Say No To These 5 Money Fears

Money is an emotional topic and a common feeling it evokes is fear. That said, we shouldn’t be held back by it. We can change the way we respond and get over it. 

#1: I don't know how and where to start managing my money

Get over it:

  • Start with identifying your goals rather than with just trying to learn broad financial concepts and terms. For example, if your goal is to get out of credit card debt, start with learning how to budget, then find out about interest rates and how they work.  
  • Focus on one topic one day. Allocate 10 minutes daily to researching the topic you have identified, e.g. Monday: budgeting, Tuesday: interest rates, and so on. Don't try to absorb everything in one go.

#2: I'm not good with numbers

Sandra swears she is bad with numbers and anything related to it. However, one day she was discussing a job offer with a friend. As they were talking, Sandra mentally did the math and figured out that while the gross salary being offered was higher, her net take home pay was less because she will go up one tax bracket higher. Suddenly, she is a financial whiz!

Get over it:

It's all in the mind. Tell yourself that numbers and formulas are just another form of communication. All you need to do is understand what it means and what you should do about it.

#3: Single lady: I'm going to remain single so no-one will take care of me financially

It's the "Cinderella syndrome" –the mindset that women need to be taken care of and rescued. We have been “wired” for this since we were 3 years old and it’s now time to re-wire our thinking.

Get over it:

Take control of your money!  Learn not only basic budgeting, but also ways of growing your money through prudent investments and protecting it through things like insurance.

#4: How will I take care of my parents?

Children, especially in Asia, are expected to take care of parents when they grow old. Moreover, it is likely that parents were financially negligent or unprepared –no insurance or retirement plan– so they may need support for their daily expenses as well as their special needs.

Get over it:

  • Keep your parents active. Encourage them to be involved in neighborhood activities, visits with grandchildren, etc. Do anything to help prevent them from being depressed and sickly.
  • Discuss with siblings or other family members how to share the support of parents.

#5: I won't have enough for retirement

This is a very real concern because people know that the cost of living continues to rise every year. In the future, our children may actually not be in a position to support us in retirement, even if they wanted to.

Not just that. Thanks to improvements in the medical field, the probability of living longer is high and, hence, outliving your retirement funds is a possibility.  

Get over it:

  • Stop thinking that planning for your own retirement is depriving your children of a good life. Instead, recognize that if you don't prepare for your own retirement, you will end up being a burden to your children in the future.
  • Start planning for retirement as early as possible. Determine what lifestyle you want and start setting aside money for this.  

It is not too late to change your perspective on money – of course, the sooner you recognize your fears, the easier it is to find the solution. So, what is your biggest fear?

Read more: Identifying Investment Myths  

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