Do You Have a Financial Disability? – Money Is A Defense
Do You Have a Financial Disability?


What do you think of when you think of the word disability? Do you think about someone maybe in your family or a close friend that has some sort of unwanted or undeserved physical handicap or limitation? Or is it more severe than that? Maybe the memory of the quadriplegic that you saw at your doctor's last week or that maintenance person at your job that always wears a smile no matter what who can no longer work due to a back injury. Whatever it is the word disability has never been seen in a good light.

In my short but sweet money coaching career, I have learned a thing or two about how people view money. Of which I can not explain and had no vocabulary to even try. Many times I had to invent my own words and/or phrases for but digress. When it comes to the term "Financial Disability" I cannot take any credit for it since it has been used for decades now but I do have a different take on it. Financial Disability is a term used when it can be proven a taxpayer is mentally or physically unable to handle their own personal financial affairs. The surprise was I had no clue how widespread this issue was nor how evasive it can be when it comes to the symptom that lead up to someone losing the ability to financially take care of themselves. 

When we think of disability our minds have been trained to imagine the worst-case scenario. We think of someone who is unable to work ever again due to a serious physical issue. But, when it comes to financial disability this is not the case. We only think of it like this. Someone needs financial assistance due to their physical issues. We never think that their financial issues are the disability itself. Could it be that poor or mismanagement of money is a disability in and of itself? And if this is true, will giving someone more money solve the problem.

Could it be that we all have this disability to some degree? Does not being able to save money and spend it wisely to the hurt of oneself and of others qualify. Not to mention the country as well because of high rates of bankruptcy? The fact that 8 out of 10 people are living paycheck to paycheck with little to no savings should sound some kind of alarm right? Not at all. Financial Disability is not measured that way. It's not viewed as a sliding scale type of disease if you will. I really cannot think of anything more debilitating poor money management other than being completely sick on your death bed as being worse than being subject to abject poverty at ones on hands.

I believe it's time we start to look at financial mismanagement as a debilitating disease that qualifies as a disability. One that can be cured through education and strict oversight for the worse case or financial sickest among us. This will not only help with the obvious problem lack but could possibly cut the poverty rate in half. Through education and training programs designed to make people aware that this disease it can be beaten. Sure its like a head cold it can always come back over and over again and for many it probably will. But think about it each time the person will be more and more educated as to how to fight it. We cannot hope to even put a dent in poverty without financial education made available to everyone.

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