Face Your Money Fears And Take Charge Of Your Financial Health

By: Rising Capital0 comments

We are all looking forward to the coming Halloween weekend. And while most of us have overcome our fear of the Boogie Man, some fears continue to haunt us as adults.

  •         Will I have enough money to retire?
  •         Will I be able to buy a home one day?
  •         What happens if I lose my job?

Most of us have had sleepless nights worrying about our ability to provide for ourselves and our families.

Fortunately, you don’t have to live your life in fear.

If you are the beneficiary of an annuity or structured settlement, you have the option to use your benefits to overcome your fears and find solutions to some of your scariest challenges.

Common money fears

Here are some common money fears that might be holding you back from achieving your goals and a few tips to overcoming them:

Fear of change

If there is one fear that we have all had to confront over the past 18 months, it’s the fear of change. According to Psychology Today, we fear change because we can’t always predict the outcome. However, if you resist change, you are at risk of stunting your physical, mental, emotional, and financial growth.

If you are thinking about changing your career, furthering your education, or moving to a new home, but are afraid to take the leap, take some time to think about the potential benefits and risks. Write a list of all the pros and cons. If the benefits outweigh the risks, start taking action to make the transition sooner rather than later. The more you procrastinate, the harder the change will be.


Fear of confrontation

Have you ever been behind on a payment and avoided your phone or email to escape a collection call? Have you avoided a particular person because of an unresolved conflict? If so, you will know that confronting challenges head-on can be very scary. However, avoidance can result in underlying anxiety and prevent you from finding solutions and moving forward.

The best way to overcome your fear of confrontation is to develop an action plan and implement it quickly.


Fear of the unknown

Nobody likes the feeling of having to face something that you do not understand. This is particularly true when it comes to your financial affairs.

Often, we outsource our financial decision-making to people we perceive as being better informed, such as a parent, spouse, or financial advisor.

The reality is that the less you know about your financial affairs, the scarier it is to take control of your finances.

Becoming financially literate will help you to overcome your fear of managing your finances.

Take a course in financial literacy at your local community college or spend some time reading about how to manage your finances. The more you know, the less afraid you will feel when making decisions about your money.

If you are the recipient of an annuity or structured settlement, don’t be afraid to ask questions. Find out precisely what you are entitled to and how you can structure your payments to best suit your needs. If you have unanswered questions, contact an Account Executive at Rising Capital to discuss your options today.

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