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Posted on March 14, 2007
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SuccessPassion Gold- Wealth Research

I ran across this article and found it to be quite interesting. Wealth and Success elude most people. It does not have to.

doug

Research shows that money and wealth can create both positive and negative feelings for individuals and families. It is thought, for example, that the reason for loss of money is poor financial planning. However recent evidence show that 90% is lost due to poor financial and emotional preparation and only 10% is due to poor financial planning. The relationship between money and psychology is a key aspect of growing and preserving wealth.

While it is difficult to generalize, in many cases the more financial security people have, paradoxically, they experience less emotional security. Their external life may appear solid and well furnished, but inside, they frequently harbour debilitating concerns about family conflicts, self worth, fears, failure, inadequacy, responsibility, and ironically even survival. Society’s assumption that material success guarantees happiness merely exacerbates these concerns.

There is no magic formula for how to address these issues. Each family is unique, and so are the individuals in it, and therefore have a different set of challenges. However, a two-pronged approach is found to be most effective when dealing with the challenges of money and wealth. One is approaching the personal level and the other is focusing on the practical financial aspects.

At the personal level the primary objective is the emotional education, which can begin by exploring the underlying concerns and psycho-dynamics that related to the person’s life and his financial consciousness. The practical financial aspects relate to financial education, which includes choosing the right advisors, gaining suitable information and participating in various trainings and courses to educate our selves in how to better manage and preserve money.

The above support is often best supplemented by developing the necessary skills to manage money or wealth. This may include focusing on creating effective communication with the wealth advisor. This is due to the fact that sometimes the focus of the client is with precisely this person - the banker, the trustee or the advisor.

It is therefore important to understand the relationships between our financial status and our emotional and behavioral state as a way to overcome various challenges in our life.

Alas only a few of those who are experiencing various challenges with regard to money or wealth have the confidence to approach a professional. Not only are people generally too embarrassed to ask for help in unraveling their feelings, financially independent people suffer the double stigma. Since their problems are caused by money or wealth, which supposedly should be making them happy.

It is crucial for people to understand that a professional can offer guidance without imposing decisions, accept the client as he is, without making judgments and above all, listens in a way that provides the client with clarity in realizing the way forward in the maze to happiness.

 blessings…doug

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