Plutnick’s Wheel of Emotions

Financial decisions often trigger emotional responses, an attribute that is dangerous considering the complexity of emotions themselves. In order to allow humans to conceptualize and express their emotions, psychologist Robert Plutchik developed the wheel of emotions. Emotions are illustrated on this wheel directly across from their ‘opposite’ emotion, similar to a color theory wheel. The wheel expresses the intensity of different emotions based on the depth at which they are on the wheel. For instance, the most intense emotions are in the center of the wheel and get weaker as one travels outwards. Plutnick believed that there were 8 basic emotions: joy, sadness, trust, disgust, fear, anger, anticipation, and surprise. 

The importance of this wheel lies in its ability to help make complex emotions simpler through the visualization of these emotions. By objectively categorizing emotions, Plutnick's Wheel of Emotions helps give people a better understanding of the emotions they face and thus better ways to deal with specific situations that trigger these emotions. The ultimate goal of the wheel of emotions is to spread emotional awareness, which plays a crucial role in money management. This wheel can help one to identify the range of emotions they are feeling, leading them to slow down and not make impulsive decisions based on these emotions.