Fear, shame or parsimony could be sabotaging your financial security and happiness, without you realizing it
Afraid to make money? Are you recklessly sabotaging your financial security? Can’t bear to spend a penny, even though you have plenty of wealth? If any of this sounds familiar, Brad Klontz can help.
Just as people develop personality traits from their life experiences, they also “learn” to relate to money from their parents and others around them or from early financial stresses, says Klontz, a Kauai psychologist and a research professor at Kansas State University.
To help understand this problem, Klontz, his father and colleagues developed the Klontz Money Script Inventory, which defines four main attitudes toward money that develop unconsciously through childhood and young adulthood, and may hinder future financial success. Financial advisers are using the inventory to help their clients understand subconscious choices that guide their investment decisions.