A Second Chance… To Make A First Impression

[Jenifer Madson]

How do you recover from big mistakes with money and make a new future? We've talked about our money “stories”—the information we have about how money works, and the identity with money we create. Some people live their whole lives with these stories without a lot of drama. But, what if your role in that story has brought you less than happy endings?

I’ve had my share of those experiences. A business loss of many years ago was something I alternately chalked up to other people’s misdeeds or the price of playing big. There was some truth to those statements, but the bigger truth was that I didn’t ask for help soon enough. Too much of my story was about saving face, pretending to know more than I did.

In addition to the tangible losses was the perceived loss of sense of self. I thought your respect was contingent on what I could do, so it was difficult to imagine how I could regain that respect when I’d made those kinds of mistakes.

Turns out those mistakes were a blessing in disguise. They led me to the financial services industry, where I learned how money really works. They help me relate to clients. They gave me the chance to figure out who I really wanted to be, to do things right the second time. To forge a new financial identity.

Some keys to creating a new identity after an uncertain past are:

• Commit to character first, currency second. Who you are will always be more significant than what you have.
• Ask for help.
• Hold your head high. There is no shame in the truth of your experiences, where there is also a commitment to change.

Take a minute:
Decide when it’s time to turn the financial tide - is today the day to create your new identity with money?

Make a minute:
Do one thing today to change your money story for the better. Create a new belief, express yourself differently, and take a new action.

We are not our mistakes unless we refuse to learn from them, so embrace the difficult times as important steps in your learning process.