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Why you need to make a financial plan for your emotional transactions

Why you need to make a financial plan for your emotional transactions

Human psychology has intrigued me for as long as I can remember. As a little girl, this meant that I loved reading men vs. women columns among others in magazines such as Cosmopolitan and Glamour. Being kind of a grownup now, this interest is now expressed in my fascination for emotional intelligence. Your personal emotional intelligence can be scored with the emotional quotation or EQ, which is the emotional equivalent of – that’s right! – IQ. As Travis Bradberry describes in his book Emotional Intelligence 2.0, EQ is the ability to recognize and understand emotions in yourself and other. It is your ability to use this awareness to manage your behavior and relationships. We’ve already touched a bit on the subject previously, as it is one of the tools that are essential in your toolkit for you (starting) #career lions. In today’s post, I will get a little bit deeper into the subject and give some more suggestions for further self-development of your emotional intelligence.

Why do we want to have higher emotional intelligence? Studies show that a higher emotional intelligence have been found to correlate positively with:

  • Increased salary
  • People with a higher emotional intelligence are likely to have better social support and fewer problematic interactions with others. 
  • Lower perceived acute and chronic stress.
  • The competencies of effective leadership, which are emotional recognition, expression, understanding, management and control.

Sounds good, right? To get a better understanding of the different concepts for emotional intelligence we’ll first go into the four core skills in emotional intelligence.

Core skill 1: Self-awareness

Self-awareness is the capacity for introspection and the ability to separate yourself from your environment. This means that you’re able to detect the emotions and thoughts that are going on in your mind and are able to look and analyse this separately from the surroundings. It has to do with knowledge and being aware of what is going on in that brain. An example is noticing feeling awkward or happy.

Core skill 2: Self-management

Self-management is the ability to come to action with the information gathered through self-awareness. It means “getting yourself together” and controlling your actions even though emotions might point you in another direction.

Core skill 3: Social awareness

Social awareness is the awareness of being able to detect how other people are feeling through how they are acting and what they’re saying. It also means that you’re aware of your environment. One can increase social awareness by ( for example putting yourself in someone else’s shoes or be an active listener.

Core skill 4: Relationship management

Relationship management aims to create positive relationships with people. Not only is it important to have good relationships with the people around you, it is also important to have good relationships at with. This could mean with co-workers or clients. One of the tools to increase your skills in relationship management is to make good use of the emotional bank account.

The emotional bank account

Now what do these types of models mean and how can one effectively apply this to the work environment? Meet the emotional bank account. I got to learn about this concept during a change management course, but I think it applies to daily work situations. The emotional bank account is where you note your withdrawals and deposits in emotions rather than a financial currency. A withdrawal is done when for example negative comments are made. A deposit is done when a positive interaction or affection takes place.

This concept can be translated into the workplace. For example, your boss is asking you to work late today, it might be a withdrawal on your emotional bank account, but you’re making a deposit on his. It also applies when someone is only making withdrawals and putting no deposits. Having a one-way piggy bank like this can affect the relationship with your co-worker. A little something to think about.

So, what are your experiences with emotional intelligence, and do you think it is a required skill in 2017’s work environment? Share your stories in the comments below. Stay tuned, because more on emotional intelligence will be up on the blog soon!

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