Money, an essential aspect of our lives, goes beyond its tangible form. It holds a deep connection with our emotions, influencing our financial decisions and shaping our financial well-being. In fact, a study performed by Nobel Prize-winning psychologist Daniel Kahneman found that we make financial decisions based 90% on emotion and only 10% on logic. Financial therapist and wealth counselor Marilyn Wechter further illustrates this through philanthropy. “Philanthropy isn’t just a strategy to reduce your tax liability, but a wonderful
Do Not Let These Feelings Drain Your Money
“Emotional Spender: Someone who spends money freely to satisfy his or her feelings at the moment.” Whether the feelings or emotions are positive or not, letting these dictate your purchases may potentially lead to a disaster. Ask yourself, are you one of them? Another interesting characteristic that an emotional spender has is the regret after spending. This is sometimes due to spending more than one can afford. Fortunately, you can change for the better! The first step you must take