By Paul Mitchell | Financial and Retirement Planning Coach
Find him here at: Your Smart Retirement Coach
“Money doesn’t grow on trees!” “We can’t afford that.” “Rich people are greedy.”
Do these phrases sound familiar? These early money messages, heard in childhood, often become the foundation of our adult financial behavior. As a financial coach with 35 years of experience, I’ve seen how these deeply ingrained money stories can influence retirement planning, investment decisions, and overall financial wellbeing.
Think of your money story as the invisible script running in the background of every financial decision you make. It’s shaped by your earliest experiences with money, family attitudes, cultural background, and significant life events. Understanding this story is often the first crucial step toward making better financial decisions.
Your Early Money Messages Matter
Rachel’s story perfectly illustrates this point. During our coaching sessions, she realized her constant need to save every penny, even when unnecessary, stemmed from watching her parents struggle through a severe recession in the 1980s. “I never connected my inability to enjoy my retirement savings with those early experiences,” she shares. “Understanding this has helped me find a better balance between security and living well.”
Common Money Stories and Their Impact
Through my coaching practice, I’ve identified several recurring money stories that significantly impact retirement planning:
•The Scarcity Story: “There’s never enough money” – Leads to excessive worry about running out of money in retirement – Can result in overly conservative investment decisions – May prevent enjoyment of well-earned retirement funds
• The Money Equals Worth Story: “My bank balance defines my value” – Creates anxiety about retirement identity – Can lead to working longer than necessary – Might prevent necessary spending on wellbeing
• The Money Taboo Story: “We don’t talk about money” – Prevents seeking necessary guidance – Creates barriers in family financial planning – Can lead to missed opportunities and poor decisions .
Breaking Free from Limiting Money Stories
John, a successful business owner, discovered his reluctance to plan for retirement stemmed from his grandfather’s experience of losing everything in a business failure. “I always saw retirement planning as giving up control,” he explains. “Understanding this helped me see it differently – as taking control instead.”
Through financial coaching, John learned to:
• Identify his underlying money beliefs
• Challenge unhelpful financial assumptions
• Create new, empowering money stories
• Make decisions based on present reality rather than past fears
The Role of Financial Coaching in Understanding Your Money Story
As your financial coach, I can help you:
• Uncover your unique money story
• Understand how it influences your financial decisions
• Develop healthier money attitudes
• Create a more balanced approach to retirement planning.
Unlike traditional financial advice, which focuses primarily on products and strategies, coaching helps you understand the ‘why’ behind your financial decisions. This understanding often needs to come before making major financial choices.
Signs You Might Need to Explore Your Money Story
Consider whether you:
• Feel anxious when making financial decisions
• Repeatedly make the same money mistakes
• Find it difficult to discuss money matters
• Have strong emotional reactions to financial topics
• Avoid financial planning despite knowing its importance
Taking the First Step
Understanding your money story doesn’t happen overnight, but it begins with awareness. Think about these questions:
• What money messages did you hear growing up?
• How did your family handle financial discussions?
• What’s your earliest memory involving money?
• How do these experiences influence your current decisions?
The Path Forward
Mary’s experience shows the power of understanding your money story. “I always saw retirement planning as selfish, based on my upbringing,” she reveals. “Working with a financial coach helped me realize that taking care of my financial future is actually responsible, not selfish. This shift in perspective changed everything.”
Your Next Step: Free Money Story Consultation
I’m offering a free 15-minute consultation to help you begin exploring your money story. During this session, we can:
• Start identifying your key money messages
• Explore how they might impact your financial decisions
• Discuss how coaching could help you create a healthier money mindset
• Determine if further exploration would benefit you
Don’t let unconscious money stories hold you back from making confident financial decisions. Book your free 15-minute money story consultation today.to begin understanding your relationship with money.
Book Your Free Consultation Click here Now
About the Author
Paul Mitchell is a dedicated Financial and Retirement Coach (Qualified To Chartered Financial Planner status) with over 35 years of experience in financial services. Through Your Smart Retirement Coach, he helps clients build confidence in their financial future and create fulfilling retirement lifestyles. Book a free 15-minute consultation to start your journey toward financial clarity.
This blog post is for educational purposes only and does not constitute financial advice. For regulated financial advice, please consult an Independent Financial Adviser.
Keywords: money mindset, financial coaching, money psychology, financial behaviour, money story, financial decisions, money beliefs, retirement planning, financial wellbeing, money attitudes
Important Notes
1. This free consultation is for educational guidance only and does not constitute financial advice.
2. Financial coaching provides educational support to help you understand your relationship with money. 3. Specific financial advice should be sought from regulated financial advisers when needed.
4. Case studies are for illustrative purposes only.
