How to treat panic fear of poverty and peniaphobia

Low earnings

Stas: In the first few years after graduating from university, I was afraid that I wouldn’t be able to earn money. It’s funny to spend 5 years getting a higher education and leaving the university with the fear of not being able to make money, but that’s exactly what happened. While I was studying, no phobia arose - perhaps I reassured myself that a student did not have to have money. And immediately after graduation this feeling appeared, and, to be honest, it was a rather painful feeling. Any personal contributions, be it gifts or some kind of part-time work, did not help if I could not make them regular. So my main financial phobia is not being able to earn enough money.

Financial advisor Ekaterina Baeva: In this situation, having a reserve fund in the amount of 3-6 monthly budgets on deposit in a reliable, systemically important bank can help. Even if temporary difficulties with earnings or unforeseen urgent expenses arise, money will always be available. I recommend setting aside at least 10% of each financial income for a replenished deposit and withdrawing money from this deposit only if there is no income. And do not forget to review the size of the reserve fund if income has increased. And also replenish it if you took money from there.

Deposit calculator

Fear 2: Debts and loans

Debt and credit can cause anxiety when a person realizes that he will never get out of this monetary slavery and will never again be able to afford to spend money on things for himself.

Freedom of choice comes first: where and how to earn money after 40

The Ministry of Health announced the start of production of a new medicine for COVID-19

Russians were reassured: food prices have stabilized

"There's a concern that credit debt could get out of control," says Brookfield, a psychotherapist who specializes in financial counseling.

Perhaps this is why many people are actively trying to put a taboo on credits and loans.

Fear of crises

Oleg: I'm afraid of financial crises. For example, you save money, and then it depreciates.

Independent financial advisor Mikhail Steinbock: I am also afraid of financial crises. More precisely, I’m not afraid, but I’m afraid. I understand that they will arise sooner or later. Therefore, I store and accumulate money using the principle of “nothing at all”: in different currencies, in different countries, in different classes of instruments, and so on.

Ekaterina Baeva: In order not to be afraid of the depreciation of money, it should be invested: a competent investment portfolio consisting of stocks, bonds, gold, collected for a long period of time, is capable of compensating for inflation, currency depreciation, and so on in the long term. It is worth investing for a period of 3 years, for amounts from 1 million rubles, my recommendation is to invest part of the funds in foreign assets through a foreign broker.

Independent financial consultant Dmitry Sobolev: On the one hand, a crisis is a risk of temporary depreciation of assets, and on the other, an opportunity to buy high-quality assets (the same shares) at an attractive price. To get through crises easily, and also with benefit for your wallet, I advise you to develop a financial plan in which you reflect your goals over a horizon of 5–15 years, and work out ways and tools to achieve them. These two steps are enough for your money to be able to withstand crises that happen regularly in a market economy.

Symptoms of fear of success

The manifestation of symptoms may vary. Depending on personal qualities, upbringing and other factors, a person’s mood, behavior and even well-being may change. A person suffers from:

• panic;
• anxiety;
• confusion of thoughts;
• headaches and dizziness;
• attacks of nausea;
• increase in body temperature.

People may refuse any changes; they may develop a strong feeling of guilt, dissatisfaction, and prejudice towards people. They cannot think clearly and want to get advice from loved ones.

Someone else's opinion rarely influences the further development of events. The sufferer finds many disadvantages in the predicted changes and gives up, preferring to avoid any risks.

How to identify fear of success?

Identifying signs of fear is not an easy task. The object of fear itself does not exist; there is a fear of events and changes. Symptoms appear rarely, at certain moments in life. Psychologists are confident that it is possible to identify the presence of a fear of success; you need to ask questions:

1. Is there a purpose in life?
2. What am I doing to achieve my goal?
3. Am I doing my best to become successful?
4. Have there been failures and setbacks before?
5. Are there pending matters whose resolution could lead to success?
6. Were there any mistakes along the way to achieving your goal?

By giving answers to these questions, we can work out the whole picture of the perception of human determination and willingness to overcome difficulties on the way to one’s goal. The professional diagnosis of a psychotherapist is based on these same questions.

Until critical moments arrive, people may deny their mistakes and claim that they are ready and motivated to succeed, but motivation is where the problem lies. People become so accustomed to the struggle for their happiness, attracting money, taking up a new position, etc., that the struggle itself becomes the meaning of their lives. At a crucial moment, a person may realize that accepting long-awaited changes will deprive him of motivation, which leads to the appearance of signs of fear.

Self-analysis will reveal the problem

Payment at machines

Valya: I'm afraid to pay with a card through machines in the subway and terminals that are connected to a smartphone. I'm worried that I may not recognize the skimming device - then scammers will steal my card data, make a duplicate of it and withdraw money. It’s psychologically more comfortable for me to get confused and find where to withdraw cash. You can, of course, have a separate card specifically for such cases, on which a small amount will be stored. And I even have it, I just forget to replenish it on time.

Ekaterina Baeva: Having a separate card, definitely a debit card, with a small amount on it is a good solution in this situation. Fraudsters also install reading devices on ATMs, so it is best to withdraw money from ATMs located directly at the bank.

