7 Types of Fear
7 Types of Fear– Financial Fear This is possibly the biggest fear that can keep you tossing and turning at night because again, it’s linked to your survival.
If financial fears get out of control, they can develop into an obsession with money or breed toxic emotions like envy or jealousy of people who are wealthier.
Financial fear takes on different forms and shapes depending on your circumstances. You might be living from paycheck to paycheck and barely able to make ends meet. You could be struggling to pay off a student loan or keep up with your mortgage payments.
Unexpected medical bills may be eating away at your savings, or you may worry about not being able to save at all.
You could be worried about your partner’s overspending or how you’ll manage if you lose your job. Financial fears are very personalized but they all revolve around one thing – financial security.
Financial fears are very valid but again, we often tend to let them take over our minds and keep us in a perpetual state of worry and anxiety.
Even people who are financially secure may develop an obsessive fear of losing all they have. In extreme cases, this type of fear can become a phobia.
How it holds you back
Financial fear is a major stressor because it usually plagues you most of the day (and night) rather than in a specific situation. So, its first impact is going to be on your health. High stress levels will keep you feeling fatigued, lifeless, and demotivated.
Your immune system becomes weakened, leaving you more open to illness and just poor health overall. Mentally, financial worries can lead to depression, chronic anxiety, and isolation.
When you’re not at your best physically and mentally, everything in your life suffers. What’s worse, financial fears can keep you trapped in a negative cycle where it’s very difficult to think clearly about solutions – much less act.
Action steps
Save
Financial experts recommend putting 10% of your income into a savings account. $10 out of every $100 is a negligible sum and you’ll hardly notice the deduction. However, in a savings account, those small sums accumulate very quickly and can become very substantial over time.
A great idea is to create a separate emergency fund and divide
savings between that and your regular savings account. That
way, you have something put aside for emergencies like
appliances or cars breaking down and other unexpected
expenses.
Stick to a budget
If you stick to a budget and cut down on unnecessary expenses (three cable TV subscriptions and gourmet ice cream is not essential!) You should be able to live well within your income and put something into your savings as well.
The thing with budgets is that people seem to think they’re made to be broken! So, be firm and keep a strict eye on overspending.
Create new income streams
There are dozens of ways to make extra income online with no cost or very minimal investment. You can set up two or three of these income streams at once. This can easily be managed in your spare time and some have the potential for making very decent money.
Consider affiliate marketing, drop shipping, posting YouTube videos, or publishing an eBook on Kindle. None of these schemes require much experience and with dozens of tutorials on YouTube, you can easily set up your chosen income stream.
These are just a few of the ways that you can make some extra money with very little effort. Now, this income won’t be very big but it will certainly come in handy when you need some spare cash.
Note: These strategies are not going to make you rich overnight or solve all your financial problems. However, they’ll provide you with a small safety cushion that will significantly alleviate your financial fears and give you some peace of mind.
More importantly, these little security nets will relieve your financial anxieties, allowing you to focus on bigger solutions to improve your financial situation.
Regards, Coyalita
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