Psychology of Money: 23

Yesterday I mentioned that we’d take a look at risk aversion today – but I’m postponing that to make space for this update. Friday’s blog put a call out to old school buddies asking them to reveal to me/us what they thought of their own relationship to money given that each of them had chosen career paths which were inherently insecure (though, as far as I’m concerned, profoundly more interesting than getting an office job.)

A few of these friends got back to me offline. Here’s what one of them explained.

  • That is was more difficult for this person to feel trapped in a job they didn’t want to do than it was to be strapped for cash
  • That even though they have chosen part-time paychecks to fund their creative or academic pursuits, only twice in the past twenty years had they been forced to survived blips where that shortage of cash caused real hardship
  • It had always been easier for them to live on less money than it had been to give up their time to work that meant nothing to them and stole from time from their creative development.
  • Having said all that, living on “just enough” wears thin; they had now reached that point where they wanted more than financial survival … they’d begun to really miss some of the things that lack of cash cuts them off from, like travel

This friend also reminded me of a conversation we had at the end of 2008 when the economies we live in collapsed. I mentioned something about how a whole generation of workers who had no concept of what they wanted from life (notably, workaholic bankkers) and only knew how to make stacks of cash were about to find out what it costs to not know what you want when the cash option disappears and/or you loose your job.  My creative friends HAVE their meaning, their purpose, their craft. And in the case of this friend, that’s always been their source of security and safeness, not money.

For me being strapped for cash has been a predicament to avoid at all costs and therefore it never crossed my mind that anything other than a paycheck (a guaranteed one) could provide the amount of security I need. This of course links directly to risk aversion – which I promise to investigate tomorrow.

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1 Comment

Filed under Money

One response to “Psychology of Money: 23

  1. Heidi Barry

    Yes, I agree with that response. I have found also with myself that monetary success is scary, even though I had a successful flower shop for 6 years, I found myself shying away from potentially HUGE business opportunities and decided to stay a “humble little flower shop”.

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