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Are you dealing with envy or worry in your financial life?
Money may be a physical reality on a balance sheet, but whether we like to admit it or not, it’s also a highly emotional topic. However rational and cool headed you like to think you are when it comes to your finances, scratch the surface a little and your personal wealth is likely to be tied up with all kinds of emotions - pride, shame and much more.
Our bank balance doesn’t change who we are as a person, but it does reflect a kind of sum total of our decisions - some good, some bad - and most of your purchases will have some kind of emotional element, whether you’re wanting to launch your own business, invest to become more financially secure or get into Bitcoin to make your money go further.
Our emotional state has a lot more to do with our monetary decisions than most of us want to admit to ourselves.
So how can a negative spiral affect you financially? And how do you get to the heart of why you’re really saving up for something, splurging where you shouldn’t, or investing?
Anxiety has an awful lot more to do with money decisions than you may realize. After all, it's our need to try and secure some sort of cushion against stormy economic waters that drives a lot of our wealth acquisition and investment.
If you’ve lived through hard times in your personal life or with a global recession, it's likely that you may have become more than a little risk-averse when it comes to diversifying your portfolio. Or it may be that you’ve worked through bad personal debt due to questionable spending habits, have spent time rehabilitating your finances, and are so concerned about slipping up again that you don’t want any loans.
If this is the case, think about the events which have led you to this point. Why did the events occur? What could you control about it? What didn’t you get a say in? Understanding the reasons behind these emotions can help you to leave them behind and make investments which aren’t as affected by events in your past.
All of our finances are individual and mature at different rates. Some people come from nothing, while others are born into wealthy families. Some make smart money decisions which pay off early on in life, others reach a certain age without much of material worth to show for it.
It’s not a level playing field out there, so it's only natural that sometimes we begin to feel emotions of envy towards the financial situations of others. Humans are wired to make comparisons between themselves, and social media only amplifies that.
Or it may even be that you’ve suffered a serious set back - a job loss, an illness or an accident - which has impacted your money situation, while others haven’t had to deal with that stress. In those situations, acknowledge that recovery is a process. Focus on accessing specialist support from a source like Rosenfeld injury lawyers, and let them advise you on ways you may be able to shore up your financial situation with any compensation you’re entitled to.
Ask yourself what you are missing exactly that makes you feel so jealous of others. How can you use it to do better and work towards where you want to be? Often you’ll find that it isn’t the house or the sports car you’re actually jealous of - it's the financial freedom or security that they represent, and that’s something that you can work towards.
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