Why Should You Aim to Develop a Healthy Relationship with Money?
Developing a healthy relationship with money is not merely important for building strong close relationships with others, but can also aid in actually helping you sustainably build your wealth.
Money is, in itself, not evil. It is actually the “love of money” which sits as the root of all evil.
How many people have built a business empire, literally spent their lives working themselves to the ground, only to lose the relationships with their friends and family members?
“For some, worldly riches are gained at the price of lost friends and broken families. For others, fortune remains forever elusive, while families remain precariously intact. For most, we remain forever in one of two categories – either poor, seeking to become wealthy or wealthy, seeking always to rediscover the happiness we had while we were poor.”
Jim Rohn
In this blog, I will answer questions that people have posed about money and show you how you can build both a healthy and fulfilling relationship with money.
How Can You Cultivate a Positive Money Mindset?
So how can you cultivate and build a positive mindset towards money? The first step when you address an issue is to establish the source of the issue.
From where do your negative associations with money arise? Are they rooted in how you were brought up? Are they the result of being surrounded by people who also relentlessly want to keep up with the Joneses? If you do not know the source of the issue, how can you hope to address it?
If your relationship with money is so terrible that you feel compelled to the point of addiction to spend, then certainly consider seeking professional help from a licensed therapist.
This addition to consumerist behaviour is, I think something that the world at large has not come to grips with. Government ministers are happy that economies can keep growing and businesses can easily attract new customers but is all of this beneficial to you?
I see people every day who spend their lives consumed by technology and their phones, and slaves to a corporate algorithm. Russell Brand, whatever you may think of him, quite rightly that addiction is anything that unnaturally provides that hit of dopamine, and leads you into addictive behaviours that affect your everyday life.
If your negative thought patterns are not so ultimately consuming, it is probably possible to reframe your patterns of thought to ultimately conquer your demons.
What Impact Does Gratitude Have on Your Financial Well-being?
I have tried spending around 5 minutes each day practising gratitude. This process of being thankful for all the positive aspects of your life can help you feel more content and feel less of that desire to compete relentlessly with others.
I would love to take this level of magnanimity to a more spiritual level and even be able to be grateful for my greatest enemies. The Dalai Lama immediately springs to my mind as someone who can practise gratitude to this spiritual level:
“I humbly pay my gratitude to you and China which accepted Buddhism as its religion and ethos three centuries earlier than Tibet” – Dalai Lama
Another way we can become less focused on the materialistic is by disconnecting ourselves from the people who bring this out in us, and the electronic devices which keep us plugged into the proverbial “matrix“. Limiting your exposure and the time in which you are plugged in provides a break from your dopamine receptors, and allows you to break your dependency. If your dopamine receptors are constantly stimulated, it could lead to you feeling less enjoyment in life generally.
What is Radical Honesty?
Radical honesty is the practice of openly sharing thoughts and feelings without distortion. It builds trust, encourages vulnerability, and fosters deeper connections. By embracing truthfulness, individuals promote personal growth, reduce stress, and navigate conflicts more effectively. The practice is rooted in the belief that genuine communication leads to more meaningful relationships and a more authentic way of living.
Definitely take a look at this explanation from Dr Anna Lembke:
But how can we be radically honest? It is a concept best explained with some examples. Imagine that you are thinking of buying a fancy Chanel handbag.
Your normal self-talk might convince you that you should buy the handbag as you can afford it, it is good quality, and you have worked hard and deserve it. All of these facts may be true and are at least partially honest.
However, if you were to delve into the deep truth of why you want that handbag, you may discover that there is a dark reality beneath the surface and if you’re being completely honest with yourself, the reasons why you want the handbag might be completely detrimental to your growth as a person.
For instance, you may be buying the handbag to present yourself to others as successful, show off to your friends, try to emulate someone else, or even try to make others feel worse (a particularly toxic reason).
Radical honesty is challenging precisely because it forces you to understand the deep motivations behind your actions and reflect upon them. This takes both time, and dedicated practice, and sometimes may require you to listen to other people (usually saying things you don’t want to hear).
How do you Overcome Financial Stress and Anxiety?
The weight and burden of financial issues can have a terrible effect on both our bodies and our minds. In fact, according to an Experian survey, 68% of adults in the US have experienced financial trauma.
This trend is set to get worse, as younger people are often in a more difficult financial situation; according to that same survey, 73% of Gen Z-ers and 77% of millennials experience negative thoughts, flashbacks and/or anxiety about money.
In addition, I foresee that with the rise of AI, and the eventual displacement of many jobs, there will certainly be a tendency for people to have fundamental existential crises over their human value.
Furthermore, it will become easier to understand everything as only representing some utilitarian and materialistic value. Our stresses and strains across society will continue to increase.
The two main ways that will alleviate this stress are:
- To only care about issues that are within your control
- To establish a clear plan of action and budget to deal effectively with your issues
On the other hand, three actions which definitely will not alleviate the pressure of the situation are:
- Burying your head in the sand
- Retail therapy
- Taking out a payday loan
How Do Financial Goals Contribute to a Healthy Money Relationship?
Financial goals play a crucial role in fostering a healthy money relationship by providing direction, purpose, and a sense of control over one’s financial life.
Setting clear financial objectives helps individuals prioritise their spending, saving, and investing, aligning their actions with long-term aspirations. These goals serve as motivators, encouraging disciplined financial habits such as creating a budget and responsible decision-making.
Additionally, financial goals promote communication and collaboration in relationships, as partners work together to define shared objectives and strategies for achieving them. This collaborative effort strengthens trust and understanding, reducing the potential for financial conflicts.
You might like to read:
Additionally, financial success helps one to be proud of his or her wealth which leads to positive feelings of self-worth and perseverance during times of economic turmoil. These goals act as a guide in simplifying the complications of money relations and also ensure security and harmony in money relationships.
Conclusion
Overall, healthy relationships with money are a personal journey of awareness, making decisions, and devoting attention to finances. Anyone who wants to develop a healthy attitude toward money ought to find out where the problem lies.
Such people can accomplish this by practising gratitude and radical straightforwardness while also combating addictions related to money, reducing money worries, and making a financial strategy for themselves.
Healthy money relationships are not only about numbers; the financial options must accord your beliefs, and develop mental strength that will lead you to freedom.
Adopting these views regarding your financial outlook will prepare you to handle money better, giving you financial security, balance, and fulfilment.
