The Psychology of Wealth: Understanding your relationship with money
Have you ever just stopped in the middle of your daily routine and wondered if you will ever find a way out of the rat race? Then you are not alone, it happens to the best of us. No matter how much you earn you will never feel it’s enough if you don't understand what wealth is. Morgan Housel, author of The Psychology of Money, rightly said, "Doing well with money has a little to do with how smart you are and a lot to do with how you behave."
It has been proven that how we perceive money is based on our childhood experiences. If an individual is born in a family with parents being impulsive buyers and have poor budgeting skills, the individual might grow up to despise money all their lives or to think very highly of money. The 3 broad headers under which an individual might find themselves struggling to maintain a balance to generate wealth and keep it while fulfilling other goals in life are - acquisition, spending and management of wealth.
Acquisition of wealth is when an individual tends to feel they never have enough or are completely avoidant of acquiring wealth and look down upon the idea of money.
Spending wealth is based on a lot of parental influences and their family's relations with money when they were kids. Some can't control maxing out their credit card or their impulsive spending behaviours while others penny pinch and never really take the risk of growing their money or even invest in themselves. Guilt-free spending method is a way to allocate some amount of your income to spend on whatever you like. This is to control raw instincts and to make better financial decisions.
Managing money and allocating money correctly plays a very crucial role in building your wealth and achieving your goals. The problem lies when individuals do not have the proper financial knowledge. The impulsive spender is often the one with poor money habits but we often see cases of people micro-managing money which only leads to saving and not actually growing and investing.
FIKAA believes that with correct money management, and a lot of financial literacy, creating wealth is simple and fulfilling. When your financial decisions are aligned to financial goals, creating wealth is a natural outcome. FIKAA therefore provides you a platform where you LEARN and increase your financial knowledge; INVEST and multiply your income to create true wealth. Surrounding yourself with like-minded women is necessary for developing the right mindset, hence FIKAA provides you with a place to CONNECT.
Women shouldn’t shy away from discussing finance. This is the only way to break the walls and set a level playing field. Let’s be unstoppable. We've all heard the saying, "Be the change you wish to see in the world." This is for all the ladies out there, come join FIKAA to empower women so they can learn, invest, connect, and grow together.
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