5 Ways Your Emotions Are Blocking Your Wealth

How the Power of Empathy Can Help Unlock Your Wealth Goals

I'm teaming with a former McKinsey and Federal Reserve finance expert to help YOU explore the emotions behind your money moves.

Do you think you could survive a year with only a month and a half of runway in your checking account? My family and I did just that. During this challenging time, I expanded my net worth, created intellectual property, and bought a home that appreciated—all thanks to the power of empathy.

Akash Kanojia, a former Federal Reserve and McKinsey finance expert, has been an informal advisor to me. He explores the link between emotions and finance, helping individuals remove emotional roadblocks to achieve their wealth goals. Here are five common emotional barriers he identified:

1. Emotional Overwhelm with Getting Started: Fear of the unknown can paralyze action. Facing an audit recently, I learned that taking the first step, no matter how daunting, is crucial.
2. Information Overload: With so much financial information available, it’s easy to get lost. Trusting a few reliable sources and advisors can provide clarity.
3. Self-Judgment: Feeling behind financially can lead to shame. Focusing on your progress and sharing your financial truths can open doors to collaborative solutions.
4. Blaming Others: Frustration with lacking financial education redirects energy to the past. Reframe your thinking to focus on present choices within your control.
5. Stuck in a Shame Spiral: Financial mistakes are common but dwelling on them can be paralyzing. My biggest mistake taught me invaluable lessons and led to better opportunities.

Whether you're saving for retirement, raising startup funds, or navigating debt, understanding empathy's role in your financial decisions can help you overcome these emotional hurdles and achieve your wealth goals.

Join me and Akash this coming Tuesday, May 28th for Money + Empathy, an exploration of the link between emotions and wealth creation.

Visit my Medium page for the full article, "Empathy Can Make You Rich?"

About Me

Michael Tennant, CEO of Curiosity Lab is an entrepreneur, keynote speaker, and author of The Power of Empathy available at Barnes & Noble, Amazon, Target, and described by Inc. Magazine’s 100 NonObvious Business Books as “A Thirty-Day Path to Personal Growth and Social Change effectively balancing a self-help approach with a practical explanation of how we can use empathy as a tool.” He’s also the creator of Actually Curious? the empathy conversation game, Values Exercise?, and the Five Phases of Empathy?. In 2022, Curiosity Lab received an investment from Pharrell and the Black Ambition Prize.