Meditation Anyone?
Meditation anyone?
Article from Journal of Financial Planning, May 2017
Habits your clients have developed around money have most likely been with them for decades. One study from Cambridge University found that people develop money habits by the age of 7.
It might be beneficial to your clients to recommend meditation to tackle their bad money habits – whether its overspending online, living beyond their means to keep up with their neighbors, or continually financially supporting an adult child.
“When you just think about money it’s all psychologically based” said Michael Liersch, head of the behavioral finance at Merrill Lynch Wealth Management, in a March 2017 article on “The Street.com “To really be authentic about it, the whole premise of money is emotionally based in essence. Removing emotion from investment decision-making is just a false premise to begin with” Just as mindfulness and meditation can help a person who is trying to lose weight, it can also help somebody who may be trying to overcome negative money habits.
Just as mindfulness and meditation can help a person who is trying to lose weight, it can also help somebody who may be trying negative money habits.
Our study from Harvard University found that mindfulness meditation actually increases the amount of gray matter in the brain’s frontal cortex, which aids in memory and decision making. The New York Times reported that a different study from the same researchers found areas of the brain that deal with emotional regulation, learning, focus and perspective were all thickened after just eight weeks meditation.
“The payoffs that come from establishing a meditation practice are well worth the time invested” Leisa Peterson, business strategist and money coach, wrote in a 2015 Huffington Post article.
“When you become more mindful about money, you learn a great deal about yourself and also your ability to be creative and intentional, rather than reactionary” Peterson wrote, Peterson recommends guided meditation apps to get your client started.
Meditation to overcome negative money habits seems to have worked for some people. Rebecca Velasquez told Learnvest in 2006 she was able to find financial clarity and save $25000 by being more mindful.
“Meditation requires guidance and support as well as a willingness to take it on every single day” Velasquez said. “Once willingness isthere, it opens up a whole world of possibilities and revelations, which may end up benefitting your well being-financial health included