“Money disorder” to blame for significant debt or spending too much money


There’s a rise in people blaming a “money disorder” for them living beyond their means, spending too much, as well as running up their credit card debt.

“Money disorders” are said to be due to underlying psychological issues like anxiety, depression or trauma.

Sugar Land private wealth advisor Derrick Kinney said don't use that as an excuse.

"Just saying, 'I'm just not good with money', doesn't get you better with money. You need to find professional help, or work with an advisor," said Kinney.

He said find someone to help you get better with money.

"Much like you would find a coach to help improve a sport, you can find people to help you get better at saving for retirement and the goals that are important to you," said Kinney.

He said there's a difference between someone being in debt, and someone being bad with money. One person might be good with money, while another person is challenged.

The wealthy’s “money disorder” can be “money avoidance”, which might lead to overspending.

The poor’s “money disorder” might be “money worshipping”, which might lead to workaholism.

Then, there’s also financial infidelity, abuse and dependency.

If you're wondering how to “treat” a “money disorder” people need to think about what they’ve done and how they feel towards money.


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