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Jan.24
5:04 PM ET
Thursday, 24 Jan 2008
Top 10 Reasons Most People Do Not Get Along With Their Money
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- People view money on an emotional level rather than for what it is…paper.
- People translate money into things like security, self-esteem, ego, intelligence, self-worth
- People view money as a “thing” they must have rather than a “vehicle” they can use to get them to another level
- When too focused on money, people lose sight of what is really important in their lives such as friendships, other human beings and health
- People mistakenly think money will fix them or solve their problems; oftentimes it is exactly the opposite
- People view their themselves as victims and operate in reactive rather than a proactive approach to building wealth
- People let their past influence how they see the world, their relationship with money and what they believe they are capable of doing or not doing
- People tend to repeat the same mistakes when it comes to money decisions rather than learning from their mistakes and moving on
- People tend to treat money differently based on how they made it or obtained it. This is called “Mental Accounting.”
- People tend to anchor to what they think the value of something is rather than letting the market determine it for them
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