Do You Think Too Much About Your Money?

Who doesn't want to be good looking and rich? But too much obsession with your money is just as bad as too much obsession with your diet. Taking any obsession to the extreme may result in what experts call obsessive compulsive disorder. Many people suffer from the problem of keeping their minds too occupied with the worries of money. Are you one among many?

Maybe not; but the dividing line between care for your money and obsession is only a matter of degree.

One may be falling into the trap of money obsession unwittingly. It's better to be aware about some of the behavior patterns indicating 'money-rexia'.

But first things first, what does 'money-rexia' mean?

'Money-rexia' is a pattern of behavior associated with money in which one grossly underestimates ones monetary well-being and at the same time one overestimates ones monetary problems. This may happen without any reasons. The money lying in hand looks like a mole hill, while the bills that have to be paid look like a mountain. As a matter of fact, one may be having good deal of money to take care of one's needs and wants. But 'money-rexia' destroys perception. One is not able to judge how much of money is good enough. The misery related to money never comes to an end. Some of the commonly observed behavior patterns indicating 'money-rexia' are as follows:

The lists of behaviors mentioned above are illustrative only. There can be hundreds of other behavior patterns, each suggesting a queer sense of perception about money. The devil in each case lies in the results produced. 'Money-rexia' could become a source of trouble not only for self but also for others one is closely connected. No relationship is good enough to sustain the onslaught of money.

Sounds hopeless, but what's the remedy?

Self-analysis? In some cases yes, but looking at your own troubles might not always bring a solution. In hard core cases, taking an expert's advice would be a good idea. However, spending money for expert advice itself may seem like a highway robbery to someone already obsessed with money. What's then the solution? Maybe one should try to repeat this hundred times 'Mind your money, but don't always keep money on your mind'.
By Manoj K Singh
Manoj K Singh is a full time central banker with a mission to demystify the fear of unknown surrounding money. Manoj wrote a regular weekly column, ‘Real Simple’ with his spouse for ‘MINT’ (a partner of the Wall Street Journal) from April 2007 till March 2010. Manoj has also been a contributing author for several investor education websites. A book written by him "Bulls, Bears & the Tortoise: Understanding the basic equations of financial markets" is available for purchase at the following link:

Copyrighted 2020. Content published with author's permission.

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