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Money is emotional, not just practical from "summary" of Know Yourself, Know Your Money: Discover Why You Handle Money the Way You Do, and What to Do about It! by Rachel Cruze
Money is emotional, not just practical. This concept is key to understanding our relationship with money. Many people view money as a purely rational and logical entity. They believe that if they simply follow a budget and save diligently, they will achieve financial success. However, the reality is much more complex. Our emotions play a significant role in how we handle money. Our emotions can influence our financial decisions in profound ways. For example, fear can lead us to hoard money and avoid taking risks, even when those risks could lead to greater financial rewards. On the other hand, greed can cause us to make reckless investments or overspend, leading to financial ruin. Our emotions can also impact how we view money in general. Some people see money as a source of security and stability, while others view it as a means of achieving status and power. Understanding our emotional relationship with money is crucial for achieving financial wellness. By recognizing how our emotions influence our financial decisions, we can begin to make more informed choices. This means confronting our fears and anxieties about money, as well as examining our beliefs and values around wealth. It also involves being honest with ourselves about our spending habits and financial goals.- The key to mastering our emotions around money is self-awareness. By understanding why we handle money the way we do, we can begin to make positive changes. This may involve seeking support from a financial advisor or therapist, or simply taking the time to reflect on our own attitudes and behaviors. Whatever path we choose, the important thing is to recognize that money is not just a practical tool – it is also deeply intertwined with our emotions and beliefs.
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