Why Want vs Need is Messed Up

December 3, 2020 by Ellen Rogin, CPA, CFP® Leave a Comment

Need vs. want? You’ve heard this concept before … that you should look at your spending and decide if a purchase is a need or a want. Given what’s happening for so many people now, where their needs are not being met, perhaps it’s time for a new view on this concept.

What would it mean to serve someone else’s need vs. your want?

The social contract with cyber Monday and giving Tuesday is so interesting when viewed from this perspective. Shouldn’t the days be arranged the other way around – where you give to those in need first and then you spend money on the wants for you or people on your list second?

We can see the significance of this if we just take a look at food insecurity, one of many issues that has been made worse by the pandemic. According to a Feeding America study pre-pandemic food insecurity had already been impacting 35 million people annually in the U.S. including 11 million children. These were actually the lowest numbers in 20 years. The pandemic has reversed those improvements made over the past decade since the Great Recession. So when Feeding America now projects that 1 in 6 (more than 50 million people) are experiencing food insecurity in 2020, including 1 in 4 children (approximately 17 million), we know that millions more are newly experiencing this basic need, right now.

I’m not suggesting feeling guilty or wrong with purchases and gifting, but instead suggesting you consider how much better you might feel by also digging deeper this year to help others – whether through charitable giving or direct financial gifts to those in need.

In the words of Anne Frank:

“How wonderful it is that nobody need wait a single moment before starting to improve the world.”

Every good wish,

P.S. When you’re ready and the time is right, let me know if you want to have a conversation about how to listen to and understand your own thoughts and beliefs when it comes to money. Email me at ellen@ellenrogin.com and put “money thoughts” in the subject line.

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Is Your Money Feminine or Masculine?

November 19, 2020 by Ellen Rogin, CPA, CFP® Leave a Comment

Is money feminine or masculine?

That may sound like a weird question but play along with me a bit. If I asked you – if you had to guess – would you say “money” was more like a stereotypical male or a stereotypical female? If you find that you default to “oh, if I were to personify money it would definitely be a guy,” you might be like a lot of people. Why do you think you might say that? Maybe because for a long time money and the financial systems were run by men. I should say they are still run by mostly men. According to Morningstar, women made up only 14% of fund managers across 56 countries (in the US it’s only 11%). And yet, through September of this year women-led funds have actually outperformed their male counter parts.

Maybe you lean toward money being male because your dad was in charge of the money when you were growing up like it was in my home. My mom used to “ask” my dad for a check when she needed to pay someone. It’s not that he was controlling, it was just how they delegated those duties back then.

Possibly a lot of us think of money as masculine because of this fun fact: many languages actually assign words a gender. For example, grammatically in French, Spanish, Italian – money is considered masculine.

The fact is that many more people typically attribute a masculine energy to money.

But what if you simply added some feminine energy to your concept of money?

For the record – I don’t actually believe that money is more male or female. Money’s more they/them than he/him or she/her. However, adding some feminine to the mix will help change a lot. Money fits into our lives best when there is both masculine and feminine energy – a balance. The yin and yang. At their most positive both feminine and masculine energies are important in creating true prosperity.

Masculine and feminine energies at less stable levels lead to a lot of money disfunction. Masculine energies of aggressive competition, control, abuse, avoidance, and withdrawal are bad for your prosperity. Similarly, less than excellent feminine qualities like being overly-emotional, needy, and insecure don’t work well either.

Balance is important in all areas of life. Money is no exception.

We all have masculine and feminine energies and traits. Adding more of the feminine into your money management, goal setting, and your financial life in general will help and could be just what you need to create more prosperity on purpose.

Every good wish,

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Easy Bake Finances

November 12, 2020 by Ellen Rogin, CPA, CFP® Leave a Comment

Was there an Easy Bake Oven in your house when you were a kid? I loved mine. I remember taking the mix, adding water, putting the batter in the small round pan, and sliding it into the oven to be baked by the light bulb. I waited… and waited… and eventually a little round cake was created. I still love to bake. My mom being a great baker was likely a bigger influence than my Easy Bake Oven, but it certainly helped.

Ellen’s Thanksgiving pies

Wouldn’t it be cool to have managing money be this easy?

Who wouldn’t want Easy Bake Finances?

Here’s how I see it working. There’s a simple mix (you get to choose the flavor). You just add a bit of money, you let it bake and rise and, if you are patient enough, at the end you have your delicious result.

It actually could be that easy. At least parts of money management could be.

The recipe is simple:

Find the investment mix you like. There are lots of places to do this – either using a financial advisor to help, going with an online service, or doing your own research (the last being less easy bake but may suit your tastes).
Add generous amounts of savings.
Sift through limiting money beliefs.
Stir in abundant thoughts.
Be patient and let it bake. Your money cake may rise or fall but with enough time you’ll likely end up with your delicious treat.

Feel free to share this recipe!

Every good wish,

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The Must Have Catalyst to Your Money Mindset

November 5, 2020 by Ellen Rogin, CPA, CFP® Leave a Comment

Have you heard that you should have an abundance mindset as opposed to a scarcity one? What does that actually mean?

