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Book Review

Book Review. The Seven Stages of Money Maturity Author: George Kinder By Kiran Telang. Author’s Introduction.

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Book Review

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  1. Book Review The Seven Stages of Money Maturity Author: George Kinder By KiranTelang

  2. Author’s Introduction George Kinder is recognised internationally as the father of the Life Planning movement. The Harvard educated Kinder is the founder of Kinder Institute of Life Planning. He has been a practising financial planner and tax advisor for over 30 years. Website : www.kinderinstitute.com

  3. Idea Behind The Book Money can be seen as a place where our internal selves engage with the external world. If either side, internal or external, self or money- is slighted, the whole life suffers

  4. Is it relevant to us as individuals What do we want to do ? Why do we behave the way we do? Are we focusing on the right things? (How much or what has money got to do with who I am?)

  5. As planners • Why is the client behaving in a certain manner • Is there anything that we can do to change his behavior to his benefit- so he gets a better life and is better off financially • The stickiness factor • Charge for the depth provided in planning

  6. Will Indians accept this kind of advisory service?

  7. Seven Stages • Childhood • Innocence • Pain • Adulthood • Knowledge • Understanding • Vigor • Awakening • Vision • Aloha

  8. MahealaniSapolu • Coming from an impoverished background. • Father’s words on money- ‘You get money by working very hard’ • Mothers’s Views- ‘You have to trust. When money is needed, it will come’

  9. Derrick King • Middle Class upbringing. • Father’s words- ‘Money makes the world go around. When you get down to it, it’s a game. It’s the way we tell who wins’ • Mother’s words- ‘You have to take good care of your family. That’s all that matters.’

  10. Susanna Swartz • Coming from affluent background. • Fathers’ words- ‘Money is one thing you will never have to worry about.’ • Mother’s words- ‘None’

  11. Childhood-Innocence • Beliefs that we hold dear no matter how untrue they are. • Received from parents and environment when growing up. • Affects all adult behaviour

  12. The Traps We Set • Overspending/hoarding • Choosing between money and integrity • Dread, panic and disempowerment around money • Inability to attend to practical necessary financial tasks • Getting swayed by ‘get rich quick’ schemes

  13. Wisdom of Opposites • Time is money • Child-time is for play • A penny saved is a penny earned • Penny pincher

  14. Both sides of the belief Don’t count your chickens before they hatch -A prudent, thoughtful approach to investing and saving will protect your nest egg -failure to take risks will cut you out of the most productive investments Money doesn’t grow on trees -It takes work to get money -The most important things in life don’t carry a price tag

  15. Indicators of Innocence in Money Matters • Resentment and Blame • Conspiracy • Oblivion and Addiction • Magical thinking

  16. Pain The Bell of Awakening

  17. Working on pain addresses many problems like • Economic differences between colleagues and friends • Difficult work situation • Caught in the rat race • Bouts of money anxiety • Shutting down rather than facing money issues

  18. Sources of Pain Childhood Pain: • We are richer than some people and poorer than some. • We will have to work for a living • Envy ,treachery, betrayal Adulthood Pain • Loss of job • Divorce • Bad investments

  19. The Cycle • The cycle between innocence and pain-New ‘innocent belief’ to counter it

  20. Hell & the Human Condition • George’s discovery that he needs to work for money • Job=Pain (Father always working and not enjoying the nature) • Made deal with wife-each one works for 2yrs • When his chance came to work-thought of things like farming • Chose tax consultancy as it is part time • Belief 1:Job=losing ‘life’ • Way out=make job a part of your life • Belief 2:relationship with soul is fine-making money got in the way.

  21. Filling the hole • Humanity and relationships are being replaced by things money can buy. • We rush to fill our souls with accomplishments and acquisitions, perhaps neglecting more traditional ways of connecting. • Pain is the energy that fuels the rat race

  22. The Probable Solutions • Pain is inevitable, suffering is optional • Pain is a bell of awakening. If you become sensitive to it, you know whenever it rings, it time to wake up, do the work of adulthood and move toward freedom.

