Grief, Loss, and Your Money
Do you remember, quite a few years ago, when Donald Trump was going through his divorce from Ivana, there were lots of headlines about his financial troubles. What he was going through was not unusual.
After a divorce or loss of a loved one, financial loss often follows. People unconsciously use money as the convenient pathway of expression for their emotions, and this is especially true for deep feelings of grief and loss. Feeling the pain of financial loss is more bearable than the pain of the real loss of a person or pet we love or has played an important role in our lives.
Along with losing money through bad investments, overspending, making unwise financial decisions, or serious debting, grief and loss can act out via serious concerns about running out of money, which is really the fear of being alone.
People often quickly spend an inheritance because of grief and loss acting out through money. Some people have an opposite reaction and hoard an inheritance or savings in order to protect against future loss. Even losses from long ago, such as a parent or parents passing away when you were young, can have an affect on your money today.
If you experience loss:
- Expressing the grief can protect you against making really bad financial decisions, seriously overspending, or excessive hoarding. Using techniques such as BSFF or EFT can help reduce the pain of grief, although most people just have to go through the grief.
- If you do receive an inheritance, put as much as possible into a six-month CD before making any major financial decisions.
- Shop for a financial advisor who can help you, but avoid making a final decision for at least a few months. People who are grieving often latch on to whomever comes along in order to avoid the empty feeling of grief.
