Many have heard of emotional intelligence but what about “financial” emotional intelligence? Financial emotional intelligence is understanding what you feel about money, and understanding why you feel that way, which is extremely important, especially if there is any dysfunction. How does that affect your pockets? Financial Expert Clyde Anderson returns to the Get Up! Church for our Money Monday segment.
Anderson gives us five tips on how to control your emotions and your money.
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There are five daily emotions that can affect our personal finances.
Anderson: You think about this when you’re doing well. As you got a lot of. Money usually spends without thinking about it. And so that satisfaction of feeling like I’ve made it or I have it allows us to let money go out the door without naming those dollars. And you know, we can’t do that. We got to name. Those dollars, and so we really got to make a plan. And think about it and save some. Of that, it’s like I call it the 50. 3020 plan 50% of your take-home income is the needs 30% to wants and 20% should be to debt to knock it out of the way. And so we’re just not out there spending, you know you break a 20 and it’s gone. And so you have. No purpose for it. So you think you got a lot, but it’s not always that it’s better to pinch.
You know we use to it “keeping up with the Joneses.” Now I’ll call it keeping up with the posers.
That’s what we’re doing now. All those social media stories and I mean literally quote stories. And this is what we’re talking about. We believe the height. And the pressure can make us spin more than. We really should. Or we have we don’t have it. And so we. Gotta put those things around and start thinking about what I can do for others instead of just trying to figure out what I can do to keep up with them. Others run their own race and then run it at their own pace. Don’t let social media trick you out of your future.
“False Evidence Appearing Real “and we often put off analyzing our finances because we don’t want to know and we’re too scared. It’s like going to the doctor for some of us. You know we rather stay ignorant, but ignorance is not bliss and so you gotta start being the owner of your finances. And so when you feel that emotion of fear come over there over, you don’t allow it to. Go over and review your finances weekly. Be in control if you incorporate it. Know what you’re working with, and again, realize that ignorance is not bliss. We got to look at these things. And that’s how we’re going to.
That’s you know it. It’s easy to get into a rut and we’ll keep you both because again, it’s hard sometimes to look at it. It’s easy to just go with the flow, but it’s harder sometimes to really understand and learn about finances. It’s like going back to school for something. But once you study, learn and. Repeat, you know it and you’re empowered, and that’s what it’s about. Gradually become your own. Financial experts understand it’s not rocket science, but it takes. Time to be committed and understand. What do you really want? If you want to have financial success? And go for it.
Now we know a lot of people go shopping and it releases those hormones or endorphins. That makes us feel better and so. But it’s really important to learn the difference between joy and adrenaline. It’s an adrenaline rush that we get by spending money, and sometimes we’re spending money we don’t have, but we want to find joy and joy as a feeling of the state of being content. So we want to be. Content with what we have and not lie. The highs and lows, enough highs and lows in life. We don’t want to do that with our money and do it to ourselves, so joy is being more consistent and sustainable. That’s what we want, so we want to find other ways to get the rush. Like OK, how much can I save this much challenge? You know things like that and actually give you that adrenaline of the future.