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Money Psychology

Reduce Your Risk For Life-Shattering Financial Crisis

Last week I addressed the gravity of the increased risk of suicide after experiencing a personal financial crisis. This underscores the seriousness with which we all need to approach making financial decisions, especially those involving high-risk speculative...

Financial Crisis and the Risk of Suicide

“I lost over $450,000, I cannot pay the bank, I’ll become homeless. Suicide is the only way out.” This desperate plea summarizes one of the top posts a few months ago on a Reddit forum for the cryptocurrency Terra Luna. Like other cryptocurrencies, it has recently...

What Is True About Money

“What is true about money?” A flippant answer to this question might be something like, “That I ought to have more of it.” Going a little deeper, however, we can come up with a list of characteristics, truisms if you will, to describe what money is and is not. Some of...

Vow of Simplicity Not Really So Simple

Last week we explored one type of money belief, an unconscious vow of poverty that can lead to self-sabotage and harmful behaviors around money. But what about those, like members of some religious orders, who consciously make vows of poverty? Does that also lead to...

Vow of Poverty Money Scripts

If you’ve ever lived in real poverty, struggling to meet your basic needs for food, shelter, and clothing, it’s almost certainly not a “lifestyle choice” you would voluntarily opt to return to. If you were to ask people who are living in poverty whether they would...

What Financial Wellbeing Really Is

What is financial wellbeing? A researcher based in Berlin recently asked me that question. I had a bit of a struggle answering, in part because I write and talk a lot about what financial wellbeing is not. One straightforward definition of what financial well-being is...