Your Relationship with Money

In today’s episode Alex and Mimi explore what many would say is the most important thing in life... MONEY!! But does having more of it make you happy or do we just need to create an abundance mindset? What’s your relationship with money, we’ll find out in this episode. Both Alex and Mimi have come from very poor upbringings. Even though Mimi would describe her family growing up as middle class, the middle class Azerbaijan is way below the lower class in the US or Europe. Alex’s family life was very similar growing up in the Soviet Union, they both lived in 1 bedroom apartments where their parents would sleep on the sofa, while all the kids would share a bedroom. Bargain hunting and penny counting was the only way to simply put a meal on the table. This is a very deep episode that explores the mindset shift that you have to undertake if you want to go from not having any money to what to do when you finally get some. And every step in between. Foodbank’s to Kensington. “Money wants to go to people who have a need to do something with it, people who put their money to work rather than consuming” - Alex Ikonn [37:30]   The main lesson Alex and Mimi want you to take away from this, is moving your mindset from one of scarcity to one of abundance. We all know of situations where people have lost friends or even family member from a dispute over a relatively small amount of cash. Clinging onto every penny won’t get you anywhere in life. Similarly, we know that when we feel full and our basic needs are met, our mental energy and focus is available to be put to work and attract more money and opportunities into our lives. Now this doesn’t mean you should go out and max your credit cards, if you even have a credit card, nor should even contemplate a payday loan. Negative compound interest is your worst enemy and will hold you in debt for a long time. Remember that spending future money is still money you will have to earn at some point. If you can’t pay it back today, there’s a good chance you’ll find it difficult to pay it back tomorrow. The good thing is compound interest works the other way too. So paying off your debt and then saving can gain you some great interest over time. “You affirm and reaffirm to yourself everyday what you manifest” - Mimi Ikonn [20:50] Back to the abundance part… this really is a game of reframing the conversation you tell yourself. Are you regularly saying:   A - ‘I couldn’t ever do that, I can’t afford it’ Or are you saying B - ‘I choose to invest my money elsewhere, spending to fulfill a specific purpose’.   Are you saying you are ‘broke’? This genuinely means you feel you are broken. Let’s be clear, we don’t believe you are broken! You should be saying ‘You are working on fixing your financial future by actionally taking steps in the right direction’. Do you see and feel the difference in these two ways of talking to yourself? If so this is only the start.What we also cover in this episode: How do your parents talk about money? This shapes your own financial values Don’t believe you’re saving if at the same time you’re in debt Valuing your own worth and developing the idea of feeling full How to not lose relationships over money When is it a good time to rent or buy, why it’s better to rent in a big city How the richest people are less consumers than you think Become an investor in yourself and reap the rewards Visualisation and putting in the hard work Being wealthy is living in your means and not spending more than you earn Money and energy, it’s all about a transfer from one form to the other. Full show notes: https://www.ikonns.com/podcast/episode28