As we've discussed before, our Money Tapes are thoughts that go through our mind telling us what we believe to be true about money. Typically they've been with us a long, long time. We've accepted them as part of our reality.
But what happens if one of our Money Tapes is false, or isn't true all of the time? What happens then?
Often the results are a train wreck that you're not even aware happened.
Let's consider an example. Suppose that you were raised to believe that your value was determined by what you produced by your hard work. So naturally, you've worked hard all of your life. Often putting in extra hours and even skipping family events so that you could produce more.
When a special project keeps you from your son's birthday party your Money Tape plays: "You're most valuable to your family when you're working hard." Believing it to be true, you plow into the special project and plan on apologizing to your son when you get home.
But the Money Tape is only partially true. Working hard is important. But so is being present at your son's birthday party. In fact, it's very likely that the party is more important.
Since you believe your Money Tape you think you did the right thing. And, you're surprised when your son isn't that interested in your apology. It's only years later that you realize how much he wanted you to be there. In short, a train wreck that you weren't aware of.
The moral of the story? Listen for and question your Money Tapes. Make sure that they're true for the specific situation you're facing. Otherwise you may think that you're doing great, even though your train is hurtling off the tracks!
What's your experience with Money Tapes? How have they affected your life. We'd love to hear your story.