Weekly Summary: MoneyMasterClass - Week 1 Highlights
In the ongoing MoneyMasterClass by Gail Vaz Oxlade, participants are guided through the process of identifying conflicts between their core values and financial goals. This crucial step is a key component in personal finance management, helping individuals make financially sound decisions that reflect their personal values.
Clarify Core Values First
The first step in this journey is understanding your personal values. These are the aspects of life that matter to you beyond money, such as family, security, freedom, generosity, and more. These values serve as your financial compass.
Set Financial Goals Based on Those Values
Financial goals, such as saving for a house, paying off debt, or building an emergency fund, should align with and support your core values. For example, if security is a core value, your goals might focus heavily on building savings and reducing liabilities.
Notice Inconsistencies Between Behavior and Values
Conflicts arise when your spending or saving habits don’t reflect your stated values. For instance, spending impulsively on luxury items while valuing financial security or prioritizing a fancy lifestyle but claiming frugality is important.
Use Reflective Questions
Oxlade recommends asking yourself questions such as:
- Does this goal or spending choice honor my core values?
- Am I pursuing this financial goal for the right reasons or due to external pressure?
- What am I willing to give up to keep my values intact financially?
Adjust Goals or Values if Needed
Sometimes values evolve or you realize a goal isn’t truly aligned. The MoneyMasterClass encourages revisiting and revising either your goals or understanding of your priorities so they harmonize better.
Recognize Emotional Triggers
Oxlade points out that emotional spending or financial decisions often signal a conflict between what you feel you should do (values) and what you actually do. Awareness helps uncover hidden conflicts.
As the MoneyMasterClass continues, participants are encouraged to share their experiences using the provided sharing options (Facebook, Twitter, X, Pinterest, LinkedIn, Tumblr, Reddit, WhatsApp, Email, Telegram, Threads, Bluesky). The reconciliation process is ongoing, and the lists can grow and change as needed.
The first week of the MoneyMasterClass has ended, providing participants with time for rest and reflection on their goals and values. Gail Vaz Oxlade will return with more tasks and challenges on Monday. The participant's goal list will be a work in progress, constantly evolving as they gain more self-awareness and insight.
In the MoneyMasterClass, participants are reminded that their financial goals should not only be about wealth accumulation but also about living a life that truly reflects their core values.
Personal finance goals, like saving for a house or building an emergency fund, should align with and honor one's core values, such as security and generosity. Recognizing emotional triggers and identifying inconsistencies between behavior and values is essential to making financially sound decisions that reflect one's personal values.
