Do You Define Yourself by your Credit Score?
by Pamela Stewart
Do you define yourself by your credit score?
The other day I was conducting a telephone seminar on how to take
back the power in your career for a group of employees in a non-
profit organization that was undergoing rapid change. We had just
walked through an exercise about creating a vision of your ideal
work, without the constraints of silly things like reality. I
asked if there were any questions and got one from a very bright
employee named Patrick.
"This is a great exercise for some people, but I can't even begin
to define a vision of my perfect work."
I asked Patrick why it was so hard.
"I have lots of student loan debt and some credit card debt. Who
could I possibly get interested to fund my dreams? I don't want
to ask my parents to lend me money since they have done enough
already."
What was NOT said on the phone was more powerful than what was
said. Patrick is a smart, capable, caring and perceptive young
man who is already doing great things with his life. But he had
convinced himself that since he was in a tough financial
situation, he didn't have permission to even imagine what a
perfect life would look like.
Since when did your credit score become the required pass to a
better life?
The financial part of your life is one area where there is a
public, accessible record of all your past behaviors and
decisions, good and bad. Every move you make financially is
carefully tracked and recorded. And as a society, we place a huge
weight on this score, since to us it suggests a level of
maturity, responsibility and, I would argue, moral superiority.
Let me tell you straight: your credit score is not a reflection
of your worth as a human being.
So stop placing the emotional weight on what you did wrong, which
often leads to more destructive behavior, and start loving
yourself!
How do you build a positive relationship with money?
* Recognize that money is a powerful energy that has to be
respected. If you feel like money is scarce, it will become that
way. When you receive it, be grateful and do not close your eyes
and spend it on things that are not healthy for you. Keep your
wallet clean and your bills neatly ordered.
* Look straight in the eye of your financial situation. Add up
all of your credit card, home, auto or personal loan debt. Write
the number down and look at it intently. Figure out your current
monthly or annual salary and make a plan to slowly but steadily
pay down your debt. Get copies of your credit report and note
the specific things that contributed to a negative score. Track
your expenses on a monthly basis and become familiar with your
spending patterns.
* When your bills come, immediately open the envelope and look at
the amount and date due. Throw away any filler paper that is
included and keep your current bills in a basket right by the
place where you pay bills. You will add to fear and denial if you
let your bills sit unopened in a big pile of messy papers.
* Automate your banking. I found that many people with money
problems have a hard time balancing their checkbooks. If you have
online banking, you can see transactions on a daily basis, and
can better manage your cash flow.
* Focus on prosperity and abundance, not dollars. What you want
is abundance in your life in all areas; love, compassion, fun,
energy, relationships and health. Money is just the means to an
end; it is not the end itself.
* Pay attention to the words that you say about money. Prosperity
is attracted to a spirit of humility and gratitude. Look at the
difference in these words:
I don't know how I am ever going to pay my bills versus How could
I make money to pay my bills?
I am so sick of paying out so much money every month versus I am
thankful that I have the money to pay bills that put a roof over
my head, keep me warm, fed and clothed
I will never have enough money versus I am thankful for my
health, my family, my home (or insert any other thing in your
life you are grateful for)
* Give some money away. Now this probably seems like a crazy
suggestion. If you are short on money, why in the world would you
want to give any away? It doesn't matter if you give $1 or $100.
The important thing is to give it away and expect nothing in
return. Relish in the feeling of giving and how good it feels to
let money go to a good cause.
Being financially responsible is not about living up to anyone's
standard of perfection. It is about respecting and valuing
yourself, protecting your interests and leaving many doors open
for you to do whatever it is you want to do: travel, buy a home,
provide for your children, or start a business. A good credit
score is a great thing when you approach it from the right
perspective.
Pamela Stewart is a seasoned corporate consultant with a new
mission in life: help corporate warriors to become thriving
entrepreneurs! To receive a free workbook "Shortcuts to Rekindle
the Fire in Your Career" and get other valuable tools, go to
http://www.ganas.com/freestuff. Read Pam's blog at
http://www.escapefromcubiclenation.com