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Integrating your finances with happiness and well-being should be easy. But for many people, it’s anything but that.
And when it comes to retirement, the angst to tap into savings is real for retirees who are holding on to their money for fear of outliving themselves.
In his new book, “Wealth at the Key of Life: Finding Your Financial Harmony,” Preston D. Cherry, a certified financial planner, strives to show smart ways to navigate the mixed emotional and psychological aspects of financial planning.
Cherry offered insight and advice in a conversation with Yahoo Finance. Here are edited highlights from that conversation:
Kerry Hannon: Why does money create such an emotional mess for some people?
Preston Cherry: It’s because we exchange for money. We work for it. We are trading a part of our being every day for income. Because you are giving a part of yourself every day, this transaction gives life to money. It’s an emotional exchange. Your identity is in the money in your bank account.
How do we disengage when it comes to dealing with our financial lives?
It’s about giving yourself permission. To begin the unstuck process, you need to ask the questions: Where are you in your journey? Where are you with your career or business? Where are you internally? You know what you don’t want to do anymore? What do you want to do? are you healthy
Can you explain the importance of thinking about how we spend our money?
You must be able to do this reflection without shame or judgement, and push back against society’s norms and stigmas. Heaven forbid you go shopping for a new car. My wife and I are looking to purchase a Cadillac Escalade. The price of a 2025 Cadillac Escalade starts (at) around $90,000. This is a choice and a preference. We have the ability to do it. Our savings rate is being met. And there is nothing wrong with that. We owe our explanation to no one. We give ourselves permission to do so.
This is a permission book to live your life as you choose, as long as you have a financial plan. If someone makes you feel ashamed for spending your money a certain way, you have to say MYOB, it’s yours.
Read more: 5 psychological money tricks to reduce spending and increase savings
How is money our partner?
Money is not just a tool. It’s your partner. Dances with a partner. A couple is fluid. Your relationship has flexibility. it adjusts It has a soul. I call it the humanity of money. You give yourself permission to earn the resources you need to put that money toward your preferences and your purpose.
