Learn more about moneyandinvestments with this collection
How to develop a healthy relationship with money
How to create a budget
The impact of emotions on financial decisions
It’s worth thinking about money as something with which you have a complex relationship. Your money is not a fixed entity, but rather a complex of data points, challenges, and opportunities you circle around, interact with, and have feelings about.
You make decisions about money that impact your financial situation and these impacts in turn reciprocally affect your feelings and future behaviors. And it’s a relationship that evolves over a lifetime.
Here are three key things to know about the psychology behind our personal relationships with money:
The most important emotions in relation to money are fear, guilt, shame, and envy.
When you’re filled with shame the natural tendency is to avoid facing whatever is making you uncomfortable. That avoidance itself leads to additional shame and more avoidance.
What can be talked about, who should be in control, what money responsibilities are assigned to what gender, how important money is or is not.
Additionally, there are always stories about money that are part of a family’s identity.
Maybe a serial entrepreneur grandfather lost the family fortune, sparking excessive conservatism in subsequent generations. Or a brilliant parent was seen to have been cheated out of her proper destiny.
The key is self-awareness. Much of our emotional world is unconscious. But it’s not that hard to access if you know what to look for and have a blueprint for the kinds of emotions and family stories that can influence your personal relationship with money.
The psychology of money: understanding that no one is entirely rational when it comes to money.
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