Why having a healthy relationship with money is important
Money and relationships seem like two very different concepts. Relationships are usually thought of as interactions with people and money is transactional. But finances are often the number one reason for divorce and broken relationships. Our relationship with money stems from our experiences with money during childhood and how this information is organized in the mind. Some people were raised to believe money is the root of evil, and others were raised with positive messages on gaining and maintaining wealth.
Whether you had positive or negative experiences with money growing up, it is important to have a healthy relationship with money now to benefit your future. What exists in our subconscious when it comes to emotions and money can play out in surprising ways in everyday decision-making. Why is having a good relationship with money so important?
Financial wellness is part of overall wellbeing. When we have a good relationship with money, we are not stressed out or anxious. Our energy is open to receiving and we feel more satisfied. Good decision-making happens with overall wellbeing and we make both large and small decisions on money daily.
Experiences shape our relationship with money. We underestimate the impact of everyday messaging and observations related to money. Our emotional experiences shape our values and relationship with money. For example, arguments about money can create anxiety or resentment. These experiences can last a very long time. Taking a deep dive into emotions can help shift your financial future.
Money can make us feel emotionally secure, or very insecure. We are sometimes conditioned to think that money buys us happiness. When we make more money, we are happy, right? Well, income itself does not directly create life satisfaction. Money may provide more of a means to create satisfying experiences, but on the other hand, having wealth can sometimes limit ambition.
Ask yourself these questions to determine the health of your relationship with money:
Strengthening your relationship with money can help to provide a more valued life. Your relationship with money affects spending decisions and earning power. If you live life uncomfortable with wealth or think of money as a privilege, you may be less likely to produce wealth. Spending and receiving money are part of a cycle, one we have to deal with for life. This makes it all too important to maintain overall financial health and wellbeing.
If you believe you do not have the healthiest relationship with money, contact your financial advisor to take steps in the right direction of a solid strategy for you and your family.
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Bayntree Wealth Advisors provides comprehensive financial planning and wealth management. The Bayntree team specializes in all aspects of financial health, including retirement planning, risk management, investment advice, tax strategies, estate planning and insurance.
Bayntree does not provide specific legal or tax advice. Please consult with your tax advisor or legal professional for guidance with your individual situation.