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Save Yourself From Money Disorders

IndianMoney.com Research Team | Updated On Tuesday, May 28,2019, 04:10 PM

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Save Yourself From Money Disorders

 

 

There was an interesting case of a person who put electricity bills and financial-related documents into a cardboard box, believing that he didn’t have to deal with them, if they were in the box. This brings up the thought; Do people really suffer from psychological money disorders?

What are these money disorders? Well, a person believes “Money could make me happy”, This could soon lead to hoarding and other money disorders.

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Save Yourself From Money Disorders

1. Hoarding

You just can’t stop collecting money and things. It’s become an obsession. Compulsory hoarding becomes such an obsession that soon there’s no place for normal living in your home.

You might hoard cash under your mattress believing it to be safe, instead of at the bank. Instead of putting your savings and investments on auto-pilot and directing it into an investment which gives high returns, you might put all your money into a low interest savings bank account which gives a false sense of security.

2. Being a Workaholic

You have people who are alcoholics and people who are workaholics. There’s not much difference between the two. One is a slave to alcohol and the other to work.

You work very hard without breaks to amass wealth and the source of this is financial insecurity. You find many such people in the corporate world.

Who are these workaholics? These are the people who get to the office very early, stay really late and then go home and work.

Workaholics want money and the power and respect that it commands. Workaholics feel they never have enough money. They want more. They have to prove something.

SEE ALSO: How To Save Money For Future?

3. Compulsory Gambling:

Are you a pathological gambler? There’s cause for concern. You keep gambling believing one day you’ll hit the jackpot and make a lot of money.

Excessive trading, gambling, buying the lottery or betting, all these are signs of compulsory gambling. Upskill yourself to be job ready. You won’t have to resort to unnecessary risk.

4. Compulsive Spending

You see something, you have to buy it. This is the compulsive spending disorder. You suffer from anxiety and spending heavily seems to be the way out. When you buy something, there’s no satisfaction. The craving remains and you must make another purchase.

Talk to a psychologist and determine the root cause of your cravings. Solve the problem and get rid of compulsive spending.

5. Extreme Underspending

Being frugal is fine, but are you taking it too far. You must have come across people who cringe to spend all the time. They just don’t want to spend even on the essentials. They die with tons of wealth.

Leaving a lot of money for your family is great. But at what cost? When will you start enjoying the wealth you have earned? If you don’t spend your money, probably someone else will.

6. Financial Infidelity

Are you trying to secure your future at the cost of your spouse? Doing this by lying about money? This is Financial Infidelity.

Financial infidelity may be caused by a spending addition. You could be hiding the purchases made using the credit cards as the spending has gone out of control. Financial infidelity is caused by the lack of communication with your spouse. It can be as devastating as sexual infidelity and may result in a divorce.

These are Common Tricks to Catch Financial Infidelity:

  • Look for the common hiding spots at home.
  • Look for hidden assets online.
  • Look at business expenses.
  • Keep a close check on bank accounts
  • Seek help of a financial advisor.

7. Financial Incest

Burdening kids with money problems. This is financial incest. If adults force children to serve as a go-between in arguments on money, force the child to work excessively to pay the household bills or expecting a child to keep financial secrets from family members. All these are signs of financial incest.

Don’t indulge in financial incest like blaming spouse for money problems, making the kid feel guilty on his/her expenses or simple things like sharing work stress with your kids.

8. Financial Enabling

Are you excessively helping family and friends at the cost of your finances? This is financial enabling. You don’t take an education loan, but spend money set aside for retirement to pay your child’s high college fees. This is financial enabling. Your children would get a job and pay back the education loan. Who will take care of your retirement expenses?

You must first secure your finances, by learning to say, No. This will get you get out of the financial enabling trap.

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IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

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