Common Money Disorders
As a financial planning firm, we focus on helping people and families succeed financially. We also understand that dealing with money can cause mental and emotional stress. The severity of each situation may vary, but seeking assistance is crucial. Here is a list of some of the most common money disorders. This post aims to reassure anyone struggling that they are not alone. If you or your loved ones are experiencing any of these challenges, seeking help is essential.
1) Compulsive Buying: Shopping can often provide a short-term boost by giving a sense of excitement and fulfillment, temporarily distracting from negative emotions or stress. However, an excessive focus on shopping and constant spending can result in significant financial strain. This can ultimately accumulate insurmountable debt, creating long-term challenges and stress.
2) Hoarding: Hoarding is a behavior where individuals gradually accumulate items and struggle to discard anything, leading to cluttered and disorganized living and workspaces. It can stem from a reluctance to part with possessions due to financial concerns, even if the individual has sufficient resources. Alternatively, it may result from the fear of not having enough money in the future. People who experienced poverty during their upbringing are more prone to exhibiting hoarding tendencies.
3) Gambling: Compulsive gambling is a severe mental health condition characterized by a person’s uncontrollable urge to gamble despite negative consequences. This disorder can lead to extreme emotional highs when winning and devastating lows when losing, making it difficult for individuals to control their gambling impulses.
4) Workaholism: Workaholism is often associated with feelings of anxiety or depression. Workaholics frequently fear not having enough money, leading them to prioritize their careers at the expense of spending time with friends and family.
5) Financial Enabling/Dependence: Financial enabling occurs when money is used to control or maintain dependence. It often occurs in families where wealthy parents continue to pay for their children’s expenses even when the children can support themselves. This can hinder the children from learning how to manage their own money. Financial enabling happens when a person becomes reliant on money they didn’t earn and fears being financially cut off.
What’s next?
It’s important to acknowledge that these disorders require serious attention and should be addressed by a licensed therapist or mental health expert who has the appropriate training and experience to provide effective support and treatment.
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