We all know what Intelligence Quotient (IQ) is, but have you been hearing the buzz lately about Emotional Quotient (EQ)? Well, if you haven’t, then I’ll start with a basic definition from Psychology Today:
What Is Emotional Intelligence?
Emotional intelligence is the ability to identify and manage your own emotions and the emotions of others. It is generally said to include 3 skills:
- Emotional awareness, including the ability to identify your own emotions and those of others;
- The ability to harness emotions and apply them to tasks like thinking and problems solving;
- The ability to manage emotions, including the ability to regulate your own emotions, and the ability to cheer up or calm down another person
In achieving financial freedom from debt, we can apply the same skills in sustaining our long term goals, or even short cutting the time and effort involved by finding the best possible solution for our particular concerns.
So, what does getting a hold of our emotions have to do with getting out of debt? Great Question and one that I looked at from a money making standpoint. In a recent article by Inc. magazine entitled, 12 Habits That Set Ultra Successful People Apart. The highlight of this article was a discussion on how the ultra successful people use EQ to get stuff done and you can too.
Here are some key tools to help you get out of debt:
- Keep your composer by monitoring your emotions and what it feels like to have this much debt that you cannot manage. Remember that no matter what, this too shall pass. Focus on the outcome rather than the present mess, to carry you through.
- Get informed and be knowledgeable. When you are constantly working on yourself to increase your own self awareness about how you earn, manage, and grow financially because you’re passionate about it, then, you’re ready to get out of debt completely. Gather all the information you need to make a well-informed decision for yourself.
- Take your time and be deliberate in your decisions. Impulsiveness may have gotten you into financial trouble, but financial freedom from debt requires you to slow down and logically think through the problem.
- Get a small victory under your belt quickly. Whether it is to contact your professionals for consultations, like your CPA or accountant, if you need tax advice; or a bankruptcy lawyer to consult about bankruptcy options to get out of debt.
- Be Fearless and Graceful. Fear is imagination run wild. Fear is also what keeps many in the position of indecision and never make a move. Grab fear by the horns and be graceful, which is to be both strong and gentle at the same time.
- Be gentle and kind on yourself first, for getting into debt and be strong enough to face fear, head on and get out of debt by the cheaper, better and faster way, for you.
I believe that money is a matter of the heart. I believe that the way out of debt is through our emotions. I believe that anyone can move out from a mountain of debt quickly when they unite their head and their heart together, as a team. It’s a simple shift from guilt and shame, to freedom and joy.