ADHD and Money Superpowers: Harnessing Your Unique Financial Strengths
Have you ever wondered why you and your money can’t find a good rhythm? Maybe you are a creative entrepreneur with a variable income and find yourself in a “boom and bust” cycle where money is lean for some time and once money comes in it flies out of the account. Or, maybe you like to focus on areas in your life other than finances that you find more meaningful and fulfilling. Or, maybe you delay managing your money and investments as you excel in flexibility and quick thinking when under pressure. These attributes and characteristics may have something to do with having a diverse money mind. But, what if you have been thinking about neurodiversity from a limiting perspective rather than a strength perspective? Yes, ADHD has superpowers and they also translate to managing your finances.
While ADHD can present challenges to successful financial management, it also comes with characteristics that can be advantageous. This blog focuses on the unique characteristics that help individuals with ADHD be wildly successful with money and how seeking financial therapy in California can support your journey to financial wellbeing.
Financial Challenges Faced by Individuals with ADHD
In a previous blog post, ADHD and Its Impact on Money Matters, we delved into the fact that ADHD is underdiagnosed, especially among adults. We also described the common financial challenges faced by individuals with ADHD including impulse control and overspending, organizational difficulties, and procrastination. Additionally, we outlined how financial therapy can support you to navigate the complex intersection of ADHD and finances. Read on to see how limitless ADHD can be in earning and managing your money.
Unleashing Creativity as a Counterbalance to Trouble with Numbers
ADHD is directly linked with creativity and as a result, this creativity can translate into innovative problem-solving. For example, if you don’t like budgeting, maybe the No-Budget, Budget, is for you. This budget prioritizes and sets aside your monthly costs, needs, debt, and savings, leaving the remainder to you to spend! It is best suited for those who have a regular income and who align with a pay-yourself-first mentality.
Trouble with Numbers
If you experience trouble with numbers, meaning the sight of them sends you in to overwhelm, Financial Technology (FinTech) may be the answer for you. FinTech lets you take less of an active money management role by leveraging technology to support many aspects of your finances including e-commerce, digital banking, blockchain, wealth management, and business payments. FinTech offers improved accessibility and enhanced efficiency through automation, cost savings, personalization, and financial education. The most common platform where you may recognize Fin Tech is through online banking services, however, there are many more platforms to support your financial needs.
Variable Incomes
For those with a variable income, creating a dynamic and responsive budget will keep you inspired. For budgeting, it is essential to know your minimum costs which includes saving for leaner months. Once you know your minimum costs, incorporating gamification strategies can help you build your business foundation, keep it fun, and also allow you to iterate products and services to feed your budget strategies.
Another approach is to create multiple budgets that reflect the different financial phases of your business at any point and time. For example, if you are just starting, you want to create a lean budget to keep things turning over. Second, you want to create an ideal budget when cash flow is coming in, and then a reach-for-the-stars budget where your income is consistent to a certain level. You can rename them using a fun analogy like launching a rocket. For example, Countdown, Lift-Off, and Orbit Budgets. If a rocket launch doesn’t inspire you, think of something that aligns with your business.
Hyperfocus and Financial Projects
Have you ever found something so interesting you have easily dedicated hours researching, understanding, and channeling hyperfocus?
Perhaps you want to better understand how you are spending money, the power of ADHD hyperfocus lets you deep dive into spending categories whether pouring through debit and credit card usage or statements or using an app to track your spending meticulously.
Or, you want to learn ways to pay off debt quickly. There are many ways to gamify debt repayment including using a debt thermometer progress bar, debt repayment challenges, or virtual badges through a FinTechn platform.
Or, you are looking to increase your investment prowess and cut through the layers of complexity. Learn how a Wall Street Investment Banker used his ADHD to enhance his role as an investor.
Resilience and Risk Tolerance
Risk Tolerance
Having ADHD can result in a higher tolerance for risk. When managed properly, this trait can lead to making bold financial decisions that may result in high rewards, such as starting a new business or investing in high-risk, high-return opportunities.
Resilience
Living with ADHD often requires developing a high level of resilience. This trait can translate into financial contexts, helping you bounce back from financial setbacks more quickly and stay determined in achieving your financial goals.
Building Resilience is core to navigating life and financial challenges. Often with ADHD we have been told or had experiences where we feel not good enough or smart enough, or that we weren’t able to do things within the expected timeframe, or that we do things completely differently! These experiences can bring on feelings of shame or low self-esteem or worth.
Strategies for building resilience include developing problem-solving skills, being compassionate with yourself and others, and making connections with others.
The Entrepreneurial Edge
ADHD often aligns well with the entrepreneurial journey, providing individuals with the unique strengths that thrive in such dynamic environments. From engaging in brainstorming sessions to defining visions and missions, and iterating on products, services, and marketing strategies, the entrepreneurial process is particularly inspiring and motivating for those with ADHD.
There are numerous successful entrepreneurs who highlight traits typically associated with ADHD - such as high energy, creativity, and the ability to think differently- can be harnessed to achieve great success in the business and entrepreneurial.
Richard Branson
Founder of the Virgin Group, which controls more than 400 companies in various fields. Branson has spoken openly about his ADHD, attributing much of his entrepreneurial spirit and ability to innovate to his ADHD.
David Neeleman
Founder of JetBlue Airways and several other airlines. Neeleman has discussed how his ADHD contributed to his creativity and ability to think outside the box, which was crucial in the highly competitive airline industry.
Paul Orfalea
Founder of Kinko's, a retail chain of copy stores that was later acquired by FedEx. Orfalea has been vocal about how his ADHD traits helped him see big-picture opportunities and engage effectively with customers, despite his struggles with reading and writing.
Ingvar Kamprad
Founder of IKEA, the world’s largest furniture retailer. Kamprad believed that his ADHD helped him to constantly seek new and innovative solutions, a key element of IKEA’s business model.
Charles Schwab
Founder of the Charles Schwab Corporation, a multinational financial services company. Schwab has spoken about how his ADHD symptoms challenged him, particularly in school, but also how they contributed to his innovative approach to building his business.
Conclusion
From creativity to hyperfocus, resilience, and risk tolerance, ADHD can be a financial superpower when harnessed and aligned with your values and goals. If you identify with these traits, reassess how you view your financial situation and seek ways to leverage your strengths to elevate your business ideas and overall financial well-being. Embracing the unique attributes of ADHD can transform financial challenges into opportunities for growth and success.
Want to learn more about harnessing your ADHD into a financial superpower with Koru Financial Therapy in california?
Explore the Koru Financial Therapy BLOG which offers information, support, and tips on how to build a healthy relationship with money with a financial therapist in California.
To access Koru Financial Therapy services which include individual, couple, family, or group sessions, follow the steps below:
Reach out to schedule a free 20-minute phone consultation.
Speak with Mariah, a certified financial therapist.
Start your journey to growth, strength, and peace.
Financial Therapy topics can include financial infidelity, financial PTSD, and financial independence amongst many others.
About the Author
Mariah is a certified financial therapist in California and the founder of Koru Financial Therapy. With a passion for helping individuals and families navigate the complexities of financial well-being, Mariah combines her expertise in financial management with therapeutic approaches to support clients in achieving their financial goals. She is particularly dedicated to empowering those with ADHD to harness their unique strengths and turn financial challenges into opportunities. Mariah's holistic approach to financial therapy emphasizes the importance of aligning financial practices with personal values and goals, fostering a sense of growth, resilience, and peace.
