The Effect of Money on Your Body and Your Emotions

The Effect of Money on Your Body and Your Emotions Money may affect not just our bank accounts, but our emotions. Financial planners report that approximately 25% of their time with clients is spent on In fact, behavioral finance emerged as a discipline in the early 1990s, becoming more prevalent with the financial crisis of 2008. (2) non-financial issues. (1) Money management may also include an emotional component. At least 8 in 10 adults feel some anxiety due to: ) The rising cost of health care Money emergencies Their income Savings Getting financial information can greatly improve the ease of making decisions. () Our emotions may affect how we spend (or don't spend) money. People who believe money is something within their control: (5) • May become more successful Financial intelligence is known as the basis for growing wealth. • May increase their money Because of the emotional connection to money, people generally react to money in 4 ways. Avoidance (1) Worship (1) Younger and single individuals were more likely People with this attitude may carry revolving debt. to hold this attitude. ( Status (1) Vigilance () While people with this trait may be financially secure, they may not allow themselves to enjoy the benefits of having money. Individuals who believe that money is a status symbol are more likely to be young, single, and less wealthy. How do you feel about money? (6) Answer the following questions honestly. How do you feel: Do you have too much debt? Do you have enough income to pay back your debt? Are you comfortable with the amount of Does anyone owe savings you have? you money? Do you have positive feelings about spending on things like entertainment, clothes and home goods? When you ask yourself these questions about money is your attitude positive or negative? Consider if there are changes you could make to improve your emotional relationship with money. Money is an important part of life, and it's up to each of us to control how we react to it. With a positive point of view, your financial situation may improve. SOURCES: BROUGHT TO YOU BY 1. http://www.emotionadvisor.com/en/psychology-of-money DISCOVER 2. http://www.chicagotribune.com/lifestyles/sc-behavioral-finance-family-o621- 20160620-story.html 3. http://money.cnn.com/2017/11/07/pf/money-brain/index.html?iid=SF_LN PERSONAL LOANS 4. https://www.today.com/money/4-unhealthy-attitudes-toward-money-6C9677854 Discover Personal Loans 5. https://www.huffingtonpost.com/deevra-norling/money-is-not-about-financ_b_7579746.html o Borrow up to $35,000 6. https://www.forbes.com/sites/moneybuilder/2012/04/06/getting-emotional-about-money o $0 processing fees /2/#7b9a55383dób O No collateral O o/Yo o