We all have a history and carry some baggage. I am talking about money baggage. Many things helped shape our baggage: our parents, our parents’ jobs, their parents’ history with money, our first jobs, our economic condition, etc. Face it, we all look at money in different ways.
So what if you, or your spouse, agonize and stress over your money and the markets? Do you know anyone like that? There is a couple that we work with that has this issue. He is the worrier. Every morning the first thing he pulls up is his portfolio. After coffee he digs into his financial plan. Then he comes the latest market news. Repeat this 5-10 times a day. For years, his wife has not understood his obsessive behavior. She sees it as unneeded stress that carries over into their relationship…until they both figured out what kind of money baggage they had.
You see, if you break things down to the simplest level, we typically have a dominant Money Mind®. At our firm we have every client take a short quiz to help us determine what their Money Mind® is. The three different ways we think about money are:
So, back to the couple with a Fear based husband. I was visiting with his wife after they had completed the quiz that determined that he was Fear dominant and she was Commitment. She shared with me that for the first time in her life she now understood his obsession. He was wired that way and it was not really a fault of his but a need and desire to take care of the two of them in the best way possible. She now saw the good that a fear based person can bring to the stability of a home. She still gets a little annoyed when the morning coffee conversation steers toward stocks and bonds, but she has an easier time giggling at that fear based person drinking coffee with her and admits to having a little comfort level that he is actually looking out for her future.
FinLife Digest is the weekly newsletter that delivers financial news, tips, and advice from United Capital experts and other leading sources.
United Capital Financial Advisers, LLC (United Capital) provides financial guidance and makes recommendations based on the specific needs and circumstances of each client. For clients with managed accounts, United Capital has discretionary authority over investment decisions. Investing involves risk and clients should carefully consider their own investment objectives and never rely on any single chart, graph or marketing piece to make decisions. The information contained in this blog is intended for information only, is not a recommendation, and should not be considered investment advice. Please contact your financial adviser with questions about your specific needs and circumstances. This blog is a sponsored blog created or supported by United Capital and its employees, organization or group of organizations. This blog does not accept any form of advertising, sponsorship, or paid insertions. Certain authors of our blog posts may be influenced by their background, occupation, religion, political affiliation or experience. It is important to note that the views and opinions expressed on this blog are that of the owner, and not necessarily United Capital Financial Advisers. As a Registered Investment Adviser, United Capital does not allow any testimonials on their blog, and any comments deemed as such United Capital will remove.
United Capital does not offer tax or legal advice; therefore all articles should not be taken as such. Please consult legal or tax professionals for specific information regarding your individual situation. All referenced entities in this site are separate and unrelated to United Capital. Any references to any specific commercial product, process, or service, or the use of any trade, firm or corporation name is for the information and convenience of the public, and does not constitute endorsement, recommendation, or favoring by United Capital.