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Emotions affect personal, family finances

Published: Monday, Feb. 27 2012 11:06 a.m. MST

Money can bring on a variety of emotions, including depression.

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People's emotions and behavior affect their financial success more than their income, according to Modern Medicine.

A book entitled "Mind Over Money: Overcoming the Money Disorders That Threaten Our Financial Health" examines why there are people with high income but low net worth, and people with low income but high net worth, according to Modern Medicine.

Authors Ted Klontz, Ph.D., and Brad Klontz, Psy.D., write that financial issues are clouded by psychology, according to Modern Medicine. In the book, the authors cite surveys by the American Psychological Association showing that Americans consider money as life's biggest stressor. In fact, money is more stressful than work, health or children. Some research shows that money disorders are more common than depression or anxiety.

Money can bring on stress, fantasy, fear and irrationality. These feelings all have great power, and have the capability of clouding good financial intentions, according to the article. Frequently, people know what's financially right, but they do what's financially wrong.

The authors indicate there are multiple common disorders associated with wealth and money, according to Modern Medicine. The disorders fall into the broad categories of money worship, relational disorders and money-avoidance. Hoarding, dependency, denial, rejectio, and enabling are some of the specific disorders.

The signs for financial disorders aren't difficult to spot. They involve constant financial anxiety or despair, excessive debt or a lack of family savings, multiple defaults on loans, bankruptcies and financial conflicts with friends and family, according to Modern Medicine. These aren't occasional issues. They're issues that pervade over a long period of time.

EMAIL: bbullock@desnews.com

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