It reminded me that not everyone can simply sort out their finances as easily as others.
I can’t even begin to claim to be an expert on deep psychological issues. I’m not. But I am aware that people with personality disorders and mental mental-health problems are all around us. Many of whom may have trouble with money, which they can’t don’t have an understanding of.
When I found the blog about ADD and your money, I started thinking about how personality disorders can wreck your personal finances. For example, there are plenty of people who don’t pay their bills thanks to problems with their mental health and who end up losing lose their homes or cars.
Personality disorders and mental mental-health issues come in many different varieties, such as obsessive-compulsive personality disorder, schizoid personality disorder and narcissism. Anxiety is another huge problem when it comes to functioning financially. Not long backago, I read the book Can’t Buy Me Love , by Sally Coleman, which talked about people who are obsessive shoppers — often being driven to spend money as a way of attempting to make themselves happy. Their shopping was a way of masking a disorder. Many people who suffer this addiction, which is seriously bad for your wealth, have obsessive-/compulsive tendencies. Money obsessions aren’t just about spending it. Coleman’s book had a chapter about poverty addiction — although the root cause was much the same as the obsessive shopper.
When one partner of a couple has a personality disorder that affects the way they function with money, it can be very draining on the relationship. If one or both parties don’t recognise that there is a disorder, their finances and or relationship can be left in tatters.
When it comes to serious mental mental-health issues, such as depression and schizophrenia, people’s personal finances can go completely haywire. It’s not uncommon, for example:
- If forced to give up work or take time off, your income may reduce suddenly and dramatically.
- Your capacity to make financial decisions can be affected by mental mental-health issues, leading you to act recklessly or unwisely.
- You can lose the motivation or the ability to keep control of your personal finances.
- You become vulnerable to financial exploitation or abuse.
Having any of these disorders doesn’t mean that you’llyou will never be able to function properly with money. People with ADD, for example, often become entrepreneurs although not all see their ADD as an advantage.
Becoming aware of how your brain is different is a huge step. Some disorders need professional treatment. But by understanding yourself, it’s possible to find ways to cope and perhaps treat the problem.
Whilest having a money personality disorder can affect the way you run your finances in a negative manner, it is possible to overcome the problem by seeking help.
That may be from a psychologist, psychotherapist, or, if not too serious, a counsellor or financial coach. It”s also important to beware of self-diagnosis — there are many different disorders than that can affect your spending or saving and they can largely be overcome or at least lived with.
If you don’t know where to start, it can be worth visiting your GP or the local Citizen’s Advice Bureau, — which can put you in touch with more specialisedt groups.
Have your say: Does your state of mind affect your personal finances?
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