Talking about and handling money is one of the most complicated aspects of being an adult. And for many of us, the conversation can get uncomfortable fast. Whether that’s parsing through finances with your partner or negotiating salary at work, the issue can be a source of anxiety and discomfort. And while it’s normal to be a bit reluctant when it comes to cash talk, sometimes your negative feelings toward money come from past financial trauma. A condition you may not even be aware of.
“If you don’t truly understand your clients’ money story, their expectations, and their emotions driving behavior, then you are not in a place where you can give them the service and client experience they need.”
Can spenders and savers really be compatible?
Money can trigger strong emotional reactions, which can lead to not-so-great decisions, like missing payments or overspending. A new wave of books urges people to explore their emotional connections to money in order to make better financial decisions.
People’s emotional reactions to money can interfere with their ability to make smart money decisions.
People who have a healthy relationship with money and are well prepared for retirement can enjoy their money, be generous and spend on experiences that are meaningful to them. However, those who have an unhealthy relationship with money never feel like they have enough and continue to save and hold on to their money regardless of how wealthy they really are. Money does not fill the empty hole created by a lack of love or happiness.
Some of the most common money mistakes people make aren’t due to an inability to actually handle their finances. The real trouble? Keeping the emotions around your money in check.
“Financial coaching has turned my financial future into something exciting with purpose.”
Yes, talking about money — an inherently stressful topic for most — with your precious soulmate isn’t the most desirable idea, but the importance of doing so cannot be overstated; after all, money issues are the leading cause of breakups.
In the meantime, experts advise that it’s never a bad idea to check in with your money habits to set yourself up to be in the most secure financial position possible. You can stress less about what happens with the economy knowing that you have built the most stable foundation you could.
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