Those Money Problems, They’re All in Your Head – FiveCentNickel.com 12-16-12

Salient to Investors:

We know we carry too much credit card debt, own too little retirement savings. Our confidence in our abilities to live on our meager nest eggs is far too high, and our emergency reserves too low.

Schools don’t teach money management skills, despite their importance. Parents don’t hand down any money managing skills. We continue to spend senselessly.

Our inability to get out of debt and accumulate money is tied to holes in our sense of psychological wholeness.

Rick Kahler at Kahler Financial Group says destructive financial mistakes include:

  • The inability to spend available money for critical health care, needed shelter, or clothing.
  • Giving cash away to ease anxiety, rather than solving one’s own money issues.
  • Providing children with financial details reserved for adult ears.
  • Failure to understand that accepting some risk on a long-term basis can improve your financial well-being.
  • Feeling entitled to first-class seats, big homes etc without owning the money to pay for them.
  • Sacrificing living and enjoying relationships in the pursuit of more money.
  • Using the logical portion of our brain to justify the emotional decisions.

Read the full article at http://www.fivecentnickel.com/2012/12/11/those-money-problems-theyre-all-in-your-head/.

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