4 Common Fears About Money To Overcome
4 Common Fears About Money To Overcome
Heather Taylor Tue, January 17, 2023
Most people share certain types of financial fears in common. Some will be able to overcome these fears with support, but others will let fear rule the rest of their lives. Leading a life where financial fears take top priority can keep you trapped in an unhealthy financial mindset. It can even lead to losing money throughout your lifetime.
Even if you feel scared to do it, it is possible to break the cycle and develop a healthy financial attitude where money is viewed as a tool that can help, not hinder, you. Here are some of the most common financial fears and what it takes to overcome each one.
Fear of Going Broke
Let’s start with one of the most common financial fears: going broke or even bankrupt.
This is often a learned money belief or habit, said Chloe Elise, certified financial coach and CEO of Deeper Than Money. Typically, the person who holds this fear has observed it from their parents or grandparents.
“They look at money as always being scarce, and they fear they will run out,” Elise said.
While this belief can be extremely difficult to break, the ultimate goal is to view money through an abundance mentality. Elise said some of her clients adopt the mantra “money flows to me” as a way to start welcoming money into their lives.
It takes more than a mantra though! To start welcoming money into your life is to watch your money work for you. Elise’s favorite recommendation for doing this is to keep your emergency fund in a high-yield savings account.
“With total liquidity and no risk, a HYSA is an incredible way to begin to see interest accumulate on your account by doing nothing,” said Elise, who adds that as of right now interest rates are over 3%.
Once you do this, Elise said you can start to look into other investments, like retirement accounts or real estate. This eases the fear of stepping outside of your comfort zone and increases the likelihood you will be rewarded.
Fear of Checking Your Bank Account
Who among us has indulged in an expensive weekend out, or a week-long vacation, and then felt paralyzed with fear about what their bank account will look like in the aftermath of these pending transactions?
Here’s what happens when you don’t check your bank account today. You’re not likely to check it tomorrow or the day after.
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https://finance.yahoo.com/news/4-common-fears-money-overcome-160015068.html?fr=sycsrp_catchall
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