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- You Have Attitudes About Money, And You Fall Into 1 Of These 4 Categories.
You Have Attitudes About Money, And You Fall Into 1 Of These 4 Categories.
We all have a money script. Yes, we’re talking about the things that you think about when you hear “money.” It’s not just about how much you have or don’t have, but how you feel about it.
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We all have a money script. Yes, we’re talking about the things that you think about when you hear “money.” It’s not just about how much you have or don’t have, but how you feel about it.
Dr. Brad Klontz is a professor at Creighton University. He co-founded the Financial Psychology Institute and has co-authored 6 books including Mind Over Money. He’s spent countless hours studying human psychology as it relates to money.
He claims that we all fall into 1 of these 4 beliefs about money: Money Avoidance, Money Worshippers, Money Status, and Money Vigilance.
1) Money Avoiders - These people believe that money is bad and rich people are evil. They have a low net worth because they feel guilty about spending money on themselves or others.
2) Money Worshippers - These people believe that having more stuff will solve all their problems, so they overspend and have high credit card debt as a result.
3) Money Status - These are people who “keep up with the Joneses” by buying only new things and keeping up with trends rather than saving for the future.
4) Money Vigilants - These are your wealthy people who save for a rainy day, downplay their wealth, and describe themselves as frugal rather than rich or wealthy.
Dr. Klontz claims that we as humans are not wired to handle money. 99.9% of the human race’s existence has been spent as cavemen. During that time we lived in tribes of 100-150 people and our main focus was survival.
Our natural instincts are to survive in that environment, not the modern day environment we’re in right now, with abstract concepts like money. We’re not wired to delay gratification, but we are wired to immediately respond to threats.
Everything we did was for the good of the tribe, and we never wanted to upset the tribe for fear of being exiled. We were conditioned to share everything for the good of the tribe, so the act of saving money in modern times would be seen as selfish and frowned upon.
It’s hard to rewire millions of years of conditioning. It’s also hard to accept that we have money scripts that subconsciously dominate our financial decisions. The key to financial freedom is identifying these money scripts, working to be the person in the Money Vigilance bucket, and overcoming the thousands of years of conditioning to use money as a tool.
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