The above topic on how to overcome the fear of losing and investing may seem odd to some people. This is because if one loses money, the feeling is probably worse than the thrill of making it. Hence, the notion that makes you pay attention mostly to the psychological significance of negative experiences than, the weight given to the positive on the same level.
Therefore, you should be aware that as inherently thinking and feeling humans, emotions must be part of your financial journey. However, you need to make peace with that. Also, be aware that the power to admit and hold how, these emotions influence your planning on finances is key.
The fear of financial matters, for instance, fear of spending, losing income, paying bills, and coming into contact with money is known as chrometophobia.
Symptoms of chrometophobia.
- Extreme delay in thinking about money. Some people find themselves extremely evading acknowledging, and dealing with matters concerning spending and saving habits. This resistance would lead to one being hesitant on even spending on necessities. One is afraid of losing money and the thought of being powerless if broke. It may result in failure to cater for own bills and fail to save.
- The taboo of money. The belief that one should not talk about money leads to it benefiting only the people who already have it.
- Withdrawing from activities. So, this extreme fear of losing may push you to a level of not wanting or not enjoying things and activities that once felt pleasant. For instance swimming, riding, skating, and racing.
- One refuses to touch. Also one may fail to accept touching money with the notion that it is dirty.
- Eager to count money severally. You may find yourself checking your account balance, and requesting statements to confirm your spending habits. Which is normal. However, if you find self-checking and rechecking the cash in your pocket severally, this may be chrometophobia.
Fears that lead to loss.
- Fear of not having enough money. A large number of people live with the fear of never getting to a level where they feel and are seen to have enough. although enough is not symbolic, the reason why the fear affects you is that it makes you fear being seen as a failure after working so hard.
- The fear of burdening others. Many beings worry too much about being a burden to friends, family, and partners. Therefore, many prefer not to be in a position where they upset their loved ones because of money. So, they try as much to earn to maintain the relationship.
- Fear of being held in debt. Also, the fear that one may never be debt-free may weaken you.
- Supporting relatives. Some people end up spending high portions of their income on supporting their family members at the expense of their own financial goals. The fear is brought about by the belief of caring for the rest as kin. This fear may result in over expenditure that may lead to poor financial planning for self.
- Fear of losing all money. Some people fear investing as a result of fear of making a loss, thereby losing everything. On the contrary, success comes with effort. people who make efforts would naturally want to even do better and make more.
Ways to overcome the fear of losing and invest.
- Be attentive but not obsessed.
- First, learn what you plan to invest in, and understand.
- Start from a level you can manage to comfortably invest and lay clear goals of what you want to achieve.
- Avoid moving your money in all directions whenever there is a change in the market. By when prices are reasonable for you to make a profit.
- Let not the fluctuations in the market scare you. However, always time the market rather than the market timing you.
So, once you get started, you get eager to do more. As you carry out the risk, it is good to check on the time to spend, the region, and the mandates of the risk.