Dealing with Clients Who Worship Money
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In the second of this four-part series on money scripts, let's explore the category that Dr. Brad Klontz calls “money worship.”
Unless you have always envied the mythical "golden touch" of King Midas, you may be quick to dismiss the possibility of being someone who worships money. However, your dominant money scripts may fit into this category if they are like the following: "Things would get better if I had more money," "More money will make me happier," or "Money would solve all of my problems."
Research has found that those with money worship scripts tend to have lower levels of education, income, and net worth, as well as higher levels of credit card debt. Interestingly, the self-defeating money behaviors associated with money worship scripts are similar to those around money avoidance, including compulsive buying disorder, hoarding disorder, financial dependence, financial enabling, financial denial, and workaholism.
More money can make a person happier. Research finds that there is a direct correlation to happiness and more money, up to an income of roughly $75,000. After that, there is little correlation between making more money and being happier.
This makes sense when we consider the stress and unhappiness that come with being unable to provide adequately for yourself and your family. In that case, more money is indeed likely to make things better and solve many problems. Once you have enough to live comfortably, more money becomes less relevant to happiness.