Özlem Denizmen: "Those who can control their emotions can also control their money"
Pointing out that people generally act with their psychological tendencies such as the desire for instant gratification, risk perception and fear of loss, Özlem Denizmen stated that "For a healthy money-psychology relationship, it is important to be aware of these emotional tendencies and to make conscious, planned financial decisions. One who can control their emotions can control their money."
Emphasizing that creating social networks and applying stress management techniques that can provide support in difficult times enables resistance to economic fluctuations, Denizmen expressed that "If your emotions are not down, your financial freedom will also be unbreakable. Financial resilience is more important than being rich.”
Businessperson and Financial Literacy Trainer Özlem Denizmen, who received one of this year's 9th Üsküdar University High Human Values Awards, talked about the relationship between money and psychology in an exclusive interview with Üsküdar News Agency.
What do you think should be the relationship between money and psychology?
One who can control their emotions can also control their money...
The relationship between money and psychology is deeply linked to the underlying emotional and cognitive factors that shape an individual's financial decisions. Behavioral finance emphasizes that individuals' decisions about money are often driven by psychological factors rather than rational. People are often driven by psychological tendencies such as a desire for instant gratification, a perception of risk, and a fear of loss. For a healthy money-psychology relationship, it is important to be aware of these emotional tendencies and make conscious and planned financial decisions. This level of awareness has a critical role in achieving financial goals and reducing economic stress.
I have entered my 15th year this year, I can easily say that one who can control their emotions can also control their money. Therefore, psychology, spending money, earning, investing, is the basis for all decisions made.
Daniel Kahneman, who passed away recently, has shed light on all of us by enabling us to learn a lot in this Ecole.
Considering that emotional capital should be managed like a resource management, can we say that there is a similarity between money and management?
Conscious emotional capital management improves decision-making processes...
Yes. Emotional capital is a resource that affects the relationships, motivations and teamwork of individuals and organizations. As with money management, effectively managing emotional capital is important for sustainability and long-term success. Conscious use of emotional capital can improve decision-making processes and will positively impact personal or corporate financial results. In both areas, strategic planning, effective use of resources and investing for the future are important.
Life is the most valuable gift bestowed on us, and to manage it properly, being aware of our emotions and trying to manage them will also affect our financial world.
Is it the right approach to say 'I have money' and I am happy?
The rich do not laugh more...
Wealth is wanting and needing the least. A person is not happy because they have money. When a person is broke, they can be unhappy, especially if it is a livelihood. However, we can say that a person feels good not because they have money, but because their anxiety decreases, and they feels safe. The rich do not laugh more. As long as we see money as a means, not an end, it will run, and we will chase. For this reason, it is very important for our young people to set a goal for themselves and realize that money is a tool that leads to that goal in the light of their own values.
What would be your suggestions for psychological resilience in the context of economics? How do economic uncertainties affect people's psychology and actions in life?
To develop psychological resilience, it is important to make realistic financial planning, build emergency funds, take an informed approach to economic news, and strive to be financially literate. In addition, creating social networks that can provide support during difficult times and applying stress management techniques ensures resilience to economic fluctuations.
Financial resilience is more important than being rich...
If your emotions cannot be down, your financial freedom will be unbreakable. Financial resilience is more important than being wealthy.
Among the most talked about words of recent times are "Trust" and "Psychological Resilience-Positive Psychology". In fact, these words came to the fore in Davos. As an on-site follower, can you give information about the aspects of this issue?
Of course. I joined as a Young Global Leader from Türkiye in January 2024. Resilience was one of the most fundamental issues for countries, companies and individuals. Climate change, the occurrence of many crises called polycrises at the same time, affects and shakes the resilience of both people and institutions.
However, we are going through such times that we all need to increase our resilience and take emotional behavioral financial measures that will increase our resilience instead of grumbling about what is happening or being in victim psychology.
Financial resilience involves both emotions and the bank account.
What would be your suggestions regarding family budget and personal budget management in Türkiye's inflationary and uncertain environment?
One should go into cactus mode...
The only thing we can control is our own behavior, so I recommend that we all review our living standards and switch to "Cactus Mode" for a while, that is, shape our lives by buying only their needs as much as possible for a while.
I am waiting for everyone to Monay, my financial behavior practice, which we have created as the accumulation of 15 years. By being a part of a family of 150 thousand people, you can start managing both your emotions and your money and make a difference in managing your life better.
Üsküdar News Agency (ÜNA)