What’s Your Relationship With Money
The key to money management has nothing to do with money …
One of the main reasons why athletes falter with money is because they don’t have a healthy relationship with money. Whether it’s trauma, negative emotions to money, not in tune with their relationship with money, etc all these factors play a role to ultimately being good with your money. There have been many cases of athletes understanding the complexities of investing, budgeting, saving, etc but still struggle with the principles of money management because of their physchology around money.
Here are concepts that athletes should focus on to help get a better grasp with money management:
Personality Type and Money
Your personality type can influence your financial behavior in several ways. Are you an introvert or an extrovert? Are you detail-oriented or more of a big-picture thinker? Do you enjoy taking risks, or do you prefer a safer, conservative approach to money?
Recognizing your personality type helps tailor your financial strategies to fit your natural inclinations.
Money Love Language
This is a spin off the love language concept for personal relationships based on the popular book, 5 Love Languages. Just like the concept of "Love Languages" for personal relationships, your Money Love Language can reveal how you express and receive love through money. How do you deal with money is essential.
There are five main Money Love Languages:
Gift Giver: You express your love through gifts, and receiving thoughtful financial gifts makes you feel valued.
Quality Time: You consider quality time spent managing finances together as the ultimate expression of love and care.
Words of Affirmation: Positive affirmations about your financial contributions or a simple "thank you" mean a lot to you.
Acts of Service: You feel loved when someone helps with financial tasks or takes care of shared financial responsibilities.
Physical Touch: Physical expressions of love, like holding hands while discussing money or sharing a hug after resolving financial issues, make you feel closer.
This is especially important when dealing with other people as an athlete. For example family, friends, and associates. Emotional blackmail, burden of taking care of your extended family, lack of boundaries and expectations can compound if you don’t understand your money love language.
Understanding your Money Love Language can guide how you communicate about money, ensuring you feel acknowledged.
Attachment Style and Money
Your attachment style, which stems from your early experiences with caregivers, can also affect your financial behaviors. People with a secure attachment style tend to have healthier financial relationships, as they are more likely to communicate openly and trust their partners in financial matters. How many times have you heard someone say Money was taboo, we didn’t talk about money growing up?! That plays a role down the road.
In contrast, those with anxious attachment styles may become overly concerned about money, fearing abandonment due to financial conflicts. Those with avoidant attachment styles might withdraw from financial discussions, avoiding confrontation but potentially causing issues to fester.
Recognizing your attachment style and its impact on your money management can help you work towards healthier financial relationships with your partner and cultivate a sense of financial security.
In the world of personal finance, understanding your personality type, Money Love Language, and attachment style is like deciphering a secret code to unlock the door to effective money management and financial harmony. By recognizing how these concepts intersect with your relationship with money, you can tailor your financial strategies, communicate more effectively with your partner, and ultimately pave the way for a more prosperous and fulfilling financial future. So, embrace your uniqueness and start building a healthier, more loving relationship with your money today.
