We live in a world that has become increasingly interconnected. We can make connections with long-lost acquaintances or faraway friends with a quick search on a social media website. Our mundane activities can become viral trends thanks to the wide web of linkages on the Internet.

We need to be cautious about the online connections we make, as people’s virtual personas may be vastly different from their reality. We should also think twice before posting comments or photos, as they could have widespread repercussions on our work and personal relationships.

While it’s easy to see the positive and negative effects of establishing connections via technology, you may not readily recognise the importance of making wise money connections. You should also pay careful attention to the linkages you make when carrying out your financial transactions.

In the same way that making a wrong connection online can lead to social distress, creating money relationships that are unsuitable can cause financial misery and misfortune. Let’s look at some of the areas in which you should be vigilant when making a connection.

Don’t jeopardise your joint accounts

When setting up accounts at a financial institution, it is prudent to have another person on record who can carry out transactions in your absence or in the event of illness. However, you need to make this decision with extreme caution, as you could be setting up yourself for losses.

A joint account usually gives the co-holder the same rights as you have, including withdrawal of your funds. Ensure that you choose persons who are trustworthy, or check with the financial institution whether there are other ways to set up your account which could prevent possible fraud.

Protect your property transactions

Another area which should be approached with due diligence is carrying out property transactions. Many people have been burnt because they made the wrong linkages when buying, selling or building a property, so you have to find the right people to partner with every step of the way.

Ask for referrals when choosing an attorney; you need an advisor who will act in your best interest at all times. Beware of untruthful vendors who may not be entitled to sell, unqualified purchasers who may slow up your sale, or unscrupulous developers who may default with your deposit.

Examine your employment

With the scarcity of jobs in the marketplace, sometimes you may feel pressured to exist in an unsuitable work environment, just to collect a regular pay cheque. However, toxic workplaces can have detrimental effects on your physical and mental health and, ultimately, your earning ability.

Working with an abusive boss, unpleasant co-workers or high-stress responsibilities can bring on lifestyle diseases such as hypertension. If your well-being is being compromised at work, consider changing departments, looking for a new employer or even finding a more fulfilling career.

Beware of your business deals

Most entrepreneurs recognise and are willing to take on the various risks associated with operating a business. One threat to an enterprise’s viability that is often ignored by business owners concerns the connections they make with other persons, such as their partners, suppliers or even customers.

An ineffective or dishonest partner can derail your operations and eventually wreck your business. Having dependable suppliers for critical input is important to maintain production, and you should be careful about extending credit to customers whose delinquency could retard your cash flow.

Temper your thoughts

You not only have to be careful about connecting with people when it comes to money, but you should also be aware of intangible associations that can influence your results. Many people do not realise that the way they think about money can actually determine their success or failure.

If you harbour negative beliefs about your ability to prosper, or think that having money would taint you, then your mind could be making a spiritual connection that will steer you away from amassing wealth. Examine your beliefs and eliminate destructive thoughts that could be holding you back.

Watch your words

Another connection that can affect your money results is the spoken or written word. The Law of Attraction states that things, people and events come in our lives through our thoughts, feelings, words and actions. There is tremendous power in your words, so be careful of what you say.

You also need to be mindful of what other people may declare about you. Thoughtless adults often say negative things about a child’s future prospects, only to see them become self-fulfilling prophecies in years to come. Try to speak positively when commenting on your financial progress, instead of being pessimistic.

One of the most dramatic spiritual connections you can make with your money is to capture your financial aspirations and goals on paper. If you keep your dreams constantly in focus, you will start to carry out decisive actions that will take you along the pathway to the success that you desire.

Copyright © 2013 Cherryl Hanson Simpson. No reproduction without written consent.

Originally published in The Daily Observer, November 28, 2013

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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl