What is a money psychologist?
A money psychologist is a person who demystifies and breaks down the language of personal finance to its simplest and most basic form, with no jargon. He or she talks about the use and management of money and makes a lot of common sense, so much so that even someone who is financially unsophisticated can understand.
More importantly, a money psychologist focuses on talking - not so much about money itself - but rather presents a compelling case for people to take an interest in their financial matters, which are at the core of true independence and self-reliance. This understanding is crucial because failure to recognise this means a conscious choice to be bound by the yoke of debt and financial misery.
What is the psychology of money and how does it affect us?
Money is one of the most emotionally charged issues today. People will do anything to get it, steal, cheat, deceive and even kill for it. It seems to have this magical effect on us.
Until recently, social scientists didn't know much about the psychology of money. That has changed with an explosion of fascinating findings on how money affects our emotions, our personalities, our sexual behaviour, our risk-taking, and society at large.
So for one to achieve a deep-in-your-bones kind of happiness and success, one needs to be cognisant of what money can and can't do.
Debt affects many South Africans. What generally is the psychology behind this?
There are many reasons why people are in debt. Reasons can range from an inability to stick to a budget or having no budget, due to a job loss, injuries or retrenchment.
Can changing your attitude help you get out of debt?
Whatever the reasons for people being in debt, they need to recognise them and admit they have a problem and want to get out of it. No amount of talking will ever make anyone want to be free. There are some people who truly enjoy being in debt because it gives them something to talk about and makes others feel sorry for them. They love being poor. There is very little one can do with such people. They need to drown and lose everything. Hopefully then, the penny will drop. I have seen people who still don't care even when they lose it all. So, yes, a change of attitude is a good start but it is the spending habit that needs to go.
What made you follow this career?
I didn't choose the career, it was more of a calling. It is my contribution to society. I have always been a reaching-out type of person and after being in the financial sector for more than 15 years, I realised that financial education is about character and values, not just money. Mindful self-management of desires and values is essential to the management of social, family and capital assets. This puts the responsibility of managing money squarely on the individual. I wanted to share that with people.
What about your job makes you most happy?
I find it gratifying when I see people getting out of debt as a result of my intervention. Recently I witnessed a young man cutting up all his credit cards after he had fully paid them and didn't want to go back into debt. Not only did he sort out his finances, he booked himself into our career exploration boot camp and changed his job. Talk of a radical change.
I have seen people who had no direction in their lives develop life plans and the internal strength to say no to things that are not a priority.
I have seen people leaving their old jobs and find new opportunities, taking up studies, starting businesses. Eighteen months ago one woman tripled her salary in the space of a year.
I now see people who save for their children's education, whereas before they would reward them with expensive, high-fashion clothing items and plead poverty to their education requirements. Now the tide has changed.
Who wouldn't shed a few tears of joy when this happens?
What about your job makes you feel most frustrated?
I get sad, frustrated, mad and feel paralysed when I meet people who hate themselves and are full of limiting beliefs about themselves and what they can achieve. I am convinced we are our own worst enemy through what we believe and how we behave.
What training do you have - formal and informal?
Education is very important. I studied leadership, business management and finance at Wits Business School, the Graduate Institute of Management and Technology, Harvard Business School and the University of the North School of Micro Finance. This excludes the short programmes I attended as I went up the corporate ladder.
What was your first paying job and how old were you when you did it?
I worked as a typist, typing 260 words a minute, in those days. I earned 80 bucks a month. I liked my job because I enjoyed the newly learnt skill of typing and I was good at it. I typed really fast. I was 20 when I had my first paying job.
What or who inspires you?
I'm inspired by nature around us - the stars, mountains, trees, flowers and their various smells, waterfalls, birds and butterflies. I was deeply touched recently by a mommy and daddy bird grieving for their little one that was crushed on a rock and died while attempting to fly for the first time. I am constantly amazed by the never-ending supply of oxygen for so many people on Earth. I am mesmerised by the sound of the ocean waves - 24/7 the waves never stop - and this continues from one generation to the next. With all this around me, I cannot help but be inspired by the master designer and creator of it all - God himself.
What is your favourite time of the day?
I absolutely love mornings. I know it may sound crazy but I wake up between 3am and 4am. It is time I use to order my private world. I take time to go out for a walk at 5.15am. It is important for me to be spiritually and emotionally ready to face the new day. By the time my fellow South Africans wake up, I am ready to meet them with love, new hope and renewed energy to serve and the internal strength to cope with the challenges of the day.
Author: Margaret Harris
Source: Times Live
