Money is no longer all about bank balance it has strongly connected to your emotional attachment.
Money gives a person power, status, and respect, money influence how people treat you. Whether you know it or not, you have an emotional connection with your money. Some of life’s highest highs and lowest lows are tied to money. We all need money to live and money does make life easier and more comfortable and gives us access to better services.
In today’s world, money is the center of many people’s lives, to the determent of their health, family, and quality of life. Everyone is trying to keep up with everyone else with the best gadgets, cars, and houses. We feel better about ourselves when we have the latest iPhone or walk around in designer labels. We want to impress people with how much money we have. Money validates us. Money makes us feel we are somebody.
Money gives us the power to accomplish goals, do what we love, protect our loved ones, and live a happy life. Money gives the mixed reaction of fear, anxiety, confusion, scarcity, or abundance represent a few of the mindsets that impact financial planning.
Money has such a powerful impact on people that a sudden gain or loss in money can have a profound effect on some people’s personalities and attitudes. It can make a happy person miserable and a nasty person as nicer.
But the key is the way you handle what you got deliberate planning is needed, more money doesn’t mean fewer problems the key is the way you balance it. You will be the same person with or without money.
Teach your children to tackle between ‘need’ and ‘wants’. Have them learn about balancing income, saving, and spending so that in the future they develop a healthier relationship with money.
After people retire and the paycheques stop coming, usually, the value of money for retired people go up. At this juncture of their life if they are financially stable it could strengthen the emotional connection between the parents and the children. In the current changing social structure, where nuclearization of families is on the rising money can strengthen the emotional connection with the families.