The fear of money is real for many people and some have an actual fear of spending it. This intense fear is called Chremtophobia. Whatever your level of fear, and you are likely to have some, it’s unhealthy for your future wealth.
For most of us, it is the fear of not having enough, or that we will somehow lose it all and will no longer be financially independent, whether as an individual or family unit. Small business owners often face additional money fears in that they do not know what to do with the money
they make or worry about being financially responsible for others such as staff and key suppliers.
Smashing the glass ceiling in your business is not just about figuring out how to make more money but dealing with these money fears.
Many business owners are not aware that they have this fear of money. That might seem like a good thing, but when it comes to our mindset, not being aware of something, is certainly not good. These fears form our beliefs which govern the thoughts we have and ultimately the actions we take. All of this is going on in our unconscious mind, playing in
the background, pulling our strings, even when we are blissfully ignorant.
All is not lost though; you can overcome your money fears with a two-pronged approach, of money mindset and financial management techniques.
The first mindset step is to become aware of your fears, as awareness is often all that is needed to circumvent their hold over us.
Your views about money and wealth are developed at an early age and will have been formed from what you saw and heard, directly or indirectly, from those that brought you up. When you examine some of these experiences you soon realise that they have been playing out in your life, over and over again, like the proverbial bad penny. These are your money stories. They are not all bad, but if you are not where you want to be financially then it is likely you have many unhealthy money stories. To resolve deep money fears then consider working with a mindset coach rather than letting the fears run your business.
It is always advisable to get comfortable with your numbers. Gaining control over the day to day flow of your cash helps ease financial anxiety and allows you to overcome the inappropriateness of any fear around money that you may be experiencing. This involves paying more attention to your bank transactions, creating a budget, and understanding what it takes to create a good financial plan. You don’t need to become an accountant or financial advisor, but you should consider using their services other than to submit your tax returns and buy life insurance or use the services of a financial coach.