Relationships with Cold, Hard Cash
What’s the first thing you think of when you think about money? Often these beliefs are in our memory and affect our relationships with cash all of our lives.
Some of these memories could be:
“Wealthy people are greedy”
“Cash gives you freedom”
“If something isn’t considered the best, it’s not worth buying”
“Never pay for anything on credit”
Moreover, these beliefs about currency develop largely from our life experiences and influence financial behaviors. These are known as the four money scripts. Each of us has a bit of all four but usually one dominates.
The first script is Money Avoidance.
Money Avoidance Behavior
First of all, Money Avoiders feel anxiety about cash and believe that they don’t deserve it. They may think that the wealthy are greedy and think they are better off with fewer assets. Sometimes, there may be an unconscious bias to not think about money, which may lead to overspending, and missed payments.
For example, my client, Rachel, in her early 20s, fell into this category. She had the ability to invest in a Roth IRA to save for her retirement, but she didn’t want to do it because she felt guilty about it. She would often tell me that “The love of money is the root of all evil” with a look of doubt on her face. Over time, with encouragement, and an explanation that she could have a better retirement, she opened a Roth IRA account. She is very pleased that she did so and no longer feels guilty about it.
Furthermore, Money Avoiders are wonderful people who have an opportunity to improve their financial situation with a little bit of encouragement, understanding, and empathy. Beliefs about money are learned or in some cases, unlearned. The next time you see an older person struggling, think about that being you one day.
Ultimately, take compassion on your older self by reaching out today. You can talk to me about what beliefs may be holding you back.