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5 signs you’re obsessed with being rich – and what to do about it
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He picked up money in your mind? We all do it from time to time, but if it’s all-consuming, you’re probably obsessed. Being obsessed with being rich is just that: an obsession. It’s not a strategy. It’s not acting. It’s purely ruminating.
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If you find that you’re constantly focusing on how to increase your net worth but your bank account isn’t getting fuller, that’s a problem. Here are the signs your obsession with money has gone too far, according to experts, and how you can curb it to be something healthier and more productive.
You are hyperfocused on your balance
Is your bank account the most visited website? Todd Stearn, founder and CEO of The money manualsaid checking too much could mean you’re obsessed.
“It’s a good idea to check your bank account regularly to make sure everything is as it should be,” Stearn said. “But if you check your balance frequently just to watch the numbers grow, you might be a little obsessed.”
One idea is to set time limits on your bank’s website or even block the website if it’s taking up too much of your time. Of course, you can always password protect it so you can still access your bank’s website, but there is one obstacle that prevents you from doing this without thinking. You can also wait to check it until days when you know you’ve made money so you don’t just absentmindedly check it.
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You’re Linking Your Self-Esteem to Your Net Worth
If you consider your greatest strength to be how much money you have, you may be too hung up on your cash flow. Alec Kellzi, public accountant at Online IRS Extensionand said that to feel fulfilled, you need to derive self-satisfaction from sources other than your bank account.
“If you find yourself deliberately passing up precious moments with your loved ones, neglecting your health, or avoiding hobbies that once brought you joy, all in pursuit of another dollar, that’s a surefire symptom that you’re putting profit on a pedestal. very high.”
Kellzi recommended looking for other ways to bring happiness into your life that don’t involve making money.
“Redefine what wealth means by including dimensions such as emotional well-being, spiritual contentment and cherished memories. Remember, money serves as a tool for experiencing the fullness of life, not the purpose of life itself.”
You are accumulating money
“Some people accumulate as much money as possible to feel safe about being without it. If you’ve crossed the line from frugal to cheap by trying not to spend money so you can continue to watch your balance grow, it may be time to rethink your relationship with money,” said Stearn. “This can look like using and holding on to things that are starting to wear out rather than replacing them, even if you can afford it.”
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Instead of never spending money, Stearn said it’s better to set a budget that allows you to spend some money every month so you know you’re still saving but aren’t holding onto your money too tightly.
“Setting and following a clear budget can be a great way to feel fully in control of your finances and it can help alleviate these concerns,” suggested Stearn.
You are working too much
Do you just work late at night to increase your bottom line or do you really need money? Stearn said this is an important question to ask.
“If you are working a lot of overtime or taking on a part-time job or side gig in addition to your full-time job, even though your full-time job is more than enough to pay the bills and save well for retirement, you may be too obsessed with making money.
Instead, work until you earn enough to save each month, then set aside some time for yourself. Otherwise, you could burn out and have to stop working, which would drastically reduce your income.
You have terrible time management
“A sure way to identify if you are obsessed with making money is to look at how you divide and divide your time between family, rest and work,” said Nojan Rahimi, finance expert and mortgage broker. “Most people who are obsessed with money are workaholics and work hard without giving time to their friends or family.”
Rahimi said it is crucial to divide your time between your money-making ventures and your family and friends, otherwise they may leave you behind.
“Time management is extremely important for a healthy life, however, if all you think about is money, you lose the value of friends or family!”
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This article originally appeared on GOBankingRates. with: 5 signs you’re obsessed with being rich – and what to do about it