Why are people scared to handle Money?
Chrometophobia or chrematophobia is a dread of Money that involves the fear of spending, financial disaster, thinking about it, or even touching it when it comes to finances. While it is not as widespread as other phobias, it is a persistent fear that manifests itself in various symptoms that vary in severity in some persons.
Not every one of us has Chrometophobia. Still, many of us have fear in handling Money. We tend to think that something may go wrong. Let us go through 5 simple steps that can help us all overcome this fear to handle Money.
1st Step: TRUST YOURSELF
Believe that you can make Money even if you lose some; this confidence will give you the strength to make money decisions. Your fear of handling Money will start fading away. Putting your faith in yourself can help you gain confidence, make decisions more efficiently, and minimize stress. The good news is that you can build up your trust in yourself over time, even if you don’t trust yourself right now. Keep believing in your money decisions and keep learning lessons from your wrong Money decisions.
2nd Step: BE PREPARED
Things can go wrong however hard we try, so be prepared to accept life’s eventualities and ups and downs. It is critical to instill in us the belief that nothing in the world is permanent. What is happening to each of us right now is nothing more than a phase. Be prepared to accept defeats and difficulties on the financial front. It’s nearly difficult to be wholly prepared all of the time; whatever tiny amount of preparation you take can give you a significant advantage in dealing with life’s ups and downs.
3rd Step: CONSULT
Never make hasty financial decisions; consult with experienced people.
Experts can help you stop making rash emotional decisions. People are usually unprepared for situations in which they do not get what they desire due to a mismatch between expectations and reality. Collective thinking can help you understand what has gone wrong. It will help you understand the root cause and make the right decisions to help you in the long run.
4th Step: CORRECT
You may make mistakes, but you will definitely learn your lessons from them and bounce back with confidence. While making investment decisions, we roughly calculate 35 years of employment and 20 years of retirement. What are the chances that we will always get them right?
Most of our financial decisions are based on assumptions. Sometimes it may go wrong, and we have to correct the course of action when it goes wrong boldly.
5th Step: HAVE DEADLINES
Every financial plan should have a set of deadlines.
- A deadline to implement the Money decision
- An expected deadline to start receiving the results.
- A deadline to take corrective actions if required.
Deadlines are critical in assisting us in determining what is and is not significant. It helps us to be accountable & productive. With a deadline, the results are apparent. It gives us complete control of the situation to understand, evaluate and correct our Money decisions.
Let us follow these five steps and fearlessly make our Money decisions