Ever do that thing where you go into the store and head directly for the sale rack as if it’s the only thing available? Or maybe you stayed at a job you hated because they gave you a raise? These are just a couple of examples of the Money Trap I call Money in the First Position, and it’s a stinker!
First let me explain what a Money Trap is. A Money Trap is something that takes you off course. It’s like a hole you fall into, and a trap that snares you. When it comes to our money it is specifically something that takes you away from your goals, values and dreams. It’s, above all, a distraction from your purpose. There are bunches of these traps out there. Some are common to most of us and some are yours alone. This Money in the First Position one is pretty common.
The title comes from a nod to bank loans. The main mortgage on your home is in “the first position”. What that really means is if something happens to your home whoever has that “first” gets paid “first”. I call this Money Trap “Money in the First Position” because what happens is that money is the first thing you consider, and often the only thing.
But wait you say, isn’t money an important thing to consider? Yes, it certainly is. The trap is when it’s the ONLY thing or when money is given too much weight. There is nothing I like more than finding a great price for something I want. The problem is when I buy it based on the price even if it’s not really what I want
Money is an important part of most decisions but we get in trouble when it’s the only part. Dr. Phil has a great line about this: “If you marry for money, you earn every penny.” It’s a big price to pay!
People often use Money in the First Position to actually protect themselves from having to explore new territory. By asking the cost of something first you can dismiss it as “too expensive”. That’s one of the most common results of this trap. We dismiss something because of the price before we even really know what it is and what its value may be. It would most likely be more effective to buy a pair of slacks that fit perfectly and you wore every week for twice or even three times the money you paid for the “perfectly adequate” on sale pair…and if you have the Money in the First Position trap running you, then you won’t even give that a chance.
The real problem with all of this is misunderstanding money. Getting more money or a better deal isn’t the goal. Getting what you truly desire or want and having the money (cost) make sense is the goal. That’s the sweet spot.
So notice where you put money in your decision making. Is it top of the pile? It is the only thing you consider? Or is it an important factor mixed in with other things that are also relevant?
I can help you untangle this and other Money Traps, give me a call at 503-258-1630 or check out my website at www.sensiblecoaching.com
Shell Tain, The Untangler