  23. Adulthood Knowledge Understanding Vigor

  24. Adulthood Knowledge revolves on learning the specific, pragmatic and intellectual skills needed to handle money. Understanding concerns the heart; here we find ways to transform suffering around money. In Vigor we develop energy to actualize ourselves in the world, to make our dreams true.

  25. Finding our Enterprise Adulthood we must turn inside to discover our purpose and strengthen our understanding. Resentment and blame, however, pull us outward; prompting us to look for a culprit in the exterior world to point as the cause of all our woe and suffering.

  26. Three stages, one challenge Understanding what you want to do Having the knowledge to see it through Actually working to get it done

  27. How you might retire in twelve years by saving 12% a year Successes and failures Reason for failures: • Lacking insight into own emotions • Lack of focus • Lack of discipline

  28. Mature people go beyond the simple notion of comfortable retirement to achieve a deeper sense of who they are, making themselves better people in the process ……..and it all begins with Knowledge

  29. Knowledge I Money’s Virtue

  30. Two Layers of Knowledge • Money speaks of human character • Practical layer-developing skills needed to handle money

  31. Money’s Virtue • Money and integrity are intertwined • You can’t expect everyone else to have integrity and get away with cheating yourself • Confucius says- ‘its fine for a wise person to gain-provided the gain is right’

  32. Where freedom and Integrity Intertwine • Knowledge is a step towards freedom • Freedom not only in material terms, but knowing and living as our true selves • Money should lead to freedom • The Midas Touch • Maintaining Integrity to escape the Midas trap

  33. Knowledge II Planning, Props & Practicalities

  34. The Components • Budgeting (Mahealani) • Goal Setting(Derrick King) • Giving the children best education • Keeping the marriage together • Providing financial freedom for self • Pathologies towards goal setting • Inability to express goals • Inability to execute a strategy • Susanna: Getting professional help

  35. Understanding The Deep Heart’s Core

  36. The difference understanding makes • Innocence, pain and knowledge teach us to let go of old patterns and aquire skills • Understanding changes our lives so that we experience the richness of money even in midst of the most difficult and painful situations in life

  37. Understanding • Letting thoughts go and letting feelings be • The Observer • The Kindly Mother • The Warrior

  38. Practice of Understanding in Work & Relationships Practice can be employed in any and every difficult situation. …chronic over-spenders, self employed people who charge less than what the market will bear….

  39. At Work • The Client from Hell …taught him more than anyone else about how to handle anger, frustration, annoyance, sadness, fright and despair…

  40. In Relationships Feel the feelings and accept them…experience them rather than pushing them away…no matter how difficult or frightening they are.

  41. Lessons from the Wise Ones Practice of Understanding can come from mentors like osmosis. Who do you know who’s a really a good person? Rather than looking at the world as a collection of people out to defraud us, we can treasure certain individuals we know are trustworthy.

  42. Living Virtue Pay attention to what we do everyday and bring a consciousness of the consequences of our actions to bear on the choices we make This is what living virtue means

  43. What motivates you to work? • Money? • Doing good? • Making a difference?

  44. A way of life that incorporates honesty, sincerity, integrity, trustworthiness, kindness and all other good qualities, builds Understanding as nothing else can. • Living virtuously pays off. It ends the rat race and delivers a new freedom from care.

  45. Vigor The strength to carry through Would those who say it can’t be done get out of the way of those who are doing it

  46. What does Vigor Mean • Vigor in the money world represents the energy to accomplish financial goals. • It arises from the dream of freedom, the pinch of necessity and the desire to serve • It is not simple busyness but springs from a profound inner aim- ‘Lakshya’

  47. What gets in the way? • Blame & resentment • Fear • Dependency • Self doubt • Veering from our truth • Reality v/s fantasy • More money will solve my problem • Procrastrination and lethargy • Mere busyness

  48. Paths to Vigor • Eyes on the prize • Doing the work you love • The practice of letting thoughts go and feelings be • Lessening depression • Authentic relationships • Finding your voice • Eliminating dependencies and other vices • An awareness of death

  49. Paths to vigor • Facing necessities • Getting paid what you are worth • Inspiring stories • Keeping healthy • One step at a time • Dive right in

  50. Awakening : Vision & Aloha

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