Straight Talk on Debt: What's on Your Money Mind?

A Straight Talk on Debt

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Straight Talk on Debt: What's on Your Money Mind?

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IStraight Talk on Debt: What's on Your Money Mind?f you and I were engaging in small talk and I asked you, "What's on your money mind?" What would you say? Would your thoughts be different if you were on a couch at the psychiatrist's office and because your psychiatrist is bound by patient confidentiality and can't tell anyone, you say what's really on your mind?

"I can't sleep because I am worried about paying the bills."

"My spouse and I are fighting about money, all the time."

"I feel like a failure because I let myself get into debt."

These thoughts are typically not ones you would share with a friend or relative during a conversation, but behind closed doors where your secrets are safe you feel you can let the feelings you are having out. Talking to someone even if it's not your psychiatrist just might help.

This week I challenge each of you to share what's on your money mind with someone, a friend, your spouse, a relative or even your CareOne family. Then check out these great reads to understand the deeper psychological reasons we all slip up sometimes when it comes to personal finance.

  • 10 Reasons You Are Still Poor @InvestItWisely "Poverty is not only a state of being; it is a state of the mind. You are poor because you want to be poor, not because your parents were poor, or because you were born into a poor family."
  • Punch Impatience In The Face @punchdebt "Debt is nothing but impatience."
  • Are You Always Ready To Fight Financially? @Money_Reasons "In many ways, we are at war on the personal finance front. We are continually getting bombarded with spending opportunities (really traps and tricks), both from TV and peers. We need to be ready to fight financially to get the best deals and protect our financial health."
  • Pay Off Debt Without Earning More, Changing Your Habits, or Spending Less @craigeford "Here's a simple math equation. (I hope it's honest and not discouraging) How long did it took you to get into debt x 3 = how long (or more) it will take you to get out of debt."
  • Know Your Spending Triggers To Change Your Financial Behavior @freefrombroke "What can be more beneficial than learning what broad category you fit into is to identify your spending triggers and how to deal with them."
  • Learning From The World's Happiest People @financialsamura "It's a curious case where everything is fine if you and all your friends make the same amount. As soon as one friend gets a raise and promotion, things suddenly feel a little less warm and fuzzy. And when your childhood friend turns out to have started a company that sold for millions of dollars, then your $60,000 a year income feels like dog food!"
  • Saving Money Daily: Is It A State Of Mind? @DrDeanBurke "Saving money daily means being aware of your long and short-term financial goals, and when confronted with spending choices, you take a minute and be sure the choice fits your plans."
  • Staying Away from Unnecessary Debt "Just mentioning or thinking about the word debt is enough to make most anyone cringe. No one in their right mind likes it, but it is something that almost all of us - at one time or another - are going to have to deal with. However, if you know how to manage it wisely, and most importantly, don't take on more than you can handle, you should be just fine. We will briefly go over some of the basics of debt to provide you with a better understanding of it."
  • Forget Prince Charming, Let's Save Our Own Financial Lives @PTMoney "One of the biases mentioned in the talk is called the "Prince Charming" bias. Meaning, we tend to think that something or someone will come along and solve our financial problems for us, even though it's very unlikely. Here are some takeaways I had from that point."
  • Control Your Inner Child: Needs Vs Wants @ontargetcoach "Let's be honest, needs aren't very sexy or fun, but they have to be taken care of. Utilities, rent/mortgages, groceries, gas, etc are part of life and must come first. The four walls: If you're in a financial crisis, these might be all you can afford to pay. Housing, food, transportation, and utility payments must be protected before other debts or wants are purchased. Wants are the impulse buys at the checkout stand and the flowers given 'just because'. Wants have a place in your budget, but they won't keep you on track to achieving your financial goals if you give in to them too often."

Suzanne CramerSuzanne Cramer

Suzanne is a Certified Personal Finance Counselor® for CareOne Services, Inc. and is a Social Media Specialist. Suzanne supports the Ask the Expert forums as a coach and writes for A Straight Talk on Debt. 

To follow Suzanne on Twitter click here!

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  • Thanks for the mention!

  • Suzanne, thanks for mention!

  • @Glen Craig & @Brent Pittman You are welcome!

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