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And its something weighing on many peoples minds.
So why do these money fears run so deep?
GOBankingRates asked experts to discuss in-depth whats behind these anxieties andhow we can overcome them.
These fears, she said, often stem from childhood experiences of lack or loss.
She explained that these habits provide temporary relief from anxiety but ultimately make the underlying fears worse.
The key is recognizing these fears and habits, then reprogramming thoughts and behaviors.
These anxieties usually start early in life, often from witnessing financial hardship or instability in childhood.
Meaning concerns itself with our cognitive understanding of our past.
It is the stories we tell ourselves about ourselves, he said.
Ultimately, meaning aims to prove to ourselves that we are enough.
What does all this have to do with money?
According to Grumet, our sense of meaning and our past is heavily learned through our surroundings.
Often our beliefs about money are handed down through the generations throughgenerational and lived trauma, he said.
My grandmother, for instance, grew up in an orphanage during the Great Depression.
She exhibited hoarding behaviors that she passed down to my mom.
Klontz says that money scripts are typically developed in childhood and can reflect trans-generational beliefs.
We are the heroes of these stories and survived against the odds.
We assign a new sense of meaning and control and let go of the feelings of helplessness.
In this way, we can reassert our own sense of goodness despite being a part of difficult situations.
She recommended speaking with a professional to provide accountability and an outside perspective to overcome deep-rooted fears.
The truth is, while being broke is difficult, financial fears are often worse than the reality.
With support, anyone can overcome them.
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