If you want to truly know yourself, pay close attention to the way you treat money.
British writer and philosopher John Armstrong once said: “One’s relationship with money is life long, it colours one’s sense of identity, it shapes one’s attitude towards other people, it connects and splits generations; money is the arena in which greed and generosity are played out, in which wisdom is exercised and folly committed. Freedom, desire, power, status, work, and possession: these huge ideas that rule life are enacted, almost always in and around money.”
You will find that your relationship with money puts you in one of the following categories:
Obsessive: You believe that attracting and accumulating money is the sole purpose of your life. Health, energy, time, peace, relationships, ethics — there’s nothing you will not sacrifice in your pursuit of money. Your unhealthy relationship with money has made you obsessive to the point of being dangerous to not only yourself but everyone around you.
Reckless: You are addicted to the highs that money can give you. This makes you spend money even if you haven’t earned it yet. As a result, you find that you are perpetually in debt. You may have even become a financial burden to someone else. People often hear you say that you never have enough money. You are usually anxious and discouraged because of your inability to repay your debt.
Daydreamer: You dream of being wealthier, but you rarely take action to make those dreams come true. You believe that because you are a good person, money will come to you. You become dull and depressed if your expectations do not come to pass. Your idealistic attitude towards money also causes you to lend money to others even when you don’t have enough to sustain yourself. As a result, you experience more lows than highs.
Non-conformist: You do not have a relationship with money at all. Irrespective of your reason to cut yourself off from money, you find that you often miss the emotions you have experienced because of it in the past. Moreover, you work twice as hard to manage your needs and wants without money. This has caused you to become emotionally and physically drained.
Freeloader: You don’t bother to earn or save money, even though you are capable of doing so. You are habituated to living off people’s generosity. This has caused you to become a burden to everyone around you — especially your family and close friends. Waiting for others to meet your monetary needs has also caused you to become frustrated and angry, and even harbor
Dependent: You rely on others for money because you are currently in a situation that prevents you from earning. This has caused you to lose your self-confidence and even feel guilty and inferior to others. You fail to realize that you can become financially independent by investing the passive income you receive from others.
Wise: You value money, but don’t worship it. You know that money is a means to an end and that you need it to help yourself and others. So, you have developed ways to generate it without affecting your well-being. You are not obsessed or reckless with money. Instead, you have disciplined yourself to not spend impulsively or let greed overtake you. You know that growing your wealth is better than hoarding it. People often look to you for financial advice.
If your relationship with money currently shows you are anything but wise, don’t fret. It’s never too late to start treating money well. The main step is to change your perspective about money. The best way to do that is by understanding the role that emotions play in all your money matters.