Money mistakes even wealthy people make

This article is the latest part of the FT’s Financial Literacy and Inclusion Campaign

Money: it’s emotional. If I had to sum up the main lesson I have learned after many years writing about personal finance, this would be it.

I always try to break down the barriers that prevent readers from getting to grips with their money. The financial industry’s love of jargon and constant rule changes from politicians do not help, but when you’re busy earning money, it’s easy for looking after it to slip down your list of priorities. However, the biggest barrier is more likely to be lurking inside our heads.

Our emotional relationship with money can make or break our financial success. Earning lots of money or being born into a wealthy family doesn’t automatically make you good with money — in fact, the reverse is often true.

Mastering this emotional relationship is the key lesson in my forthcoming book, What They Don’t Teach You About Money, designed to set people who feel they know little about finance on the path to success. Certain things matter a lot — including developing a long-term mindset, helping your children learn better financial habits and arguing less about money with your partner.

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