Top 3 Money Demons That Prevents Us From Achieving Financial Success

Dussehra, in Hinduism, holiday marking the triumph of Rama, an avatar of Vishnu, over the 10-headed demon king Ravana, who abducted Rama's wife, Sita.

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On Occasion Of Dussehra, I Would Like To Share With You Top 3 Money Demons That Prevents Us From Achieving Financial Success.

When We Talk About Money Management, We Talk In Terms Of Action: Earning; Saving; Giving; Spending; Paying Down Debt. We focus on the ‘DOING’ but we don’t often consider what drives those ACTIONS.

I have been telling my clients and educating on the psychology of money the idea that our ability to earn, hold and grow money is invariably linked to everything we’ve ever heard, seen, and experienced in relation to money, wealth, and rich people.

T. Harv Eker, the author of Secrets of the Millionaire Mind, once stated that “A lack of money is never a problem; it’s a symptom of a problem” and this is something that I’ve seen played out many times, both in my own financial journey and in my roles of a financial advisor and financial Mentor.

Usually, I focus on the ways that our psychology can be used as a tool to create positive consequences; how we can “re-program” our beliefs to help prevent self-sabotage, inspire action and overcome obstacles. However, I’ve been thinking a lot recently about the opposite side of the coin;
the fact that our psychology can generate negative consequences. These “MONEY DEMONS” tend to show up as dark thoughts and feelings of apathy and helplessness and they not only prevent us from moving forward but, if we’re not careful, they can also suck us into a downward financial spiral that can be hard to escape from.

These “MONEY DEMONS” come in many forms and their impact on our perspective
and our finances are often so subtle that we may not even realize there’s something wrong. Here are three common negative thought patterns and some suggestions on how to vanquish them.

  1. 1 Demon#1 OverWhelmed

    When you look for synonyms of ‘overwhelmed’ in the thesaurus, the suggestions include: beaten, conquered, crushed, and overcome. As anyone who’s ever felt this way will tell you, the stress of dealing with any unrelenting issue wears you down physically, mentally, and emotionally simply because there’s no escaping it.

    It can also take away your drive to exercise and lead you to crave ‘comfort’ foods. In fact, it discourages you from engaging in every behavior that’s known to boost energy and enhance mental wellbeing, which inevitably leads to an increased feeling of being overwhelmed.

    Step To Getting Rid Of OverWhelmed Demon

    1. Be kind to yourself but don’t allow yourself to make excuses. 

    2. If you’re feeling overwhelmed by your finances (or anything else), the first step is to identify why: Is your debt out of control? Do you have bills you can’t pay? Has your income dropped? Did you lose your job? Are you struggling with money management? Are you worried about the future? Is money negatively affecting your relationship? Are you keeping money secrets?. Once you’ve named the source(s) of your stress, ask yourself the following question: What one thing could I do to help make this situation better? The power of this particular money demon lies in making us feel powerless; giving us no option but to turn in circles waiting for the next curveball to hit.

  2. 2 Demon#2 - Frustration

    Frustration shows up in many ways. It can drive people to feel a wide range of negative emotions, including anger, sadness, self-pity, and jealousy. We can be frustrated with ourselves, our partners, our friends, co-workers, family members as well as a wide variety of circumstances and situations. Money is a highly emotional topic and, consequently, people become frustrated with finances for many reasons.

    Step To Getting Rid Of Frustration Demon

    1. If you’re frustrated by your finances, then you have to be willing to ask yourself some dark questions in order to get over the frustration and move on. 

    2. While asking yourself ‘why’ might not lead you to the answer there’s a good chance that asking yourself ‘who’ will. (Note that this isn’t the blame game. You’re not looking to assign responsibility to someone for your situation; giving up control by identifying as the victim won’t help you move forward.) 

  3. 3 Demon#2 - Fear

    People are afraid for many reasons. Sometimes we’re aware of what scares us, sometimes we have no idea. Fear is a primal instinct; it’s the brain’s response to anything it perceives as a threat (real or imagined) and, as far as the brain is concerned, anything familiar is safe and anything unfamiliar is potentially unsafe. 

    This is a good thing when the unfamiliar thing is an angry water buffalo but not so helpful when it’s a great job opportunity in a new city! When it comes to money, there are plenty of unfamiliar things to scare our primal brain and the potential for lots of negative consequences if we make mistakes.

    Step To Getting Rid Of Fear Demon

    1. Happily, fear can be one of the easiest money demons to conquer because it can usually be neutralized by information. The more we know about something the fewer unknowns exist to scare our brain. Doing a little research, setting a clear goal and formulating an action plan will go a long way towards calming your fears.

    2. Finding examples of people who have succeeded at what you’re attempting rather than examples of people who have failed horribly will also help boost your confidence in your goals and your ability to achieve them and will reduce your fears even further.

    If you’re happy with your choices and happy with the life you’re living, then I’m not about to suggest you need to do anything differently (unless you want to). If you’re not happy; if thinking about your financial situation makes you feel overwhelmed, frustrated or fearful then that’s a clear sign that something needs to change. If that’s the case, then identifying and tackling your money demons and learning a little about your money psychology might go a long way towards creating the changes necessary for you to build a financial future that makes you happy.

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  1. Love this article and you have suggested some excellent to deal with the money demons. I like this quote:- “A lack of money is never a problem; it’s a symptom of a problem” by T. Harv Eker

  2. Practical and steps worth reminding oneself. I liked the emphasis on T Harv Eker’s quote: “A lack of money is never a problem; it’s a symptom of a problem”

  3. well identified all the points. i would like toadd one more point in this. it is about the lack of knowledge, sometime we feel isolated and just keep on investing without getting any resources

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