MoneySkills with Nelson Letshwene

Money & the psychology of money

Dealing with Financial Mistakes

Dealing with Financial Mistakes – Your Psychology of Money

There are numerous things that affect your psychology of money, and thus your relationship with money. These things often lead to guilt, and thus affect your next batch of money. These include what you will call financial mistakes or misjudgments.

Misappropriation of funds, and misusing your money or someone else’s money can lead to guilt. Sometimes you may come into unexpected large sums of money, and before you know it, the money is gone, and you have nothing to show for it. It is easy to beat yourself up about that.

You may feel you acted selfishly with your money. You may feel you invested unwisely. You may feel you ended in debt unrighteously. You may feel your spending was motivated by envy or greed. You may feel you deprived those that needed your money most and spent on those that did not deserve it or even did not recognise your gift. All these feelings require forgiveness.

Forgiveness is the only force that can wipe this emotional burden away. Ask your God to forgive you, and to give you wisdom from these experiences. Then move on to forgive yourself. If there are other people from whom you need to ask for forgiveness, have the humility to do so. Once you have forgiven yourself, you will be able to take the lessons from these experiences and be able to move on.

The only sign that you have forgiven yourself is when your joy returns to you. You can’t go around depressed or continually recalling your mistakes.

“Self-forgiveness is a great birth … It is the state of being that arises from our willingness to accept without judgement, all of who we are, our seeming shortcomings as well as our innate glory” – Robin Casarjian.

When you have forgiven yourself, you look forward to new actions. You start new actions. If you are aware that you don’t on your own have enough wisdom to make wise financial or investment decisions, this may be the time to seek financial counselling and financial advice.

Some financial mistakes may have long-term consequences. If you have recognised these mistakes, you can start immediately on a path of self-correction. Once you are on that path, it doesn’t mean that you will not fall in other little mistakes along the way; but you must be so committed to the path that you will recognise these little mistakes, keep forgiving yourself, and keep self-correcting and stay committed  to your renewal.

Nelson Letshwene is the author of The Money Field; Seven Essential Money Skills; as well as If We Were All #Financially_Literate – 49 Virtues of Financial Knowledge.

One comment on “Dealing with Financial Mistakes

  1. TK
    March 22, 2016

    You always have great advice sir. Nice one.


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This entry was posted on March 22, 2016 by in Essay, Personal development, Personal Finance, psychology of money and tagged , , , , .

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