What is a Scarcity Mindset?

A scarcity mindset is where you believe that the pie is only so big. That for me to win someone else needs to lose. It’s the stuff of aggressive competition. It’s also super fear-based. Money worries about the future fall into this category. Thoughts that sound like these fall into this camp:

The economy is a mess – it’s gonna be super hard to get ahead.
What if I lose everything?
There are no good jobs out there for people like me.

It’s also when you’re upset or jealous if someone in your circle is doing really well. “Why did they get such a great new job when I’m stuck in this crummy one?” Or even non-financial upsets like, “how did she get that great guy; I only meet losers?”

When you have a scarcity mindset you tend to feel constricted, jealous, and anxious. From this space it’s more difficult to find solutions and see possibilities.

Much of the traditional financial world lives in scare-city. I see this as the basis for many of our world problems…

What is an Abundance Mindset?

An abundance mindset is when you fundamentally believe there is more than enough to go around. That there are plenty of opportunities, jobs, great guys, love, etc. An abundance mindset is open to collaboration. When you win, I win too. You can tell you’re thinking abundantly when you are excited for someone else’s successes (no matter what’s going on in your life). Generosity lives here. When you’re in an abundance mindset you tend to feel expanded and optimistic. You are also more easily able to find solutions for difficult situations and to see more opportunities.

It’s not just about having a supportive mindset, it’s also about taking wise, inspired actions.

Having the right mindset is crucial – and – there must be more. You must act on your own good intentions.

If you are thinking abundantly and don’t take any real action these are just wishes – lottery tickets may live in this quadrant.
If you are thinking scarcity thoughts and don’t do anything, you’re setting yourself up to feel really nervous about money.
If you are taking action but doing it from a viewpoint of scarcity you’ll be clinging to money, material belongings, and status. Notice I said clinging not saving. It’s the energy behind your actions that helps determine your contentment level.

And…drum roll please:

When you have an abundance mindset and set it into action, prosperity on purpose has room to flourish. Having an abundance mindset is one of the most important factors in not only being prosperous but feeling so as well.

Every good wish,

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Shhhh … It’s a secret

October 29, 2020 by Ellen Rogin, CPA, CFP® Leave a Comment

Come Clean with Your Money Secrets

Do you have a money secret? Maybe something you have yet to share with your partner? Or an outstanding debt or obligation you feel some shame or embarrassment over? Maybe you made a big mistake with money in the past and it’s hanging over you like that cloud of dust surrounding Pigpen in the Peanuts comics.

Here’s my advice. Come clean with your money crap. Everyone has something they need to do, or they wish they hadn’t done when it comes to money.

Money secrets are particularly insidious.

They act like a bug in your computer system slowing down your progress and causing havoc in your financial life. If nothing else, they take bandwidth away from more productive money pursuits.

I was recently talking with a friend (let’s call her Janie) who shared that she was carrying around a huge amount of shame and guilt that she owed money to a former client who invested in her business – which never took off. When I asked if she’d talked to this woman, she said “no … not in years.” I intuitively knew that this was acting like an anchor, not allowing Janie’s current business to grow as quickly as it should. Even though it would be uncomfortable for her, I suggested Janie talk to this woman. I shared that it’s likely this friend had already written off the investment, but Janie could find out what might be needed to make this right.

Make things right.

Here’s what Janie reported back: “I met with her today. The shame and guilt were gone, and I was ready to find a solution that would work for us both. This is what she said when we met … ‘I don’t need the money. Last time we met (3 years ago) I told you then that I had written it off. You gave me so much when we worked together (as client/facilitator) that I expected nothing. I still use your tools today. I have taught my children what you taught me. You made a huge difference in my life when I felt so stuck in my business.’”

Janie hadn’t heard her words three years ago. She hadn’t received the gift she’d been given. After their discussion this time, Janie most certainly did.

So what are you not hearing? Where are you not receiving? There are such precious gifts – like of friendship, love, kindness, and generosity – that you may be missing out on.

Who do you need to talk to about money?

Do it now. I know it might feel scary and uncomfortable to fess up. But with this money secret playing in the background of your mind it already feels bad. Why not see if you can relieve some suffering by coming clean.

Every good wish,

P.S. Hey, if you’re in financial services and want to learn how to grow in this new reality we’re all in there’s more here.

P.P.S. When you’re ready and the time is right, let me know if you want to have a conversation about how to listen to and understand your own thoughts and beliefs when it comes to money. Email me at ellen@ellenrogin.com and put “money thoughts” in the subject line.

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What would it mean to serve someone else’s need vs. your want?

Is money feminine or masculine?

But what if you simply added some feminine energy to your concept of money?

Balance is important in all areas of life. Money is no exception.

Wouldn’t it be cool to have managing money be this easy?

The recipe is simple:

What is a Scarcity Mindset?

What is an Abundance Mindset?

It’s not just about having a supportive mindset, it’s also about taking wise, inspired actions.

Come Clean with Your Money Secrets

Money secrets are particularly insidious.

Make things right.

Who do you need to talk to about money?

What Your Generosity Style Says About You