- I read with interest an article by Casey Bond, The Root Cause of Your Money Problems Could Be an Actual Money Disorder. In the article, Casey said that according to a study by Northwestern Mutual, money is the No. 1 source of stress for many American adults. A “money disorder is a chronic pattern of self-defeating or self-destructive financial behaviors” according to Brad Klontz, a psychologist at Creighton University. Money disorder include compulsive spending, hoarding, workaholism, addictive gambling, financial infidelity, financial enabling, financial dependence (the flip side of enabling), financial enmeshment (also known as financial incest) and financial denial.
As usual with lists, I think several money disorders were overlooked. As a public service I include them below:
Financial Hoaxes; Sending money to someone in Nigeria or some other foreign country who claims to need assistance in transferring a large sum of money.
Financial Dependents (Brother-in-laws); Loaning money to your brother or sister-in-law to finance some hair brained idea.
Financial Ransom; Paying a large sum of money to someone who claims to have kidnapped your grandson or daughter.
Financial Bribes; Bribing politicians too much for favorable actions that favor you or your business.
Financial Kickbacks; Paying large sums of money as kickbacks.
Spouse Spending (another form of financial dependents); Letting your spouse spend a large sum of money trying to live the high life.
You May Have Won Financial Duplicity; Paying someone who claims you won a large sum of money but must pay the taxes or some other fee in order to collect.
If you find yourself in any of these categories, stop spending and seek help.
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