Money Smarts … So, What Are Your Money Fears?
Everyone has at least one. It’s time to confront your deepest financial fear and get them in the open. Whether it’s the fear of the soup kitchen or of making a mistake that is financially catastrophic, you can become inhibited from taking action.
Identify them. Write them down. Just the mere fact that they are on paper opens the door for you to commit and confront them head-on. Ask yourself,
# 8 The Fear of Not Trusting Yourself
Gender differences surface in the trust department with money and investing. Men are less inclined to stick with an advisor whose advice has gone sour and they don’t abdicate financial decisions to someone else as easily as women do. Advisors can help . . . but don’t discount your own experiences and intuitiveness.
Money Fears # 7 … The Fear of Investing
When it comes to investing, there are no guarantees. The value of the initial money you invested can increase, decrease or remain stagnant in value.
Money Fears # 6 … The Fear of Borrowing Money
Wouldn’t it be great to pay cash for everything, including your home? Few can. Sometimes, it makes sense to borrow money. But, over-borrowing and too much credit is quite common.
A credit card is used over 600 times every second of the day; over 36,000 times a minute; over 2 million times an hour; and over 52 million times a day. The average household owing in excess of $9,200 in credit card debt. What’s yours?
Money Fear #6 The Fear of Creating and Sticking to a Plan
Twenty-five percent of the American population believes that they will fund their retirement years by winning the Lottery! Fat chance.
# 4 … The Fear of Making Mistakes and Failing
Everyone makes mistakes. I wished I had $10 for each one I’ve made over the past 50 years plus. Mistakes that lead to a money loss can be personally and professionally crippling.
They happen. You get to choose—will they handicap and paralyze you? Or will you look at them as a learning and growth experience?
What you have to guard against is the reaction that the fear of failure and making mistakes can generate paralysis . . . getting stuck mentally.
#3 … The Fear of Talking About Money
Upbringing is a key factor that shapes your money practices. Most adults “wish” that they had had training and guidance about money and investing as they grew up.
If you grew up in a family that openly discussed money and its many facets, you’re in the minority. Not all of your friends will be on the same wave link as you are in money matters. Your awareness, and possibly non-intimidation to the topic, may actually intimidate them!
#2 Money Fear … The Fear of Losing Money
At some point, everyone loses money. It can be from a bad investment, misplacing moneys, inflation erosion, failure to act or make a decision on your investments, making the wrong decision, losing a job or other resource of funds. It happens.