You can love your money, just don’t looooove your money
It’s the month of hearts and Valentines, and while everyone is thinking about love, I’m thinking about love and money. Specifically, how the two are intertwined. Is it an exaggeration to say that love and money have had a difficult relationship since the beginning of time? Many ancient religions had a deity specifically tied to wealth and prosperity. Pretty straightforward. But the Bible told us that the love of money is the root of all evil. A little more complicated.
This Wall Street Journal article explores what neuroscience, psychology and behavioral science have to say about how our approach to personal relationships is reflected in our relationship with money. Needy when it comes to love? You may also be using money to keep people around you and feel loved. Can’t open the article? Check out this recent podcast episode about money personalities...it’s not WSJ but it is insightful and entertaining, if I say so myself.
Then there’s your upbringing: all of your earliest experiences around money and the messages that accompanied them. If money was scarce growing up, it might be hard to this day to feel like you’ll ever have enough. Perhaps your family used money to control, punish, or reward. Or your parents told you not to talk about money, it’s not polite, and that it can’t buy love or happiness.
My own mother said to me—not that long ago—get this: “Karen, remember how I told you that money is not the most important thing in life? Well…I was wrong!”
Wait, what?! Now, since I’ve known my mother my entire life, I knew what she was saying— and what she was not saying. She was NOT saying that money IS the most important thing in life. What she was saying is that tending to your finances and being a good person are NOT mutually exclusive. In a way, what she was saying was that you can care about—and dare I say it, love—money in a way that’s not ugly. Take care of your money, so it takes care of you.
And we all know, mom is always right.
Opinions expressed in the attached article are those of the author and are not necessarily those of Raymond James. All opinions are as of this date and are subject to change without notice. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
