My Annuity Adventure - Self Worth Equals Net Worth
So you are ready to start a conversation about how much you can get. This really isn’t the bottom line! Cashing out a structured settlement is an important time to consider how your values and your self worth effect your life and your bank account. I think you can look at it as an important opportunity to evaluate your mind set of money management, how your feelings determine the incoming and outgoing flow of money in your life and what attitudes guide your spending and investing choices. http://www.getrichslowly.org/blog/2006/10/19/how-to-manage-a-windfall-successfully/ Sudden wealth involves strong emotion, values, and personal psychology. How you cope with fortune depends on who you are. It’s not uncommon for a person who strikes it rich to feel guilt or fear. And, more often than not, the wealth is squandered quickly. According to The Bogleheads’ Guide to Investing
Most financial practitioners agree that well over 50 percent [of windfalls] are lost in a relatively short period of time. NBC News reported that more than 70 percent of lottery winners exhaust their fortunes within three years.
In our modern culture, we tell ourselves stories, excuses about why we can’t do this or that, how we’re not good enough, or that we’re really better than everyone. These stories reveal the true state of our self-worth. Our inner negativity pops up, telling us to stop, slow down, or just quit. Ask yourself, “What stops me from treating myself like gold.”
http://www.financialsense.com/editorials/englund/2006/0710.html
Right behind owning one’s own body, the second most personal asset an individual owns is the fruit of one’s own labor typically taking the form of money which is exchanged for food, clothing, shelter, etc. So in our society a person’s self-worth, is measured by earnings power, accumulated savings, and personal net worth.
Related posts:
- My Annuity Adventure - Self Worth Equals Net Worth VIII (Part 2)
- My Annuity Adventure Part V-Designing a Financial Plan to Manage Your Cash.
- My Annuity Adventure VIII Where We Have Been, Where We Are Going
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