I’ve met with many clients in the Memphis area over the years who are in financial straits. I have sat with them patiently and done the budgets and shown them how they are getting further and further behind.
Usually those meetings ended with a referral to a debt consolidation company to get everything consolidated and the interest rate dropped and frozen. It works, more money goes to debt than interest and often the debt amounts are negotiated lower.
Unfortunately I don’t currently have a relationship with even 1 of these clients who should now be on the right path. My time and efforts presumably wasted, I had a change of perspective.
I had come to the conclusion that I had errantly identified the budget as the problem, when it was in fact a symptom. “If we could just fix this budget….”, I thought.
There are two ways to fix a messed up budget- make more money or spend less money. Let’s presume that there’s no more income to bring in through promotion, a job change, or a second job. Without money falling out of the sky, it’s time to address the spending. Identifying your “False Idols” will properly identify the true problem, for which a bad budget is a symptom.
The Short List
Alcohol (yes, wine addiction also)
Barbecue (I’ve seen it)
Purses, cosmetics, shoes, jewelry, clothes, etc.
When we call out our false idols, we see that they effect more than just the budget. They also effect our relationship with God, our families, and often our health. Addressing your idols can fix a lot of things.
Clients have often heard me say that the most important thing you can do (financially) is marry the right person. That’s because when two spouses each have two false idols it can completely corrupt the budget, causing a deep dive into high-interest debt. Add children, it’s even more disastrous.
If you are single, try calling out your false idols to yourself or a friend. If you’re in a relationship, call them out and support each other.
If you don’t have a budget problem but you’re addicted to watching your money outgrow your needs (growing money can be an idol), we can help with that. Give us a call and lets talk about opportunities that may be relevant to where you are. Our initial consultations come with no obligation.