Weekend Reading: What You're Really Worried About When You're Worried About Money

This article appears as part of Casey Weade's Weekend Reading for Retirees series. Every Friday, Casey highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Get on the list here.
Weekend reading money worries Weekend reading money worries
Weekend Reading

Does money truly have the power to elevate your life? It can certainly take care of your most basic necessities, but according to Maslow’s Hierarchy of Needs, money has a limit on the amount of happiness it creates.


Money motivated: When it comes to human needs that don’t come with a price tag, such as social and emotional needs – Or, love, belonging and self-actualization, money has minimal impact. In fact, putting too much pursuit toward money can create what is called “financial contingency of self-worth”. Studies show that in relation to your income, happiness can take the form of a U-shape, with individuals earning less than $50,000, or at the other end of the spectrum, more than $200,000, experience the most stress.

Pursue what’s priceless: While it appears there is an income “sweet spot” when it comes to keeping financial worries at bay, what happens if you still experience anxiety around money, despite having all necessities met? If you’re measuring your self-esteem in the form of dollars, you’re striving for an unattainable goal. Instead, try reassessing your priorities and focus on areas that might bring you more happiness from Maslow’s hierarchy. For example, you could pursue activities that cause you to engage in self-actualization (walking, meditating, worship). Or, utilize money in its most powerful capacity: As a means to create value in the lives of others, through giving.

In my opinion: If you’re a millionaire and you’re still worried about money, you clearly don’t have a real financial plan, or there is a lack of understanding.