Were you glued to the news a couple of weeks ago watching everything going on with the stock market? I was.
The recent happenings with GameStop stock were especially interesting as some people gained millions while big hedge funds lost that and then some.
There was one instance I read about where a Missouri man invested $4,500 and it made a million nearly overnight.
I’ve wondered what made him take money out of his savings and invest? How will he decide when to pull out and take the cash? What will happen for him next?
Because what I know about people who come into a lot of cash quickly is that it creates chaos.
Somewhere between 60-70% of lottery winners go bankrupt within a couple of years. This Missouri guy who was making about $35K a year and then suddenly has a million, probably is going to struggle.
We have an emotional side to our interaction with money that we often fail to consider or look at. When that emotional side isn’t explored or understood, money can come in and create more chaos than control in our lives.
The quick increase in cash brings with it more self-worth issues, more boundary issues (think of the people who now suddenly want to be your friend), etc.
More money = more decisions = more problems.
If we don’t know what to do with our emotions about money, we don’t know what to do with money.
Here’s the 3-2-1 on our emotions and our money.
- Our emotions impact our actions and our actions guide our results. If we want different results, we have to look back at the actions we took and then why we took them. If we don’t, we end up spending too much time reacting and not enough time focusing on what is actually driving the outcomes (our emotions).
- If we will take the time to face and resolve our visceral responses to money (and the stories surrounding it), we will change the amount of money we make. Every. Time. Why? Because we stop making decisions based on “bad data” (aka our perception of truth) and instead can make aligned decisions based on “healthy data” (aka inspiration and numeric indicators).
- Tough emotional reactions can feel instant and therefore unchangeable when in reality there is a space between emotion and action. A space that we can recognize by being present with ourselves at the moment and can expand by choosing to pause before taking further action.
- Look at one result you’ve had recently and investigate it. Was this a result you wanted, what actions did you take to get there, and what emotions led to your actions?
- Practice “the pause.” Next time you feel yourself reacting to a person or situation, take three deep breaths (inhale – hold – exhale) before you respond. Make space to receive inspiration even amidst all the emotion.
- What is my typical emotional response to money (especially when it feels like it’s running out)?
To your impact and legacy,