Just about everyone I talk to is worried about money.
Some people don’t know how they’re going to pay the rent this month, while others have thousands upon thousands in the bank. Some are on the verge of bankruptcy and others have residual income to the tune of $7K per month rolling in. Some have spouses with great incomes, others are on their own.
Weird, right? Their situations are wildly different, but the worry and fear are strangely the same across the board.
The truth is, fear about money becomes a habit that has almost nothing to do with reality – and I know this firsthand.
Years ago, my husband and I made a series of bad financial decisions, and ended up losing our house and declaring bankruptcy. That was a truly awful, fear-filled financial time. Fast-forward to today: our finances are stable and we have money in the bank, but I still sometimes find myself just as worried about money as I did during our worst financial times.
This disregard for reality is insane, it’s paralyzing, and it needs to stop.
To end the madness, ask yourself one simple question: “Am I truly in danger of being homeless and hungry within the next 60 days?”
If your answer is yes, swallow your pride and ask for help immediately. Look to friends, family and public assistance. Look for a job and get your income stable ASAP, even if it means putting your business on hold. Understand this is not a failure; it is a mature business decision that most entrepreneurs have to make at some point in their journeys.
If your answer is no, relax and reframe your concerns. Take a deep breath and acknowledge your financial situation is not life-or-death. Then clarify what you really want to change about your financial situation. Do you want to increase your income? Have more savings? Start a retirement fund? Give yourself a concrete picture of what you want so you can move past the vague, paralyzing worries and get into specific action steps.
The bottom line in both situations is to empower yourself by first getting crystal clear about the reality of your financial situation and then moving quickly into appropriate action.