“The greatest discovery of my generation is that human beings can alter their lives by altering their attitudes of mind.” – William James
When you’re in a world that puts academic intelligence in such high regard, it tends to underestimate the power and success that comes from having emotional intelligence. Emotional intelligence is the capacity to identify, comprehend, and manage your own feelings. As well as the feelings of individuals in manners that are positive.
You may think that being book smart and having a high intelligence quotient or IQ will guarantee a happy, successful and fulfilled life. If you look around, there is an assortment of individuals in every area of the world who are brilliant academically but are inept at work or in their relationships and handling people. Not having the ability to deal with people will only get you so far.
What Does Emotional Intelligence Have to Do With Finances
That’s why academic intelligence isn’t enough on its own to succeed in life. And when you’re talking about your personal finances and your quest for financial freedom, it will be your emotional intelligence, not your IQ that will allow you to succeed. Whether you realize it or not, there is undoubtedly no shortage of emotional factors when dealing with money.
Although the term emotional intelligence is largely heard and used with regards to leadership and managing people, there are elements of IE that play a major role in how you look at, feel about and use money. It’s important to realize and understand how your emotions affect your financial well-being. So, it makes sense to work on increasing your emotional intelligence when talking about getting on the path to financial freedom!
“We are dangerous when we are not conscious of our responsibility for how we behave, think, and feel.” – Marshall B. Rosenberg
When it comes to success and happiness in life, emotional intelligence makes it possible to reach your 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 you to recognize your own emotional state that needs to be the focus. Emotional Intelligence is made up of five elements: self-awareness, self-regulation, motivation, empathy and social skills. Focusing on and mastering the first three elements is what will enable you to have control over your finances.
Self-Awareness is the capability to know which emotions you’re feeling and why. Self-Regulation 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. Motivation is about utilizing your emotions to stay positive, optimistic and persistent as opposed to negative and pessimistic.
Some of these three elements may already come naturally to you. If they do, that’s great! If not, you need to work on them. Because mastering these three elements will surely get you on the road to financial freedom. And there’s no doubt, that the conscious effort to master all five elements will enable you to live a better, happier and more successful and fulfilled lifestyle overall.
“When awareness is brought to an emotion, power is brought to your life.” – Tara Meyer Robson
Out of the five parts that make up emotional intelligence, Self-Awareness is the first part. And to say it again, 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 it. And control your feelings to 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 again is the capability to control your feelings and impulses. And also 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.
The third part is Motivation, and motivation is all 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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