Since the fall of Lehman Brothers, the crash in the market, the rise of foreclosures, and the depressing rate of unemployment, many of us have had worries about money. But money worries are not limited to financial crises in the general economy. There are some people who are always worried about money, always afraid that the bottom will fall out.
What are some of the sources of these financial worries? Well, a lot of it depends on what money means to you. Consider the following possible event: Your income and net worth are decreased by 30 percent. What would that mean to you? What does money mean to you?
There are five common beliefs about what money means to you.
- Status. You think that having more or less money determines your status among people whose opinions you respect. You look at life as a race where people with more money are winning and, in this case, you are losing. You think of yourself as climbing a ladder, but when you lose status you think of people stepping on your fingers as you clutch the rung above you. You are continually rising or falling. You think of yourself as a loser or a winner. You find yourself feeling humiliated or proud, envious or contemptuous, depending on the money you or others have. What you buy reflects your status -- the car you cannot afford, the labels on the clothing that is over-priced. You are willing to leverage yourself to keep up with the Joneses, who never invite you over anyway.
So, which of these five mindsets do you have about money? If you lost -- or gained -- more money, would it be filtered through the mindset of status, self-esteem, security, motivation, or utility? It's clear which mindset is the most rational, the most balanced, the most flexible. Have you lost the perspective that money is simply a currency? It buys certain things. It costs something to make money. Taking risks, going into debt unnecessarily, keeping up with others, beating people in a race -- well, those are real sources of stress. They are choices you don't have to make.
Money is not useful in and of itself. Having a thousand dollars under your nose doesn't make you happier. It's what it means, what it buys. And there are a lot of things money doesn't buy.
I'd like to start by thinking about what is free. Think about it. What could you do today -- this week -- that is free? What could be enjoyable, meaningful? Spend a lot of time with what is free and then, if you need more, get some money and spend some money. And then come back to what is free. That's freedom, isn't it?
For more by Robert Leahy, Ph.D., click here.
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