Money obsession is a form of money disorder where individuals chase financial success at the expense of other areas of life. It is a common issue in the modern day that follows several key characteristics.
Namely, people who struggle with money obsession show an unhealthy focus on attaining wealth. As mentioned previously, the obsession usually comes at the expense of other areas of life, such as relationships and well-being.
This guide will look to explain money obsession and show you how to beat it. With all that said, let’s start.
What is Money Obsession?
Money obsession is a psychological disorder that causes individuals to become fixated on acquiring and collecting wealth. It is slowly becoming more and more common in today’s world due to several factors.
None of these factors are more heavily-impacting than a person’s financial position. Debt is a heavily-contributing factor for people to develop an obsession with money. Other factors include student loans and various similar financial obligations.
Money obsession often leads to an unhealthy fixation on money and luxury goods not necessary for a healthy life. As mentioned previously, people who struggle with money obsession often neglect other areas of life, most notably relationships and personal health.
Money Obsession Signs
We can look at several signs that tell us if we have developed a money obsession disorder. Those are the following:
- Money is all you think and talk about.
- You take financial advice from anyone to acquire more wealth.
- You always want more money – what you have is never enough.
- You constantly compare your finances to others.
- You neglect other areas of life to acquire more wealth.
If you have any of these five signs, there’s a chance you have developed a money obsession. So that begs the question, how do you beat it?
How to Beat Money Obsession?
People who struggle with money obsessions believe financial success leads to a happier life. Money allows us to buy goods and luxuries to improve our lives. In today’s world, everything costs money, and money is at the center of attention.
As sad as that sounds, it is the truth. No matter how hard we try, the world leads us to believe more money equals happiness. There’s some truth in that, but sacrificing relationships in pursuit of wealth will have a more detrimental effect on your happiness.
Since money obsession is a self-destructive disorder, let’s look at how you can beat it.
Focus on Personal Growth
Money obsession can be a difficult beast to tame. It can be difficult to break free from its seductive grip and seemingly endless promises of happiness and wealth. Fortunately, personal growth and self-reflection provide some of the most effective tools to beat it.
By taking the time to work on yourself and developing a healthier relationship with money, you can finally break free from its shackles.
Don’t Be Afraid to Ask for Help
Seeking help is often the best way to beat money obsession. Remember that money obsession can take many forms. It can manifest as an unhealthy fascination with money and wealth, an all-encompassing preoccupation with money, or an unhealthy reliance on money and material possessions.
Because of this, money obsession blinds us to the point where we don’t even realize we have it. In addition, the disorder can lead us to financial insecurity, mental health issues, and relationship problems.
Fortunately, help is always available, whether professional or help from friends and family.
Learn to Live Frugally
Money obsession emerges because of two things – you either don’t have money or too much of it. If the latter is the case, there’s a way to beat money obsession by learning to live frugally.
Living life frugally can help reduce the amount of stress that comes from worrying about money. It can also help create a healthy relationship with finances and money management.
Taking the time to create a budget and track expenses regularly will help you maintain financial stability and afford the things you need and the occasional luxury.
Money obsession might be a common disorder, but that doesn’t mean there’s no way to beat it. Some things we can do to beat the disorder include focusing on other aspects of life, such as personal growth, relationships, and well-being.
In addition, we can always ask for help and live frugally as a means to solve money obsession once and for all.