And it should n’t be
Tonight we reviewed The Billionaire Mindset with Daniel Strauss, there were so many lessons in the book and also during the our discussion with him.
One nugget that stood out for me during our discussion with Daniel is about detaching our emotions from our money.
Warren Buffett once said:
If you cannot control your emotions, you cannot control your money.
In the world of personal finance, emotions can often cloud our judgment and derail our financial goals.
Growing up in impoverished and underprivileged backgrounds can create a unique and sometimes complicated relationship with money.
For those who have faced financial struggles, money becomes intertwined with deep-seated emotions.
As humans, we are wired to feel deeply and passionately, but when it comes to money matters, separating emotions from the equation is crucial.
However, it is crucial to recognise the importance of separating our emotions from money in order to achieve financial empowerment.
Emotions can cloud our judgment and lead to irrational financial decisions.
When emotions drive our financial choices, we may be more likely to make impulsive purchases, overspend, or take unnecessary risks.
Separating emotions from money allows us to make more rational and informed decisions based on objective factors such as financial goals, budgets, and long-term plans.
The advice is to always separate your emotions from money.
Can we totally remove our emotions from money?
I’m not sure, but I know the goal is not to eliminate emotions entirely, but rather to recognise and manage them appropriately when it comes to financial matters.
Just because you can, does not mean you should.
By recognising that having the ability to spend money doesn’t automatically mean we should, we can exercise prudence, responsibility, and intentionality in our financial decisions. It allows us to make choices that align with our values, contribute to our financial well-being, and support our long-term goals.