People who work hard and those who drive business forward often think about money in different ways. Yulia Domanova, a business psychologist and entrepreneur, spoke with socialbites.ca about these differences, explaining how mindset shapes financial behavior in both workers and leaders.
According to her, entrepreneurial thinking involves a readiness to take responsibility for others while living with ongoing uncertainty. At the same time, many leaders lean on outsourcing as a way to feel secure, a mindset that can clash with the needs and preferences of employees who crave stability.
She noted that employees may struggle when anxiety runs high. They can close off options and fall into avoidance, choosing the path that feels safest for their mental well being. This response, she says, limits opportunity and stifles growth in tough moments.
Financial thinking, in her view, is more than just budgeting or counting cash. It is a worldview shaped by how money is perceived within a person. It sits deep in the mind, influencing instincts and everyday choices. These ideas are not created in a vacuum; they are learned from past generations who carried varied experiences with money, shaping present attitudes and behaviors.
People tend to attribute human qualities to money. Emotions emerge in response to money, and those feelings can either frighten or attract. Money can feel scarce and dangerous or abundant and comforting. The result is a psychological relationship with money that matters as much as the sum in one’s wallet. To build healthier finances, a practical relationship with money is essential. For instance, creating a mental safety buffer of about three months of living expenses can offer real reassurance during uncertain times.
Developing financial thinking is a purposeful process. The goal is to plan a budget that supports a comfortable lifestyle, taking into account both income and expenses. Yet many people struggle to manage this task because negative financial beliefs hold them back. Anxiety about budgeting can creep in and undermine everyday living, leading to a cycle of stress that lowers quality of life. Understanding and addressing these beliefs is a key step toward financial well being, according to Domanova.
Her perspective underscores the need for a balanced approach to money in both personal and business contexts. Leaders who cultivate disciplined financial habits can model stability for their teams, while workers who learn to navigate money with confidence can reduce stress and improve performance. This alignment between mindset and action helps both individuals and organizations weather unpredictable markets and shifting job landscapes, a reality in North American markets today. Domanova’s insights point to practical strategies: clear budgeting, realistic forecasting, and time-bound financial goals that support resilience and growth.
In closing, the expert emphasizes that money is more than a resource; it is a driver of behavior, emotion, and decision making. Across workplaces and households, aligning financial thinking with healthy attitudes toward money can enhance security, reduce anxiety, and empower better choices in everyday life. By understanding money as a tool rather than a trap, individuals can build more robust financial lives and contribute more effectively to the teams and communities they serve, even amid uncertainty.
Previously, a separate report noted a discussion on effective communication in parenting, illustrating how conversations about responsibility and rules can echo into financial decisions in later life.