Key takeaways
- The way we use punctuation and wording has a powerful impact on what something means.
- Try rewording common financial terms so they have a more positive impact on you.
- The right wording can have a huge positive influence on your financial life.
No, thank you. No, thank you. No, thank you. You’re probably just as confused as I am right now because I used those three words in three different ways. Those three sentences, using the same three words, each have slightly different meanings.
The reason this is important is because words and the way we use them are important. I recently read an article in the Seattle Times about word usage when dealing with major money situations.
There are five main areas, so let’s take one at a time:
1. Saving for retirement. This involves using the phrase “saving for retirement” versus “investing for retirement.” The connotation is different because “saving for retirement” might make you think, “Oh, I need to put this money in a savings account,” and it has a cash-related meaning.
But if you use the word investing instead of saving, it brings to mind the stock and bond markets. And by the way, it’s retirement. You want to be investing in the stock or bond markets because it’s for the long term.
2. Emergency fund. Including the term emergency tends to scare people. Right? Better to call it a “necessity fund.” Now it’s not so scary, but it’s necessary.
3. Financial planning. Boring—like going to the dentist. Nobody wants to do financial planning, least of all the millennials out there. But what about calling it “lifestyle planning”?
That’s a better way of putting it because what you really want is to support your lifestyle—your wants and needs. You plan your finances around that.
4. Credit card debt. That sounds like a fact I just read off to you. How about this? Ball and chain debt. Well, that one will get your attention and that’s good because credit card debt is bad. With credit card rates up to 21%, that’ll kill you. You’ve got to pay that off.
5. Retirement. That’s a word people hate. And, it has definitely changed dramatically in the last 20 years. Those going through it right now are doing it far differently than those before them.
We like to use the term reinvention because it’s no longer that standard image of being done with work and now you’re sitting in an easy chair watching TV all day. That’s no longer accurate. There’s a whole array of things going on nowadays; it’s a complete reinvention of self and life.
Consider these five suggestions for rewording these five financial terms the next time you’re looking at any of them. Use the right wording to make sure it impacts you the way you want it to. Until next time, enjoy.
Gary
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