The Psychology Of Making Money

It all starts in the mind.
Photo: Alice Pasqual

Whether you’re here to learn how to earn some fast cash or just here about making money in general, there’s an important psychology that must be understood before getting into the actual way of making money.

Today, we’ll study Freud’s model of the mind. In his findings, you’ll come across the “Psychic Apparatus” where he saw the human personality as having three aspects. Each of these three aspects work together to produce all of our ‘complex’ behaviors: the Id, the Ego and the Superego. All three components need to be in balance in order to have good amount of psychological energy available and to have reasonable mental health.

The Id (pronounced the way it looks)

The Id lives deep within our subconscious from birth. It’s the source of our sudden and most instinctive urges. When you find yourself doing what you know you shouldn’t do, blame your Id. It has only one rule → the pleasure principle- basically, “I want it and I want it NOW, no matter what!”.

When Id is too strong = one is bound up in self-gratification and uncaring to others

The Ego

The Ego is the driver making the decisions. It is the rational part of the mind that decides between the devil (the Id) and the angel (the Super-Ego), yes, just like in those Tom and Jerry cartoons with the devil and an angel on either shoulder. We have small voices in our head, and it’s up to the ego to decide which one to fulfill. Its goal is to find a compromise between satisfying both the Id and the Super-ego- basically- “I want it now but on second thought, it can wait”.

When Ego is too strong = one is extremely rational and efficient, but cold, boring and distant

The Super-Ego

The super-ego is formed later in life to balance the Id. It forms and breaks off from the Id through our upbringing, parental guidance and our sense of community and beliefs. It continually strives for perfection based on set standards and consciousness. Its power to enforce rules comes from its ability to create anxiety. People who are typically careful with their money can thank their super-ego. basically

When Super-ego is too strong = one feels guilty all the time, may even have an insufferably saintly personality

Now, why all this mumbo-jumbo about some old guy called Freud and why do we care about his theories?

Naturally, your Id wants you to fulfil those ‘I want money and I want money now!’ desires. Because of this need for self-gratification, those get-rich quick schemes and weight-loss diets are naturally popular! good number of them are not legit!

We should be wary of schemes that seem too good to be true because they might actually just be too good to be true.

With the Ego and Super-Ego however, you are willing to follow a steady path to achieve these same goals, this time through rational thinking, asking good questions, getting help and doing your homework in general, before deciding how to make that money.

In our next article, we’ll tell you how to make money in the ways that we at REACH endorse to be right and profitable.

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