:16Whatever that rhythm is for you,
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3:16 - 3:18the goal is the rhythm, not the amount.
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3:18 - 3:20You can start slow.
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3:20 - 3:23You can start small,
but you have to start now. -
3:23 - 3:26And then let me give you a trick,
we all have impulses. -
3:26 - 3:29Many times, because
the phone is always with us, -
3:29 - 3:30we start shopping.
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3:30 - 3:32Go out to any site,
shop up, put it in your cart. -
3:32 - 3:34Just don't hit buy.
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3:34 - 3:38Wait 24 hours, go back and ask yourself,
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3:38 - 3:39"Do I really need it?
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3:39 - 3:41What about these items map to my goal?"
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3:41 - 3:45And if it's nothing,
hit delete and you got your fix. -
3:45 - 3:48[6: Be good to yourself.]
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3:48 - 3:50It's also important to know
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3:50 - 3:54that your self-worth
is not determined by your net worth. -
3:54 - 3:56This is something
that we can do better about. -
3:56 - 3:58You celebrate your wins.
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3:58 - 4:02And when you make that misstep,
no judgment, no shame. -
4:02 - 4:03Just get back at it.
- Title:
- 6 ways to improve your relationship with money
- Speaker:
- Thasunda Duckett
- Description:
-
Taking control of our personal finances can feel overwhelming -- but it doesn't have to be. Thasunda Duckett shares how to minimize shame around money and start having honest conversations about how to save.
- Video Language:
- English
- Team:
- closed TED
- Project:
- TED Series
- Duration:
- 04:16
Erin Gregory edited English subtitles for 6 ways to improve your relationship with money | ||
Brian Greene edited English subtitles for 6 ways to improve your relationship with money | ||
Erin Gregory approved English subtitles for 6 ways to improve your relationship with money | ||
Erin Gregory edited English subtitles for 6 ways to improve your relationship with money | ||
Erin Gregory edited English subtitles for 6 ways to improve your relationship with money | ||
Joanna Pietrulewicz accepted English subtitles for 6 ways to improve your relationship with money | ||
Joanna Pietrulewicz edited English subtitles for 6 ways to improve your relationship with money | ||
Joanna Pietrulewicz edited English subtitles for 6 ways to improve your relationship with money |