Money Fears, And How To Beat Them
Anxiety about money is a huge issue for most people. Whether we are relatively well-off, or struggling to make ends meet, people still generally have concerns about the state of their finances, and sometimes with good reason. Here are some of the most common money fears, inspired by Yahoo Finance, and how to kiss them goodbye.
Desolation Row
The destitute pensioner. Could anything be more frightening than thinking about poverty when you’re older. We can’t prepare for what life throws at us- we could lose our jobs, get divorced, remain single and with only one source of income. So the only way to beat the fear is to have a plan, and one that is consistently updated. If you have an idea of what could go wrong, then you’ll be prepared for it. You can’t go wrong if you save steadily, live below your means and keep an eye on your money is going.
Financially Secure, Alone
This isn’t the first half of the 20th century anymore, lots of people are spending their lives without a long-term partner. And while you are absolutely fulfilled, it can be a little bit scary to consider supporting yourself throughout life and retirement without another income to fall back on. The key is to prepare yourself financially with your independence in mind. Maybe you meet someone, maybe you don’t- either way, you will be financially stable. And the confidence that will bring will make the fear sod off.
I’m Never Going To Understand Money
I never thought I would learn to park. I hit other cars, I drove for kilometres away from my destination to find an easy spot. Then, one day, I just did it. I drove a lot, practiced a bit and, without even noticing, picked it up. It’s the same with managing your money. Of course you can learn about it. It might take time, some classes, some expert advice, a lot of reading- so what? Learning anything is a long process and all you have to do is begin. Knowledge is power, and your fears won’t stand up to a little bit of learning and a whole lot of control.
Risky Business
The thought of losing your money to something high-risk or dodgy is an awful one, but fear of investment can also leave you somewhat financially unadventurous. The solution is to work out what your goals are and what you need to do to achieve them. If you can do it without investment, then sweet. If you would like to try investing, find an advisor you can trust and work out a financial plan together. There will always be some risk, but you can tailor your investments to a level of risk you can withstand.
Too Good
Often we might lose out financially for fear of looking too eager or not being ‘good’ anymore. So, we work for wages that are completely ridiculous in fear our bosses will fire us or we don’t ask for a discount for the fear of looking greedy. The solution is to get over it. You can negotiate a raise without seeming like your eyes are full of gold- you just have an accurate sense of your worth and are willing to negotiate to a level where you are properly compensated for it. Not negotiating a raise consistently could leave you as much as $1 million behind financially over a working lifetime.
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