Define Your Relationship With Money

I found this article interesting. The author speaks of your emotions and how they relate to money. Interesting that in Luke 12:34 states the same concept, "For where your treasure is, there will be your heart also".

Define Your Relationship with Money
By Susan McCarthy

The current economy has many Americans worried about their financial security. How can they make the best decisions and protect themselves and their money? Most financial advisors tell their clients to remove all emotion from financial decisions.

Susan disagrees,”I believe you must acknowledge your emotions and study how they relate to your money.”

Situations like marriage, divorce, retirement, caring for a child or elderly relative often cause the biggest financial changes in your life. Susan says these are the times when our emotions and our money become the most tangled.

“Our financial attitudes -- what we think about money, what we think of others who have more or less than we do, how we choose to spend it or not spend it, what priorities we set as we plan our financial futures – are thoroughly entwined with our emotions,” shares Susan.

To complicate matters further, Susan says how a major trend in the United States that we are beginning to witness is the greatest transfer of wealth our nation has ever seen. This shift of wealth will put even more demand on people to be financial decision makers.

Experts suggest that $41 trillion to as much as $136 trillion will change hands in the coming decades. The movement began in 1998 and will extend to approximately 2052. There are a number of reasons for this shift of wealth including an aging population and the retirement of the baby boomer generation.

“The financial circumstances of our day are inviting us to become aware and to evaluate our belief systems around money, to go beyond simply contemplating how we spend it or how much we need or want,” shares Susan.

By understanding your relationship with money, Susan says you will be more qualified in making wise financial decisions that will help you fashion a legacy that speaks of your deepest values.

THE FEAR OF MONEY
According to Susan, money is only complicated because we make it complicated. It can be a weapon, an object of desire, a tool for generous compassion, or a symbol of success.

“What I have learned is that the world of money is one of emotion, a stage on which we play out all of our dramas and, as such, that it can be an unexpected source of spiritual lessons,” shares Susan.

Through the years, Susan has seen her clients display many emotions in her office. The emotion that really caught her attention and that she saw the most among her clients was fear. Some of her clients were fearful of making a mistake and losing money, as well as fearful of not having enough or running out of money. Then one day, Susan made a startling discovery. She shared the same deep rooted fear of running out of money.

Although as a financial advisor her personal financial plan was very sound, it didn’t seem to quiet her fears. She grew up in a family that wasn’t wealthy, but certainly did well enough. So where in the world had this fear of money come from? After digging a little deeper into her own life, she realized that she had absorbed her father’s fear of not having enough money.

“Observing our relationship to money is an excellent path to greater self-awareness. It opens the door to amazing personal growth,” says Susan.

MONEY TYPES

Susan says “nothing is more intriguing than that complex dynamic that arises when people interact with their money.” Through the years, Susan has come to recognize seven basic types of relationships with money. Most of us display traits of all of these styles at various times in our lives. Knowing what type of relationship you have with your money can help you make better decisions.

The seven different “money types” include:

The “Money is King” Type views money as a measure by which all things are judged, including their lives. For those individuals, money trumps everything else.

The Little Lamb Type maintains a childlike attitude towards money, and refuses to accept responsibility for their own financial well being – this is the classic “I’ll think about it tomorrow” approach.

The “I’ll Pick Up the Bill If You Just…” Type uses money as a tool to manipulate others, often in order to control, punish or express disapproval.

The Wolf Never Leaves My Door Type lives in constant fear of running out of money, no matter how much they might have in the bank.

The Money Martyr Type uses money for self-sabotage, undermining themselves with rash decisions or unrealistic expectations.

The All is Well Type has a positive relationship with money – these people approach financial decisions with decisiveness, and feel confident and calm about money issues.

The Spread the Joy Type uses money in ways that express their deepest values and their best selves. Not only are they at peace with their money, they also use it with awareness for their own good and for the good of others.