So much of how we think and feel about money is from how we were raised. I am not a psychologist but many days I feel like a therapist helping people with their money.
Money is one of those topics that is hard for some people to talk about. I see many people have money shame. This can be embarrassing. This shame can come in the form of anxiety or anxiousness. How we think and feel about money is how we were raised and the culture and environment we were raised in. For many of us, it was being raised with parents that didn’t talk about money.
How we feel and think about money can affect our lives. If we have money shame it is not about us. It is about the policies that have been forced upon us. It is our environment.?It could be anything from the student loan requirements of when we make payments. Or it could be how our mortgage works and taxes and insurance and escrow. Or it could be the tax rate we pay on investments.?There are many things we do not have control over. We do have control over what we do about it and how we think about it. Many of the policies that are in place we have to abide by. They are rules. But there are no policies that make our money shame go away.
So, what makes money shame better?
- Name it. If money scares you, own it. If you are anxious or nervous about money, acknowledge it. For we were raised with money shame especially if you are a woman. The gender pay gap has always been an issue. In childhood, girls are taught to save and budget. Boys are taught to invest. Girls are raised having no confidence about money. We were told to save. We were not encouraged to invest. Boys were encouraged to invest and take risks. So this simple gender difference can make a big difference in how we think and feel about money. Additionally, being a perfectionist and procrastinating is how anxiety about money happens. We need to let go and not procrastinate. Procrastination and not making a decision can be extremely detrimental to our finances. Let’s say for example you have $50,000 sitting in your checking account. You do not invest it. You procrastinate. You are nervous. You don’t max out your 401(k). You don’t invest in your Roth IRA. You don’t pay off your credit card debt each month. Having this cushion makes you feel “safe”. Doing nothing makes you feel “safe”. This is actually a huge damage to your financial situation. If you are in this situation, get a Wealth Advisor. Most offer a complimentary initial consultation where you can meet to discuss your needs goals to see if they are the right fit for you and your situation.
- Empathy. Give yourself grace.?No one is perfect. Money can be difficult. It can be overwhelming. Have empathy for yourself and your situation. The important thing is to get a plan, give yourself grace and take one small step each day to get closer to achieving that plan.
- Social support. Talk to your peers. Get a Wealth Advisor that you trust and talk to them. Have a Fiduciary. This is a person or organization that acts on your behalf, putting your needs and interests ahead of their own. Find a mentor.?We strongly believe in being a support system for our clients. We want to see our clients thrive and live the life of their dreams and we realize it is our job to help get them there and support them every step of the way. Most Wealth Advisors offer complimentary initial consultations so meet with one to get some support.
- Education. Learn more about money and increase your knowledge. Look up a new word every day. Take a class, watch a webinar, listen to a podcast.?We offer articles, podcasts, webinars and more resources on our website at www.prosperwell.com
The first step is acknowledging your money fear and working towards fixing it.?We would love to help you and encourage you to check out our website www.prosperwell.com to set a meeting with one of our Wealth Advisors.
