THE WISDOM & FOOLISHNESS OF MONEY MANAGEMENT
EGOCENTRICITIES of MONEY MANAGEMENT
A real estate agent I know often grumbles about buyers unable to qualify for a decent residential purchase loan. One of her past clients enjoyed prime seating for sports and theatrical ‘season’ tickets for years. Their maxed-out credit cards had funded their fine dining, entertainment and travel addictions. Often, they were unable to pay their mortgage for months. In their time of financial upheaval, they were unable to qualify for a refinance loan due to bad credit. A single gentleman with a decent income and athletic prowess hungered for the latest version of jet ski, sailboat, motorcycle and sports car. Unable to insure, maintain or repair his big man toys, his large backyard on a cul-de-sac became a graveyard for his collection. With every story she told, I was reminded how easy it is to make money but how difficult it is to keep or make it multiply. And yet, there are so many educational courses and seminars about money management. What bothered the agent more than anything was their audacity to call her, not their friends or family members, for a no interest unsecured loan.
THE MISER
A miser might be a person reluctant to spend their money on comforts and necessities in order to hoard possessions or stash away their cash. The cause may be the frugal mania of those suffering from OCPD (obsessive-compulsive personality disorder). Miserly behavior may reduce anxiety for those with mental illness or development issues arising from a child’s ‘Anal Stage’ which influences autonomy, initiative, industry, identity, intimacy and/or generativity. Whatever the psychological disorder, there is no doubt that a stingy person hates to spend money never becoming a philanthropist or a contributor promoting the welfare or others.
THE COMPULSIVE SPENDER
Often referred to as shopping addiction, oniomania, impulsive buying, shopaholism or other such phrasing, compulsive spending is mood-altering behavior consisting of unnecessary, emotion driven and negatively impactful activities. As an addiction, the inflicted spend foolishly even when they want to refrain. As a mental preoccupation, the unhealthy behavior can even progress into discomfort or distress when abstaining. Binges occur. The sensation of euphoria urges the addicted to continue spending regardless of the negative consequences of ignoring responsibilities and obligations. For example; the uncontrollable urge to gamble may begin as a coping mechanism that mutates into a dangerous obsession. Mental health disorders enflaming the situation may include Depressive Disorder and Mood Disorders such as bipolar and anxiety disorders.
THE FOOLISHNESS OF MONEY MANAGEMENT
The lifestyle of foolish spending is a Pandora box of loss, grief, trauma, coping, anxiety, depression, shame, denial, guilt, strained relationships, self-loathing, unmanageability, secrecy leading to a double life, the use of blame to justify the mis-management of money, avoidance of accountability, association with other addicts, interactive and legal consequences, powerlessness, hopelessness and helplessness. Whether foolish money management arises from a need of excitement, perfectionism, a sense of emptiness, the need to cope with negative feelings, a history of deprivation, compulsion, impulsivity, significant loss, the need to numb overwhelming emotional pain, or, dealing with rejection or abandonment, the inflicted person can get treatment and take advantage of recovery support that are anonymous, free and run by its members.
WISE MONEY MANAGEMENT
The wisdom of money management begins with a focus on the necessities. Eating for health and not pleasure reduces the need for medical expenditures. Contributing effectively to communal living may be the smart way to start one’s independence until a person can set up their individual lifestyle. Analyzing all affordable transportation options for various destinations will provide the information needed to select the most beneficial method. For those living in large cities, often a taxi, Uber, Lift or rental car will suffice. Creating a small but versatile wardrobe, replaceable as needed, in lieu of accumulating assorted styles you will seldom wear or forget that you have is another way to save dollars. Be careful of sales. Purchasing cheap clothing you hate wearing, or, a shirt in every color just because it’s affordable, is not a wise course of action. Always, remember that necessities include money set aside for unwanted surprises such as maintenance and repairs of property or loss of employment. Spending wisely enhances your well-being and security. Prioritizing necessities reveals how much you can set aside for your future, birthdays, holidays, vacations or hobbies. Wise money management is worth the research, study and application.
RESOURCES
· The National Council on Problem Gambling Helpline offers a confidential 24-hour helpline.
· NIH: National Institute on Drug Abuse
· NIH: National Institute on Alcohol Abuse and Alcoholism
· CBS NEWS: 5 Ways to Beat Your Shopping Addiction
· CNBC: MONEY SPENDER PERSONALIY TYPES
· Very Well Mind: Self Help Groups for Shopping Addictions
· Bankrate: 15 Passive Income Ideas
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