Back when I was a dormant landlord (Dormant Landlord) I was negative with money. Unhappy money. Since the start of 2019, I have tried to improve my relationship with money. A bit of Happy money.
Being a landlord, I would dread that phone call from a tenant. It would be for some repair and would ruin my day. Or even my week if it was a boiler.
Over the last 2 years my relationship with money has improved. Even when I had 3 boilers to buy in 6 months: When it rains it pours
Now I track my properties
At the start of 2021, I had some repairs to pay for.
One tenant had a leaky roof – cost £160.
And another tenant needed a new front door – cost £720.
Not an ideal start to the year. But now I have a better relationship with money, I am happy to pay for the repairs. And I am a Landlord who cares about his tenants.
This is par for the course. If I want to profit from being a landlord, I have to play the game. I have to pay for repairs that are my responsibility.
Now I am tracking my properties with spreadsheets, I can monitor these costs over the year. I have been doing this for the last 2 years.
What I have found is that I am spending £500 pa on each property. That is less than £50 pcm. This means I am still making my target of £200 pcm profit from each property.
This happening 3 or 4 years ago would have made me even more negative towards money. And even more negative towards property.
Part of the reason, for my new money mindset is Ken Honda’s excellent Happy Money.
Ken Honda’s Happy Money
I have always been happy to receive Money. Now I am happy to give it away. As I have said, I don’t even get that sinking feeling when a tenant calls.
Money has caused me stress and anxiety in the past. Even when I got decent money through work, I was still worried.
This is because I had a shitty relationship with money.
My financial house wasn’t in order. And my finances were all over the place.
I will keep going until I am financially literate. And I will keep going until I get my financial house in order.
Your money mindset or your relationship with money is massively important. This is something I have come to realise over the last few years.
If you are struggling with your personal finances, there are many ways to improve your situation. Like reading the excellent Happy Money by Ken Honda.
As we receive money and give it away, money flows like water. Honda says that money is flowing everywhere if you are open to it.
Now I realise that the philosophy in this book is very optimistic. But why not? Personally, I open minded and I like Honda’s optimism.
It is not just about accumulating more and more. It is about being happy with what you have. It is about expressing gratitude around money.
‘If you appreciate what you have, it opens a door to happiness,’ and he also says: ‘When money comes into your life say arigato (thank you in Japanese) and when you spend money, when money leaves your life, you also say thanks.’
After reading Happy Money, I spent a couple of months saying arigato. In my head but still, I kept doing it.
At the time I was working in Northern Ireland (mid 2020) and my expenses were high. They were on my mind. Instead of getting myself worked up over money, I forced myself to say arigato. Every ferry ticket. Every plane ticket. Until eventually, I didn’t care about my expenses.
This book is only one of the reasons for my improved money mindset. But it definitely helped me.
It is out there. But I will try just about anything to improve my relationship with money. I was sick of being anxious over it and needed to sort my act out.
Like Honda’s message, it is not just about accumulating money. It is about improving my relationship with money full stop. So that I am not anxious about money. And that I am grateful for what I have got.
If you want to improve your personal finances, the answers are out there. Make the decision to turn things around and go and find out what works for you.
Book of the week:
Happy Money, by Ken Honda. Money EQ is a reflection of your personal beliefs and thoughts about money. Your emotions when you think about money. And how your subconscious mind makes financial decisions on autopilot. I have been too emotional when it comes to money. Honda talks a lot about Money EQ and this helps the reader understand their relationship with money.
For a hard copy visit the excellent Imagined Things Bookshop: Imagined things.