Every one of us aspires to improve the financial conditions that we are in. But the inability to handle your money properly is commonly called as the money disorder and they can impact our lives by a lot. So what are these money disorders and how can you combat them easily? Read to know more.
Money avoidance disorder
The symptoms of this one include living in denial, risk aversion and extreme underspending. This is when you try to avoid thinking about it rather than facing the financial reality that you are in. Underspending is when you have a lot of money to enjoy but you refuse to spend it. While excessive risk aversion is when you keep your money only in the savings account and prevent yourselves from making ambitious investments that can make your money grow.
Money worshipping disorder
This one is quite the opposite to the previous one where people overspend, gamble excessively and take an unbelievable risk. The excessive risk is when you put the well being of you and your family at a stake and take unnecessary risk in order to pursuit gains that are unlikely. Pathological gambling is being addictive in nature. Psychology says that this is a way for people to evade their problems.
Relational money disorder
This one deals with financial infidelity, prince charming syndrome and enabling. Financial infidelity is when you keep a secret about your finances from your partner or other important people while enabling is when you find it hard to say no when someone asks money from you. The prince charming syndrome is when the person bets on winning a lottery that will probably put an end to their financial crisis. This hinders them from making more money by actually working rather than waiting for luck to be in their favor.