Cited in BusinessDay, moneyning.com – Are You Addicted to Money?
by MIRANDA MARQUIT
I was quoted in this piece about the psychological trap money can pose – we can get addicted to spending it, but to hoarding it too:
“Like with other resources that have mixed uses — for example food and sex — money is a resource that we both need for functioning and one we use to help soothe ourselves,” says Alicia H. Clark, PsyD, a Licensed Clinical Psychologist.
When you start using money to deal with your problems, or when you become dependent on money for thrills, it becomes too easy to let things get out of control.
“Money is vulnerable to misuse, as it is hard to avoid the duality of purpose,” says Clark. “Like with food, sex, and alcohol, people can misuse money and become addicted to the thrill of spending or the thrill of saving.”
But what about miserly behavior? According to Clark, that can also be a financial addiction. The thrill associated with saving money can have a darker side. You might not buy the things you need, or you might deny help to others — even though you have the means to provide relief. Hoarding your money isn’t always the healthy choice.
“Money is a resource that you have to manage much like your time, your energy, and your attention,” Clark points out. Don’t pin all your happiness on it, and don’t use your financial actions as a way to escape the other problems in your life.
To read the full posts: