Money Anxiety
We all have an emotional home, or what we call a “safe space”- a place where we feel
most at peace and unconstrained to do things differently. We have a wide range of
emotions when it comes to money, ranging from fear to guilt, shame, and independence.
We have trained our brains to experience specific emotions in reaction to financial
difficulties or hardships. We frequently choose feelings that will not benefit us since we
make these decisions unconsciously.
One thing you should know is that your brain is not wired to make you happy; it is your
obligation to do so. You may, however, choose the emotions you want to experience the
most. And because your unconscious beliefs drive your emotions, you must first address
your money beliefs.
When you have a phobia of money what are the words you mutter under
your breath?
“Are rich people greedy? Even if I made 60 million naira per year, I would not spend
that much on vacation. Money is the root of all evil”. The LOVE of money is the root of
all evil, not money itself.
Do you hold any of these views or ones similar to them? If you have a negative attitude
about riches, your prospects of acquiring them are minimal. This is because, on an
unconscious level, we all gravitate toward the identity we believe is aspirational. As a
result, if you have a negative belief about money and begin to experience financial
success, you will unintentionally undermine your success to align with your deep-seated
beliefs.
Let us discuss four financial phobias that can originate in childhood and persist into
adulthood, as well as the most effective ways for overcoming them.
The first phobia is the fear of losing one’s job
This is a prevalent concern, especially with rising unemployment rates. When parents
lose their employment, it may be a stressful moment for the entire family, and children
often carry this trauma into adulthood. This fear can hold people back in a variety of
ways, including keeping them in professions they dislike merely because they are afraid
of losing their employment. Even when one’s job is somewhat secure, many people are
concerned about the possibility of being out of work.
Our advice to you for this phobia is “Instead of worrying about losing your job, prepare
for the job loss.” Determine the sources of your anxiety, is your skill set becoming
obsolete as a result of technological advancements, increased layoffs, and Workplace
squabbles? Once identified, make a cushion by starting a side business, learning new
skills, looking for another career, and so on. You may also start protecting yourself
financially by prioritizing an emergency fund, which will give you the confidence to
recover if things go wrong.
Fear of not having enough money is the second phobia.
If you grew up in a family that struggled to make ends meet, you may be concerned
about running out of money as an adult, even if you’ve achieved financial stability.
Memories of not being able to pay your rent, having to subsist on one meal a day, or
having empty bank accounts can leave a lasting impression.
Our advice for this phobia is if you are genuinely doubting your capacity to meet your
financial goals because things are not going as planned right now, this is most likely a
mindset issue—specifically, a scarcity mindset. It can cause you to lose sight of the
broader picture and allow you to live at the mercy of others. To deal with the scarcity
mindset, you may require expert guidance or the services of a financial therapist (that is
why you have firms like Assetium capital management for your financial advisory)
Making positive life admissions might also help you get out of this mess.
Fear of becoming a burden in retirement is another phobia
Most of us are concerned about being a financial burden to our spouse, children, or
other family members at retirement. This fear is heightened for anyone who has
witnessed a parent or other family deal with a serious health crisis that drained them
financially.
If you have a family history of illness or expect to have a lesser income in retirement
than you have now, saving a little extra for retirement will be a smart catch. You could
also consider life insurance or mutual benefits and this is our little and valuable advice
for this phobia.
The last phobia we will discuss is the fear of becoming enslaved by debt
We’ve recently received several queries and concerns about getting out of debt. Fear of
never being able to get out of debt can be crippling. This frequently occurs when one
compares their earnings to what one owes. You might easily fall into an eternal cycle of
debt if you take on a new obligation to pay off an existing one or have defaulted on some
debt and the interest keeps rising to the point where your earnings cannot cover the
amount owed.
Our advice? You must learn to tackle your fears since clarity always gives comfort when
it comes to finances. Determine how much you owe and how long it will take to repay,
then compare it to your projected earnings. If there is still a possibility of default after
this honest assessment, then negotiate a debt restructuring plan that may include
interest waivers, a grace period, a lower interest rate, or a longer repayment period.
However, if you are not in debt but are concerned about becoming trapped in a debt
cycle, educating yourself about healthy debt practices and, preferably, seeking assistance
from a trained financial advisor may set your mind at ease.
You can contact us through email @info@assetiumcml.com.
