Does Your Emotions Deplete Your Bank Account?

One of the many reasons potential clients call and inquire about my services is their desire to earn more money. Whether it’s the start-up clinic that barely brings in $50k a year or the established clinic that brings in $50k a week. Each one of them are concerned about how to earn more money. However, when I interview them to find out if we are a good fit, what I find is that they are not interested in the money. They are interested in what they feel having more money will bring into their lives. For some, it’s a larger home, a more reliable form of transportation, extended vacation time with their family, their child’s college fund. The list goes on and on. They want the pleasures of life that money affords. I’ve also noticed during my interviews the one thing that keeps each doctor from achieving his/her goals are their emotions. They are somehow emotionally tied to their business. These emotions cause them to spend money on equipment they don’t need, hire staff that they don’t need and sometimes even acquire additional office space that they don’t need.

Most of the time, we think that the only thing standing between us and our long term goals of being, doing or having what we want is money. The truth of the matter is sometimes our emotions can be a major roadblock that keeps us from attaining our goals. Although the money is there, we allow our emotions to deplete our bank accounts. Emotions can sometimes cause us to spend money on things that give us short-term satisfaction and leave us unfulfilled in the long run.

I have learned from my personal financial challenges that emotions are directly linked to self-esteem. Self-esteem can have a huge impact on spending and financial decisions. If you feel something is missing from your life, or that you don’t quite measure up to your expectations or expectations that others have of you, you might buy something to prove yourself or to temporarily fill the void. In this instance, your emotions can prevent you from what you truly want. You may allow your emotions to cause you to pass up opportunities that could put you ahead financially. Emotional spending can prove to be expensive and destructive behavior, pushing goals and dreams farther and farther away.You must remember that you can’t change your inside by buying something on the outside. You will have to go within otherwise, you will continue to go without.

Some emotions that impact our financial decisions include depression, anger, frustration,jealousy, and the ultimate…… fear. I encourage you to take a look at your emotional spending. Find out what drives you to spend when you should save. Set financial goals. Don’t just say it in your mind, put the pen to paper. Make the goals visible. Look at them daily. This may help you to remain focused. As the saying goes…..keep your eyes on the prize. Once you set your financial goals, stick to them. Become aware of the emotions that are depleting your accounts because emotions and money don’t mix.

To your wealth,

J-licious