Do you exhibit Money Status?
Often these beliefs are in our memory and affect our relationships with money all of our lives.
Money Status Quotes
“Good people should not care about money.”
“I’ll be truly happy when I have more money.”
“If something isn’t considered the best, it’s not worth buying.”
“You should always find the best deal even if it takes more time.”
These beliefs about money develop largely from our life experiences and influence financial behaviors.
Real Life Example
Money Status is similar to Money Worship, last week’s post. Worship is more external, whereas Status is more internal. Status believers think that their own self worth is based on their net worth, and need to have the newest and best thing. They use material objects to convince themselves that they are successful and important. They buy big ticket items to prop up their self esteem. Frequently, Status seekers are overspenders due to their desire to show off.
Nothing was ever good enough – fancy vacations, Michelin star restaurants, and the finest clothes, according to my client, male, in his late 20s. He loved the way spending money made him look and feel – “liberated”, “important”, “adored.” When we started working together, he had absolutely zero savings in his 401(k). He thought that the money was for bespoke suits and other status symbols. With a lot of empathy, I could see his point of view. After talking with him through various real-life examples, we worked together to start saving money in his 401(k). Now, he is very happy that he has a clear path to retirement.
Beliefs about money status can be unlearned. You can talk to me about what beliefs may be holding you back.