Fear of Money and How it Prevents You From Building Wealth

Julie Murphy • December 23, 2021

Do you have a fear of money?

You’re probably looking at your computer screen with a puzzled look on your face.

I know what you’re thinking, “No, Julie, I don’t fear money, I just never have enough!”

Well, what if I were to tell you that statement represents a FEAR of money?!

It’s true. When you have fear around your finances, you are sending out a vibration of fear that doesn’t align with what you want financially.

In today’s post, we’re going to take a look at what the fear of money gets you and how to overcome your financial fears once and for all.

Signs You Have A Fear of Money

Did you know that the fear of money has a name? Its name is Chrometophobia. Some signs of this phobia include:

Extreme hesitancy to think about money
Anxiety about your spending habits
Fear that you won’t ever have enough money—no matter what happens
Worry that you won’t be able to pay your mortgage or rent and be homeless
Fear that you’ll never be able to retire
Anxiety over losing your job

In a much broader definition of the fear of money, many simply try to avoid the subject of money altogether. Maybe we want to avoid feelings of stress caused by talking about our finances. Or perhaps we don’t want to be overwhelmed by our current financial situation. For others, there is an intense fear of the lack we feel around money.

Whatever the reason for your fear or the fear you feel, there is a way out.

You don’t have to stay stuck.

But until we free ourselves of the fear of money, we’ll have these and similar symptoms.

Not only that, but it prevents us from building wealth.

Here’s how…

How It Prevents You from Building Wealth

The consequences of having a fear of money are real. For one, the health effects can cause long-term damage. Stress from anything, including fear of money, can lead to heart disease, insomnia, anxiety, and depression.

But it is the emotional and financial damage that can be incredibly harmful to your life.

For example, if you are in a marriage and allow your spouse to manage all finances, you could get an extreme wake-up call if you get divorced.

Procrastinating in keeping up with your finances can lead to overwhelm if and when life happens. The last thing any of us should do is to wait for a major life moment to take action with our money.

So, why does this happen?

Because we get stuck in an emotional cycle that prevents us from breaking free.

Shame, guilt, and fear all work together to keep us stuck. When we feel shame about our money, we tend to avoid it. Before you know it, you haven’t paid your bills on time in months.

Then you feel guilt over not paying your bills. Then you feel afraid to try to understand your finances and the cycle starts again.

This can go on and on throughout our lives if we don’t take control of our finances.

But you can stop it.

The Secret to Overcoming Financial Fears

No matter where you’re in your financial journey, you can change your finances. Logically, it all starts with acknowledging where you are today, putting a goal together, and working towards a financial budget.

So, the first step is to admit to yourself the situation you’re in right now. You already know how ignoring your financial situation is hurting you, so the next step is to understand and accept this truth.

Next, you need to create exposure therapy for your finances. Checking your financial balances each week, opening your bills as soon as you get them, and then setting yourself up with a financial budget.

Without a budget, you won’t be able to figure out the right path forward for yourself. You also won’t set yourself up with good fiscal boundaries—a critical component to any intelligent actions with your finances.

Another way you can start learning how to overcome financial fears is to invest in educating yourself.

You can never go wrong in investing in yourself, even if that means you have to take financial money courses or simply follow professionals like me on YouTube.

Fear can also hold us back from taking bigger leaps of faith, especially surrounding our finances. This could be the case if you are afraid to invest your money in the market. The result is one missed opportunity after another.

Put An End to Your Fear Over Having No Money

It’s time to end your fear of money once and for all. With the right mindset, thought process, and faith the size of a mustard seed, you can transform your finances.

The truth is, sometimes we can know all the right steps but never take them. We all know we need to create a budget, pay down our debt, and save for the future. But often what we struggle with is taking action towards any one of these goals.

It’s in our minds that we face the greatest battle.

But this is a battle we can win. With a bit of patience and self-awareness, we can build wealth for the future.

I highly recommend going within and asking yourself what you are afraid of and why money is such a trigger.

Did you go through extreme poverty as a child? Have you suffered greatly from a lack of money as an adult?

Whatever truth is revealed to you as a result of introspection, use it to build your new life complete with financial wealth.

Money doesn’t have to rule your life. Put some focus into your financial fear, and I promise you you’ll notice a big difference in where you’re at and where you’re going.

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