How Emotions Destroy Financial Intelligence
Strong emotions towards money is anti-Financial Intelligence.
The two don’t just coexist.
When people have low Financial IQ, and as a result begin to suffer consequences such as chronic debt, loss of investment in a Ponzi scheme, or extreme poverty, they tend to develop deep feelings about money.
Some people have such strong feelings towards money that they begin to hate money because they feel it is the reason behind all their problems.
Hate is a strong emotion.
On the other extreme, some people feel that without money, they cannot survive and as a result they love money so much that they can stake their lives and the lives of their loved ones for it.
Love is another strong emotion.
What do you think motivates people to do money rituals? It is emotion (the love for money)
How do you feel when you realize you are down to your last penny? Fear, panic, depression and even anger?
At the other end, how do you feel every time you receive an alert on your phone, receive your salary, win a bet (for Nairabet fans ?) or receive a news that you just inherited a large amount of money?
You feel elated, right?
You jump up and shout for joy. You feel powerful and you have a big sense of relief. You feel that suddenly all your money problems have been solved.
In one way or the other, we are somewhat attached to money.
Money is so powerful that a sudden loss or gain of money can change people’s attitudes, personalities and character for better or worse.
It behooves you as a student of Financial Intelligence to know how to moderate your Emotions with Logic and Reason in other to make better money decisions.
How to Know If You Are too Attached to Money
You are allowing your emotions to drive you;
1. when money becomes the center of your life to the detriment of your health, relationship with God, family, and quality of life in general.
2. when materialism and consumerism are the major factors driving you and your money decisions.
3. when you are trying to keep up with the Joneses with the best gadgets, phones, house and clothes.
4. when you are too embarrassed to tell your friends NO to an invitation to an expensive outing when you don’t have the money.
5. if you feel the urge to impress people with how much money you have.
6. if money validates you and makes you feel like “somebody”.
In our next episode, we are going to explore in detail, examples of the emotions that affect your Financial Intelligence and how they do so.
Do you have any comments or questions?
The comments box is all yours. Let’s discuss.