Are you in denial when it comes to your relationship with money?
Money. People perceive, value and treat it differently.
But regardless of how you interact with it, money plays a major role in your life – in some cases, providing security, freedom and power and in others leaving you feeling inadequate and trapped.
It’s a question of training. Perhaps money was always taboo in your home. Or you received conflicting messages that you should feel guilty about money (“only the poor go to heaven”) and that money was unstable and scary (“you could wake up poor in the morning”).
Either way, it’s now all about denial, according to Maureen Campaiola, CMBC Money Breakthrough Coach. For example, when the bank statement comes in, instead of opening it do you throw it in a pile where you’ll look at it later? Do you often get overdraft notices because you don’t know how much money you have in your account? Forget to see that refunds actually land in your account?
If so, your denying habits are going to get you in more trouble, she predicts.
Money coach Kathy Caprino agrees. You’re just working hard to ignore the obvious - the inevitable misery that will come unless you change direction, and fast, she says .
Looking to turn things around? Some of the vital steps to recovery are as follows:
1. Wake up from your coma – be aware of the key areas in your life that need attention today.
2. Make the choice to change your life.
3. Do the things that bring you power.
4. Engage in visualizing the steps necessary to bring you to your goals, and see yourself already in possession of what you want.
5. Create structure and accountability by telling others around you about your plans and goals, and get the outside help you need.
Do your emotions impact your money decisions? What helps you overcome these feelings? How have you learned to make good financial decisions?
By Gordon Powers, MSN Money
* Follow Gordon on Twitter here.
Posted by: Chip | Apr 15, 2021 6:16:46 AM
Another excellent article by Mr. Powers on the spend it now, don't save anything, overload your credit cards, let's declare bankrupcy generation. Thank God I was born earlier on... and also with a brain.
Posted by: Donnie | Apr 16, 2021 10:05:57 AM
The new generation will never own anything as they believe in spending it now instead of being patient and waiting until tomorrow
Posted by: Dr. J. S. | Apr 16, 2021 7:00:37 PM
@Chip and Donnie... your comments are right on money! No pun intended.
Posted by: John | Apr 19, 2021 10:32:25 PM
No, I deny everything.
Posted by: amarjeetbhandal | Apr 21, 2021 9:35:09 AM
its the purchasing parity theory that is dominating today"s generation regardless of their income with no or neglible savings
Posted by: Instant cash | May 13, 2021 8:50:38 AM
This generation will never own anything because they more believe in spending it now as an alternative of being patient and waiting till tomorrow. Instant cash
Posted by: Same Day Loans | Jun 30, 2021 1:02:28 AM
All the points are very important. It is necessary to create structure and accountability by telling others around you about your plans and goals, and get the outside help you need.