When it comes to success and happiness in life, emotional intelligence makes it possible to reach our career and personal goals, succeed in work, and build relationships. People who are emotionally intelligent are able to recognize the emotional state of others as well as their own state to create a connection and form relationships. For the purpose of financial success, it’s the ability for us to recognize our emotional state that needs to be the focus. Emotional Intelligence is made up of five elements; self-regulation, self-awareness, motivation, empathy and social skills. Focusing on and mastering the first three elements is what will enable us to have control over our finances.
Why is Emotional Intelligence Important to Your Finances?
Out of the five parts that make up emotional intelligence, Self-Consciousness is the first part. It’s the capability to know which emotions you’re feeling and why. Whenever you understand your emotions, it’s easier for you to recognize and control your feelings and prevent your emotions from ruling you. Additionally, you become more confident as you don’t let your feelings get out of control.
Then there’s Self-Regulation, which is the capability to control your feelings and impulses and select the emotions that you would like to experience rather than being the victim of whatever feelings arise. When you’re able to manage your psychological state, it becomes much easier for you to think before you act and this prevents you from making impulsive and careless decisions.
“We are dangerous when we are not conscious of our responsibility for how we behave, think, and feel.” – Marshall B. Rosenberg
The third part is Motivation. This is about utilizing your emotions to stay positive, optimistic and persistent. When you have a high level of emotional intelligence you have a tendency to be very motivated, productive and efficient in everything you do. You also utilize your emotions positively to take the correct actions to persist and reach your targets even in the face of significant adversity or difficulty.
Empathy and Social Skills are the last two parts, but mastering those first three parts will certainly get you on the road to financial freedom. If you feel like you don’t have what it takes to be emotionally intelligent, don’t panic! Because just as academic intelligence can be developed, so can emotional intelligence. Like most things, it takes time to develop, so be patient and enjoy the journey!
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