TED Talk of the Day #005: Lets get honest about our money problems

Event: TEDxOrlando
Speaker: Tammy Lally
Bio: Helps others master their finances.

[NOTE: PLEASE PASS THIS MESSAGE TO ALL THOSE WHO MIGHT BE FACING FINANCIAL DISTRESS.]

In the previous talks we have talked about Creativity, Innovation and being of Service. All this is beautiful, you might agree – but, what about money? How to pay the bills? Let us take this head-on!

Especially now, with COVID-19 distress, most of us are bound to face financial stress. Interestingly, it is usually about over-obsession with a lifestyle than real cash-crunch.

For example, when the speaker’s brother asked for a loan (for the nth time), she told him to cut expenses. He was enraged. He kept increasing his Credit Card exposure to maintain his lifestyle. One day he killed himself. She talks about such people:

“They drive a Mercedes, but their budget really only can afford a Honda.”

Why do we do it? She calls it “Money Shame”. She shares her own example:

Shortly after my brother’s death, the Recession hit. I lost my business and faced bankruptcy. Secretly, I was terrified. I stayed in my home for a year, thinking I did something wrong, told myself, “What did you do? What happened?” I stayed silent, while all along, I went outside and smiled. Nobody knew. That’s money shame.

That is over-obsession with money. That is equating happiness with money. Even equating Self-Worth with money.

The way out is to be ruthlessly honest. Let us do a reality check. Do you REALLY NEED that much money? Do you really need to lock-up so much in investments? Do your expenses HAVE TO exceed your income?

Someone has said, being a millionaire (or a billionaire) is simply about managing your money. It is about YOU managing your money, NOT money managing you.

The speaker is a Money Coach and this talk could be a good starting point on how to take charge of your financial life.

List of previous videos at https://sharebooks.org/category/videos/

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