It’s not just a fear of failure that’s stopping you in your tracks. Everyday money worries might be hindering your ability to achieve financial success.
Always Living Paycheck to Paycheck
With 20 percent saying they’re afraid that they’ll always be living paycheck to paycheck, this was the biggest fear. Women are more afraid than men — 25 percent versus 18 percent — of being caught in this cycle. And adults earning $100,000 or more are more likely than those earning less to say that living paycheck to paycheck is their biggest financial fear.
The primary reasons that people — even the wealthy — live paycheck to paycheck are poor budgeting and poor planning. Without a budget and plan, your spending isn’t prioritized and you don’t have goals that will help you build your wealth.
Never Being Able to Retire
More people should be worried about not being able to retire. If that fear is leading you to inaction because you think there’s no way you’ll ever be able to save enough, then you will be poor in retirement. Fear is a horrible planning strategy. Rather than worry about not being able to retire, take steps to ensure a comfortable retirement.
Losing A Job
If you’re spending your time worrying about losing your job rather than finding ways to keep it, then you probably are putting yourself at greater risk of ending up unemployed. If you can’t shake the fear of losing your job, get a backup plan. Look for ways to make more money to give yourself a cushion in case you do lose your job.
If you are ready to take full control of your finances and plan for your retirement, get in touch with ICG Financial Planner Melbourne today.