So far in our series about money scripts (Klontz & Klontz), we have explored Money Avoidance and Money Worship; today we look at Money Status.
We have all heard of the expression “keeping up with the Jones’s” – this is where Money Status comes to light, as people who ascribe to this money script often associate their self-worth to their net worth. Pulled to show off their wealth to others and wanting to impress, can sometimes lead these individuals into going into debt to keep up appearances.
“Money status seekers may prioritize outward displays of wealth, and as a result can be at risk of overspending. They may believe that if they live a virtuous life, the universe will take care of their financial needs. Those that score higher in the area of Money Status are more likely to overspend, gamble excessively, be financially dependent on others, and hide expenditures from their spouses.”
It is important to note that although some money status seekers are quite financially successful, it can also come at a cost of workaholism as they are driven to secure their social status and will make that a priority over family time.
When we recognize that we may have fallen into the Money Status seeker category, we can begin to challenge some of those core beliefs by recognizing that although our net worth can contribute to our self-identity, it doesn’t have to take up too much space. Focusing on your financial situation with a spouse or financial advisor on a regular basis can keep you on track, as well as slowing down your decision to purchase something by exploring just what is driving that decision.
Tomorrow we will explore the last money script, Money Vigilance.
Information for this post came from Klontz’s website, Your Mental Wealth: https://www.yourmentalwealthadvisors.com/money-scripts
Like this post? Consider subscribing!
Photo credit: http://Photo by Daniel Salcius on Unsplash