I had an odd thought last night when I was falling asleep…could I be too compulsive about my finances? I mean, I am a personal finance blogger, and I enjoy a lot of things personal finance related, but how much is too much?
I check in on my Personal Capital once a day, and I look at my stock market positions maybe once a day (okay, maybe twice, or more if the market is going crazy). I read a lot of finance articles – maybe all of what's on Yahoo Finance, my Daily Finance app, and FlipBook's business section. I also think about making money a lot – but I do enjoy that as well.
Maybe that is what a compulsion is…but then I went and Google'd it.
Compulsive Financial Disorders
Here are some common compulsive financial disorders, and some questions to see if they apply:
Compulsive Spending: Do you consistently spend more than you can afford? Do you spend money as a solution to emotional support or anxiety? Have you experienced shopping “binge and purge”, where you spend a ton of money, then return the items? Do you acquire just to acquire? Do you have trouble knowing when enough is enough?
Money Obsession: Are you preoccupied with money to the acquisition of money? Do you worry about the money you currently have? Do you spend an inordinate amount of time checking accounts, trading, or reviewing investments or your portfolio? Do you obsess about having enough for retirement? Does obsessing about money affect other things?
Compulsive Under-Earning or Achieving: Are you not working to your full potential? Are you significantly overqualified for what you do for a living? Do you find yourself fantasizing about winning the lottery or getting a windfall to solve your problems? Does fear of failure paralyze you?
Money Avoidance: Do you have difficulty managing your finances? Do you feel inadequate around money matters and, as a result, simply ignore problems? Have you consciously rejected signs of affluence from your life?
How I Feel About Financial Compulsiveness
After a little Google and some research, I don't think I have any compulsive financial disorders. However, I can see where something like obsessing about money could easily turn into a compulsion.
I also never really thought about compulsive under-earning being something that was a disorder – but I can see how someone could fall into this trap.
Being compulsive about money can easily come to dominate someone's life to the point of needing help. Luckily, there are groups that can help. However, I think education is a key factor is many of these financial compulsions. Read up, become financially literate, and you will have a happier financial well-being.
Readers, what are your thoughts on these financial compulsive disorders? Ever come across this before?