Mind Over Money - Good Housekeeping Philippines (featuring Dr. Ronnie Motilla, President of P.E.R.A. Inc. )
Following are excerpts of a Good Housekeeping Philippines article (July 2017 issue) featuring Dr. Ronaldo A. Motilla, Phd, CSCLP, RP, and President of the Psychological Empowerment to Resources and Aspirations (P.E.R.A.) Inc.
It’s important to understand the role emotions play in decision-making, especially when it comes to our finances, lest they lead us to less-than-favorable situations. For instance, you might think your impulse purchases are few and far between, but if you don’t recognize and address the underlying emotions that push you to make them, you might be surprised to find yourself drowning in credit card debt one day. After all, small purchases may seem inconsequential at the time you make them, but they certainly add up.
“If you’re not aware of your emotions, that would really propel you to unconsciously make unnecessary or irrelevant expenses,” says Ronaldo A. Motilla Ph.D., a clinical psychologist, professor, and head of the Integrated Lifestyle and Wellness (ILAW) Center in Miriam College in Quezon City, and President of the Psychological Empowerment for Resources and Aspirations (P.E.R.A.) Inc., which provides financial counseling services to local and overseas Filipino workers and their families. “That’s why the question we ultimately ask our clients is: Is this purchase or decision bringing you closer to your goals? Or are you just feeding your emotions?” adds Dr. Motilla. “Emotions are really powerful and, when unmanaged, could lead you to make or break your finances.” It doesn’t stop at spending habits, though. Here are other ways emotions can affect your financial well-being.
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