I know many people who are afraid their entire financial life is going to fall apart at any minute. Sometimes, their fear does not correlate to their financial reality. It is an irrational emotion, based on what their family taught them or based on the unpredictable economic world we live in today.
I have friends who make high incomes; they have stunning homes, numerous cars, and staff who make their lives easier. Some of them have built their lifestyle through speculation and grand impulsive decisions. With all the material symbols of “success,” you would think they live a charmed and worry-free life! Yet, that is not always the case. Often there is a constant worry that the next project may not make it. Their mindset is, “We’re going to end up on the streets. We’re not going to make it” They are unable to enjoy their financial goodness and they live in fear.
Until recent years, America’s younger generation never feared they might lose everything. They have grown up in an era of abundance with no concept of scarcity. The media tells everyone that we all deserve nice homes, plenty of name-brand clothes, and the ability to buy almost anything we want at the store. Sometimes reality can be scary. When people see their friends losing jobs and realize that minimum wage can’t provide the lifestyle they grew up with, or see colleagues losing their houses, they start to live in fear themselves.
In the current economic reality, many people I interact with on a daily basis are afraid of losing everything they have worked for. Financial fear can make you stop in your tracks. Not taking a look at your account balances, not making any decisions, ignoring your family, and disregarding sound financial advice are a few examples of how people start to freeze up.
Don’t stick your head in the sand! Turn your fear around:
- Take personal inventory. Knowing where you are makes it easier to plan your “next step” for the future.
- Make your choices when you are at your best. Don’t go grocery shopping when you are hungry.
- Face your fears. Write them down and explore ten new ways to find a solution. Circle one solution and begin to work on that.
Have any questions? Let me know via Facebook or Twitter and I will answer you. I bet many other people have the same question, too!
Let me know your thoughts – Bob