Trauma experiences are different for everyone but essentially it is one or more exposures that is over and above your capacity to cope. However, as it was difficult to cope you may have dissociated which is similar to switching the mind off or a feeling of floating away. This is when the amygdala in the brain tells you to freeze to survive. You may also become aggressive and fight or flight by running. Again this is when the amygdala tells you to fight or flight to survive. These strategies are helpful at the time as they would have been your only way to cope. However, when you continue to use these strategies when triggers occur but your current situation is actually not harmful then you need to process your trauma to heal.
Some people use money to heal from trauma. Flight may mean gambling to cope with the trauma symptoms to avoid noticing what you are going through. You may have felt that money was more important than you when you were young so waste it away as the association is negative. You may spend money and become a hoarder as your things were either given away or as a child you felt your belongings were not valued or lived as a have not of society. This doesn't mean for parents to buy their children whatever they want as it is important to teach them it is normal to do without sometimes but some parents may be neglectful on the abusive side and not consider their child's needs which may include giving away most toys they love. For a child this may be traumatic. Instead get the child to be part of the decision making. Some families are unfortunately poor and the children may grow up wanting to make up for the past by hoarding things to avoid the feeling of lack. People may also use money to feel a sense of belonging that is not real. However the real feeling of belonging may be too triggering as it was a traumatic experience when they were young so a superficial experience is safer. Noticing how you use money can help you identify your coping strategies and if they are maladaptive. Healing from your past trauma may help you change your relationship with money. Have a look at your bank statements which will tell a story of how you use money and then identify the reason why you are spending in such a way by finding the association between past and present. Change your present by healing from your past and have a better relationship with money.
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Performance management includes ongoing performance development and managing underperformance. Underperformance may occur when an employee loses motivation in their work role, not being challenged enough, bullying and a low wage. Underperformance may also occur due to unclear work expectations, personal issues and external factors such as challenges within the industry.
Underperformance can be managed in various ways such as identify the cause of the issue rather than seeing the employee as the problem. Management may also include regular check ins without micromanaging, supporting the employee with external counselling if personal issues are the cause, review the culture of the workplace and offer mentoring. A last resort usually includes a Performance Improvement Plan. Effective policies and procedures need to guide performance management and dismissal if no change occurs to avoid legal action including unfair dismissal claims. Financial psychology focuses on the emotional, cognitive and behavioural aspects of money where thoughts and feelings about money will influence how you engage with it.
Cognitive bias is often discussed in finance. Cognitive bias can often be unhelpful when it comes to making decisions about money. Cognitive bias is a mental shortcut and allows for faster automatic thinking. Noticing your cognitive bias can help manage money better. For example, loss eversion means that you experience more pain with loss than gaining. So if you are thinking about shares and focusing on losing money then you may avoid buying shares due to your fears rather than reality. It is recommended that you use money you can afford to lose when getting into shares so you can cope with the volatility. Another cognitive bias that may not be helpful is following the herd. You may hear in the media of a particular share to buy without doing any fundamental or technical analysis. People who herd receive confirmation bias when the majority confirm information the investor is thinking instead of research and analysis. Halo effect is another cognitive bias and occurs when people believe information from a source that has good standing without checking if the information is actually accurate. Psychologist Daniel Kahneman encourages to think slower to avoid making wrong financial decisions as fast thinking can be loaded with bias that won't help. Therefore, step back and consider if it is best to analyse the information before making any decisions about money. Research indicates that families who have dinner together develop emotionally stable children. Dinner can be space where parents and children talk about their day as well as share, acknowledge and self regulate feelings together. Dinner can also be a time to talk about money and economics. Money is usually taught in schools but it is helpful for parents to expand the topic and improve thoughts and feelings about money. However, it is also important for parents to check in on their own beliefs about money to avoid contaminating the discussion with negative beliefs and thoughts.
Negative beliefs and thoughts can be generational and you as a parent, if aware of your own, can break the generational habit and distil new and healthy beliefs about money to your children. Money is invisable now as finances are distributed through online transaction or cards. Giving children pocket money and encouraging them to distribute it in money jars can help them see the money, learn to budget and also possibly give away some to a charity to learn about caring for others and other people's needs beyond their own can help build financial literacy and improve their relationship with money. Bring money into family discussions and check in with yourself to ensure the conversation is healthy rather than negative. If it is negative you may need help through counselling to improve the way you see money so you can create a healthy money story with your own children. |
AuthorArticles about mental health, money and behavior Archives
February 2024
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