Money Management & ADHD
Financial issues is a hot topic for many ADDer's. How to set a budget, how to stick to a budget, how to curve impulsive buying, how do to plan for your future, the list goes on.
In this special Money Management Podcast series, Pete and I cover many of these topics and more...
Here is a quick outline of what to expect:
In the first show, we spend a lot of time going over some statistics and getting a better idea of how our beliefs may effect how we manage our money.
Here is a quick review of the stats:
According to Stephanie Sarkis, Ph.D. and author of ADD and Your Money reports the following:
People with ADHD have a greater amount of debt, more difficulty paying their bills, and less money saved up than people without ADHD.
People with ADHD have lower incomes than those without ADHD, even when they have a similar education level (Barkley, Murphy, and Fischer 2008).
People with ADHD also miss more days of work due to “unofficial” absences (Secnik, Swensen, and Lage 2009).
People with ADHD are more likely to take risks that lead to a loss of money (Dreschler, Rizzo, and Steinhausen 2008).
In one of my earlier ADHD Coaching courses from ADDCA, I learned that people with ADHD are:
Two thirds more likely to be fired from jobs,
Three times more likely to impulsively quit jobs, and
Fifty percent more likely to have changed jobs in a given period
These statistics clearly show us there is a challenge around money and if it’s not recognized and managed the consequences can become very severe.
Resulting in broken relationships, high levels of debt, and /or bankruptcy. Not to mention the feelings of failure and shame that a person may be experiencing.
To gain better insight and awareness on your beliefs around money, I encourage you to do the exercise recommended in ADD and Your Money. She believes that a lot of the way we manage money as adults comes from how we were raised.
It’s a great exercise to do by yourself but it’s also great to do with your partner! It can really open the door for communication.
Exercise From ADD and Your Money:
What is your earliest memory regarding money?
What did you learn about money back then?
Did you learn that there would always be enough money for everyone, or did you learn that money was something that was scarce?
What do you remember the most about your parents’ relationship with money?
Which of your parents’ beliefs or attitudes about money do you still carry with you today?
Are those beliefs helping you or hindering you from achieving financial success?
After you have had a chance to think about your beliefs around money, I encourage you to spend time around your vision.
Here are a few questions to get you started:
Paint a picture of what it means to have a financial plan.
What does financial freedom mean to you?
What’s been getting in your way of achieving this freedom?
What resources do you need to help you with your goals?
What do you need to do?
What’s the first step?
These resources will help you become more clear about your financial future.
Thank you for your time and attention!