Tim O'Rahilly Life Coaching

Posts Tagged ‘Alvin Hall’

Wealth Health #2: Financial Clarity

In this second part of my ‘Wealth Health’ series, I want to continue to focus on the reality of your financial situation. If you got through all the ‘Questions to Ask Yourself’ in Part 1, then you may have already started taking some action to clarify things. So much the better if you have!

Another way of looking at the reality of your personal finances might be to carry out a SWOT analysis of your current situation. For those who haven’t seen this before, it is a very common business planning tool which can be adapted to a wide variety of situations – including personal finances. SWOT = Strengths, Weaknesses, Opportunities and Threats. In his book You and Your Money, Alvin Hall gives the following clear example:

STRENGTHS                                                    WEAKNESSES

Good spending habits                                        Bad spending habits

Knowledge of financial situation                          Emotions/thoughts (e.g. shame,  fear, anger)

Earning capacity                                               Lack of financial knowledge

 

OPPORTUNITIES                                             THREATS

Inheritance                                                      Lack of cash

Promotion                                                       Interest rate increases

Renegotiating Interest Payments                       Possible redundancy

 

This could be written into a grid of 4 boxes (2×2), or you could use the four headings written at the top of four pieces of paper and then add your own notes and ideas. Remember that as before, this exercise is for you alone, so be true to yourself when completing it.

While working through this task, you could start to ask yourself about your attitude to money and finances. What are your beliefs about money? This will be the subject of part 3, when we will look at some of your deeply-held beliefs and feelings regarding money.

In the meanwhile you can follow my tweets for tips, quotes and more questions regarding your personal or business finances. Be sure to also follow my #WealthWealth and #WedsWisdom hashtags!