The dictionary defines morbidity as the “relative incidence of disease,” and in the insurance field, it’s associated with the chances of someone becoming disabled.
The idea of financial morbidity is aimed clearly at those who possess an inability to deal with their financial lives to a degree that their long-term financial security is put in jeopardy.
Do some or most of the following behaviors sound familiar? If so, you might be in or near a state of financial morbidity:
If these behaviors feel too close to home, you are likely suffering from dis-ease in your money life. You are not doomed to live the rest of your life this way, however. You can change the outcomes if you have enough desire and conviction and take real action.
Following are 4 steps to lead you from a life of financial morbidity to one of financial health and vitality:
Take the above behavior statements and turn them into questions. For example: “If I continue to have no real idea where my money goes, the likely outcome is ____________.”
Now complete the other 8 statements by creating the same question.
The fact is, your lack of financial comfort is mostly due to how money was treated and discussed or not in your childhood years. In other words, if your parents talked about savings, using debt wisely and financial responsibility, chances are you are on board. But if money wasn’t talked about in these open and positive terms, then your relationship with money was malformed, leading the way to your current financial morbidity.
It’s not too late to learn and gain understanding—and thereby control—of your financial decisions and improve your financial well-being. There is no magic pill to swallow to gain financial health; rather, it is a process of small steps that requires proper care and treatment. You can turn your dis-ease into comfort and security by making small, appropriate shifts in your thinking and your actions. You just have to get started and keep plugging away. I know you can do it!