3 Most Common Fears We Have About Money and How to Deal With Them
I used to struggle with money in the past. The concept of money was foreign to me—not exactly because I didn't know what money was. We all know what it is and why we need it. But it was more of not being able to understand the concept of my relationship with money.
Over time, I learned why some people are comfortable earning more. These are the entrepreneurs who can command high rates with confidence, and it all starts with identifying our fear of money.
Today, I'll talk about three of the most common money fears we might have as entrepreneurs and people in the business. We'll also be talking about how we can deal with those fears and how we can use them to our advantage and be a bit more comfortable with the ideas about getting wealthy.
Making a mistake will get me to lose everything.
When we talk about money or wealth in general, we're more inclined to think of the materialistic aspect of it. The tangible bill that we can hold in our hands or the numbers we can see in our bank accounts. Of course, this is all true, but the concept of money I want to show you is different.
It's the flow of income that you have. It's the ability to be able to create more when needed. It's the skills that you have that can remove the worry in your mind.
The common notion that making a mistake in business will ruin you is standard, and many entrepreneurs might tell their fellow peers this to psych them out of the game.
Yes, mistakes happen in business, but it doesn't mean that's the end. Mistakes can be used as a reference for you to learn what NOT to do in your industry. Making mistakes in your business shows you ways that you might not have thought of that can improve your company.
I'll drown in debt, and my family will have to pay for it in the future.
When we're talking about the future, many things are uncertain, and there's no way of knowing what these will be. Thinking ahead is excellent, though—it helps you prepare for many scenarios and prevent them from happening in some cases. But overthinking about it only leads to failure.
The more we have a concept in our mind, the more likely it will happen. That's the same with continually thinking that you will fail in your business. If the idea is rooted in your subconscious, you'll never find it in yourself that you will succeed and earn big in your industry.
While this is one of the more material fears, drowning in debt and having your family suffer the consequences is one thing that we don't want our next generation to experience. When we think about building a business, we often think of the expense first before even starting.
The crucial thing when it comes to debt is that you try to avoid it in the first place.
We continuously crave things that can satisfy us right away. We think of the short term. A new bag, new shoes, a new dress—and this piles up until it becomes a habit to keep spending on things we don't even need.
One way to fight this urge is to be thankful for what we have. Be grateful for what we're able to experience that others don't. Another way is to keep money aside in case of emergencies. This immediately removes the fear that you won't have money when the time comes.
My lifestyle is going to change too drastically.
While not familiar, some people think money will change their lifestyle significantly and that they might not be able to keep up with the new changes.
Around 45% of lottery winners lose everything within a few years. Also, 90% of these winners lose their friends, become distant with their families, and become loners. This is usually what happens in our minds when we suddenly go big in our careers or businesses and suddenly see success in our lives.
Subconsciously, we're telling ourselves these scenarios, and we're afraid that when we do get wealthy and more capable, the people around us might start taking advantage of that, and we'll start distancing ourselves.
I'm not saying it won't happen. However, it hasn't happened yet, and all people are different. Just because it happens to others doesn't mean it will happen to you. And as long as you stay aligned with your goals and with who you are as a person, there shouldn't be any change to your lifestyle at all.