4 Steps to Overcome Our Fear of Money – Step 2: Take action through learning about money.
By Salmah Harharah (Consultant)
Looking back to how I overcame my fear of money and re-built my relationship with money into a positive and empowering one, there were 4 steps I took:
1. Take responsibility, Take control (discussed in my previous article)
2. Take action through learning about money
3. Establish meaningful long-term goals to stay motivated
4. Strategize and plan intelligently
Financial education is one of the wisest investments I made. The more I learn about something, the less scary it becomes because I know exactly what I am dealing with. For example, imagine you are in the forest and something rustled in the long grass ahead. Is it a venomous snake? You freeze as fear kicks in.
You need to decide what to do. You look around, pick up a long stick and start poking in the grass where the rustling came from. You’re ready to dash if a snake attacks! Turns out, it is just a squirrel! Immediately the fear leaves.
Fear of money works in much the same way as a fear of anything else. You get to decide whether you want to remain stuck, turn back, or face the object you fear. Gaining knowledge helps you move forward confidently.
This knowledge showed me what money truly was. It was no longer the snake! I discovered that money is a neutral tool – neither good nor bad. I felt empowered, financially empowered.
3 ways I keep learning:
Read the business section of newspapers – I get a broader understanding of macro and microeconomics which seemed alien before. I now understand the way markets behave during crises which in turn, helps me make better financial decisions.
Surround myself with financial gurus– I learn via social platforms i.e. Facebook and Instagram- I follow @therealsuzeorman and @moneymitra. Of course, reading or attending workshops and talks are great too. The important thing is that I seek knowledge I easily understand.
Engage with financial professionals-. I spend time with fellow professionals to sharpen my mind. This helps me as I make personal investment decisions or help my clients do the same.
I would love to hear how you learn about money. Do share in the comments section below. In my next article, I will share how money clarity helped me create meaningful goals toward financial independence.
Act Today, Own Tomorrow!