Taking money off the table
This expression originally comes from the card game poker. It refers to when a player who has amassed money takes that money away so he or she can’t bet it in future hands and risk losing it. Thus, the player retains part of the winnings.
“Taking money off the table” also has meaning in business. It’s when founders take money out of the business to either reduce debt or invest it elsewhere when things are going well.
Money is a frequent topic of conversation in business, relationships and social situations. In fact, it often dominates conversations.
But what would happen if we took money out of our conversations? In other words, what if we took our money talk off the table?
In business, it would allow us to focus on operations, staff welfare and doing the things we truly want to do. In our relationships, a significant amount of judgement, criticism and conflict would disappear. This is because we often have different views on what to do with money. Many of our comparisons with others would cease, resulting in less envy and jealousy.
Essentially, when we take money out of our conversations, we are no longer constrained by it. We are free to truly focus on our own goals so we can organise our business and personal lives to achieve them.
It’s true that we do need to talk about money. But not with everyone we meet. There is a time and a place – and that’s with an accountability partner or financial adviser.
We can take money off the table with our conversations if we choose to. Firstly, we must become crystal clear about how much money we need. Then, we must take the necessary steps to ensure we meet this need in terms of income and a safety net.
How, exactly, do we do this?
- Make the decision that you do not want money to contaminate your conversations or relationships.
- In your business, draw a fixed salary, establish a reserve (eg. three months’ expenses), and don’t make hasty expenditure decisions.
- Identify the three things you should and can do over the next 90 days in terms of your income, your spending requirements and the activities you enjoy that do not require money.
- Get an accountability partner. For couples, this means each partner is accountable to another person outside the relationship. This helps avoid any conflict.
- Find a money mentor who will guide you as you work towards achieving your objective, if you are unsure how to go about it.
- Schedule money meetings away from the home and vary the venue.
When you take money out of your conversations, when it no longer constrains your mind, the relief is palpable. It’s a feeling of freedom that will ensure money always works for you, rather than you work for it.
If you need expert advice while you work towards your money goals, email me at bryan@bryanworn.com