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In this week’s Ten Money Questions, we speak with Sanyika Calloway Boyce, an International speaker, financial expert and author of several books on personal finance, including Crack ‘Da Code: What Every College Student Needs to Know About Money, Love & The Dream Job. In the questions below, she tells us her “money story” and how she got from there to here. She’ll elaborate on these and more at the virtual Wealthy Girl Summit on January 24th to 27th, 2008.
1. How does the law of attraction apply to finances?
The concept of our thoughts becoming physical things is very real, the universal principle "so as a (wo)man thinketh" so is (s)he" is very real when it comes to money.
In my Beyond Money Principles "Evaluate Your Money Mindset" is the second principle that I teach because until and unless you address your unconscious thoughts and deep rooted beliefs about money you will never take the necessary and consistent action towards what you say you want.
For example, if you say that you want to be rich but you have a belief that rich people are selfish, greedy and unhappy then you will not take the consistent actions necessary for you to get rich because you never want to be associated with someone who is "selfish, greedy and unhappy."
2. What is your most significant memory about money?
That, for me, came when my father began to send my child support payments in my name.
I'm 11 years old and here comes the child support check in my name. Of course, because it's in my name, I had to sign it and go with my mom to the bank to cash it.
It seemed like every time money came in, even though it had my name on it, actually belonged to someone else. That was the story I unconsciously told my self.
So, for years I lived and operated as if I had no right, no real claim to money. I believed it actually belonged to someone else or I had to sign it over to someone else. And that's EXACTLY what I did, I acquired credit card after credit card and each time I got paid I signed them over to someone else!
It took years for me to realize how this experience played a profound part in every area of my life, especially my financial life.
3. Has debt had any impact on your life?
Have you heard the saying, "fake it 'til you make it?" well I lived it.
When I got to college, "Charge it" became the answer to everything from food to fashion and it was intoxicating, addictive actually. In less than 4 years I had 10 credit cards and thousands of dollars in debt.
Despite the fact that I graduated early and with honors, I was financially illiterate and it cost me big time.
In less than a year after graduation I found myself unemployed in my career of choice, financially frustrated, on the verge of declaring bankruptcy.
4. You often talk about rewriting our personal "money stories" and changing our attitudes about money. What is a money story?
Before you can resolve to handle any money challenges that keep showing up as recurring issues, you've got to identify the dot that marks the spot that says, YOU ARE HERE, to do that you need to:
First Review your money story: Each of us has a "money story" its like our internal GPS system (guiding path spotlight) but many peoples GPS is locked on the same location and time after time it brings them back to where they stared. Before you can truly get to where you want to go you have to first acknowledge where you are and if it's not destination that you like you need to...
Release - purge the system, there’s something clogging it up - usually conflicting destinations are programmed in. You're saying you want to go in one direction but are taking steps in another. Give up the hope that the past could have been different, let go of the parts of your story that you've out grown or simply don't fit who you want to be or where you want to go, then...
Rewrite - essentially you're reprogramming your GPS to get you to your desired financial destination. Your life is like a book, the chapters of the past have already been written and cannot be changed, but your future is a blank page. You get to write a