Todays fast-paced world easily entraps us in the pursuit of earning more money. However, most people do not realize the significance of practicing emotional detachment from money. This can actually prevent us from achieving true financial freedom.
Being conditioned to link money with happiness makes it difficult to emotionally detach from money. Research has shown that beyond a certain point, an increase in income doesn’t lead to a corresponding increase in happiness. Sonja Lyubomirsky, a psychologist at UC Riverside, discovered through her study that only 10% of our happiness stems from external factors like income, while 50% originates from genetics. More money won’t bring lasting happiness, as our emotional attachment to it is not based on reality.
We associate resources with safety and security, which is another reason we are emotionally attached to money. According to a study by the University of California, Berkeley when we see money, it activates the same regions of our brain as when we see food. We feel safe and secure when we have money, despite knowing that there is no amount of money that can completely eliminate risks.
So, how do we practice emotional detachment from money?
Well, relationships, health, and passions are some of the most important things in life. According to positive psychologist Martin Seligman, when we focus on our strengths and relationships, we are more likely to experience greater life satisfaction and happiness. By shifting our focus away from money and onto the things that truly matter, we’ll be less likely to get caught up in the rat race of earning more and more money.
Another way to emotionally detach from money is to practice mindfulness. Knowing our thoughts and emotions around money can help us challenge and change limiting beliefs. By engaging in mindfulness, individuals can decrease stress and increase their overall wellbeing, breaking free from the grasp of their emotional attachment to money.
It’s also important to set financial goals and create a budget. According to behavioral economist Dan Ariely, setting clear goals and creating a budget gives us a sense of control over our finances, and when we feel in control, we are less likely to be driven by our emotional attachment to money. Our bank account fluctuates day-to-day, so it is easier to focus on the long-term if we know where our money is going.
Another way to detach ourselves emotionally from money is to learn to delay gratification. When we practice delayed gratification, we learn to resist the urge to spend money impulsively and instead focus on our long-term financial goals. According to Walter Mischel, a psychologist at Columbia University, the ability to delay gratification is a strong predictor of success in life.
And last but not least, a counselor, financial planner, or therapist can assist you if you cannot detach emotionally from money. According to clinical psychologist and financial therapist, Amanda Clayman, many of our financial difficulties stem from our emotional relationship with money, and a trained professional can help us untangle these emotions and achieve financial freedom.
Here are some tips for breaking free from the emotional shackles of money:
- Reorient your priorities and focus on the things that truly matter in life, like relationships, health, and passions.
- Adopt a mindfulness practice to increase awareness of your thoughts and emotions around money.
- Achieve laser-focus by aligning your values, vision, and financial goals with a budget that supports them.
- Cultivate self-discipline by mastering the art of delayed gratification.
- Don’t be afraid to seek help from a professional if you’re struggling to shake the emotional grip of money.
- Arm yourself with knowledge about the cultural conditioning and psychological factors that contribute to your emotional attachment to money.
- Shift focus, develop a positive outlook, and create a healthier relationship with money consciously
In conclusion, detaching ourselves emotionally from money is not easy, but it’s essential for achieving true financial freedom. By focusing on the things that truly matter in life, practicing mindfulness