I advise you not to store large sums on cards; it is better to transfer them to separate accounts that are not linked to cards, and top up the cards if necessary. Additionally, you should think about the password on the SIM card and phone that are linked to online banking. I do not recommend having the bank’s mobile application and the incoming login and password on the same phone: if they are tied to different devices, then even if the phone is stolen, scammers will not be able to transfer money from it through the mobile application.

What is chrematophobia?

Pathological clean people often suffer from phobias

The fear of money is called chrematophobia. This is a so-called isolated phobia, which has a very specific object of fear - paper money or coins. Moreover, a person experiences anxiety only upon contact or the sight of banknotes, but the process of making money or, for example, receiving bonuses does not cause any discomfort.

People with this disorder easily find a way out of the situation, preferring to pay everywhere with a bank card. However, this is not always possible, which creates a number of inconveniences. For example, in most cities you cannot pay for tram travel with a bank card, so a person with chrematophobia is forced to abandon this type of transport. Despite the fact that payment cards have quickly become part of everyday life, they cannot completely replace cash, so the phobia cannot be brushed aside - it must be treated.

There can be many explanations for the fear of touching money. Some people are afraid of the germs that get on paper bills, while other patients simply can't stand the feeling of coins in their pocket or hand. Regardless of the characteristics of the manifestation of a phobia, it is accompanied by anxiety and has a negative impact on mental health, and therefore requires timely treatment.

Reasons for development

The main reasons for the fear of touching money are hidden in deep childhood. Most often, a phobia develops due to:

• difficult financial situation;
• lack of pocket money in childhood;
• overestimating the importance of money;
• low self-esteem;
• hypochondria;
• psychological trauma associated with money.

Parents may incorrectly explain their difficult financial situation to their children. As a result, the child develops a fear of money or the process of earning it. For example, if parents work a lot and hard, come home tired and do not have the strength to communicate with their children, the child may think that money is to blame for everything, so a phobia develops.

Another reason psychologists call is the complete lack of pocket money in childhood. Parents may not give their child money, explaining that he will lose it or it will be stolen. As a result, an already matured person does not know how to handle money and constantly feels discomfort when having to pay in cash, which over time leads to the development of a phobia.

Overestimation of the importance of bills and coins by parents can also become an impetus for the development of a phobia in a child. This applies to various comments about the importance of money, punishment due to the loss of bills or coins, nagging regarding keeping money in a wallet, etc.

Fear of money can be a consequence of low self-esteem. In this case, the person simply does not feel that he is worthy of managing money, so he is afraid to touch it.

If the fear is due to the fear of getting sick, since bills pass through many hands, the cause of the phobia is most often hypochondria.

Another common cause is psychological trauma. Most often it is associated with the loss of a large amount. For example, parents gave their child money to pay for training or courses, but he lost it. This is followed by punishment, and the child develops an incorrect attitude, which subsequently leads to the development of a phobia. Also, the cause of irrational fear can be an accusation of theft of a large sum, when a person is not guilty, but cannot prove it.

Symptoms of a phobia

The thought of holding banknotes in your hands can give you a migraine.

The fear of money manifests itself in the form of an anxiety disorder. Symptoms worsen when touching money is necessary. A person with such a disorder cannot calmly pay in cash for goods, since such a simple action is accompanied by severe anxiety or a panic attack.

In severe cases, anxiety occurs even at the sight of someone else touching money.

Symptoms of exacerbation of phobia:

• tremor of the limbs;
• lack of air (shortness of breath);
• headache;
• dizziness;
• confusion;
• feeling of panic and fear;
• the desire to quickly run away and hide;
• feeling of derealization;
• tachycardia.

Such bodily symptoms are explained by an increase in stress hormones at the time of encounter with the subject of the phobia. In some cases, a person may even lose consciousness due to internal tension.

Patients with a fear of money prefer to pay by non-cash payments everywhere. If it is impossible to pay for some service or product with a card, a person with a phobia will refuse the purchase, but will not take the money in his hands.

The phobia creates a number of problems in everyday life, since any mention of cash causes anxiety and provokes fear. In severe cases, the phobia can extend to the very fact of buying something for money. In this case, a person will not be able to purchase the necessary goods himself, but will turn to family and friends for help.

Mortgage Horror

Katya: I'm afraid to take out a mortgage. According to my observations, it provokes enormous stress and tension. The mortgage holders I know get sick more often, and their mood is usually lower than average. It is psychologically more difficult for them to make important changes in life, for example, changing jobs. Because change means uncertainty and risk, and in the case of a mortgage, stability is needed. Finally, unexpected expenses hit the mortgage borrower’s budget more painfully than in the case where there are no such long-term loans.

Mikhail Steinbok: Well done! I'm sincerely happy for you. Your “phobia” will not allow you to play this cruel and expensive joke on yourself - to get into a mortgage. Do not get involved in slavery, remain free, ready at any moment to change your life, first of all, your place of life. Live in peace, not in a mortgaged apartment.

Ekaterina Baeva: First, you need to figure out whether you need a mortgage in principle. You should not take out a mortgage as an investment. The most common advice I’ve seen to people with small capital is to buy an “investment” apartment on credit, using the capital as a down payment. I definitely don’t recommend doing this.

If you need your own housing, then you should save at least 20% of the down payment and take out a loan so that the payment amount is no more than 30% of your income. True, now it is much more profitable to save for an apartment, even taking into account the cost of rent, than to buy it on credit. This option requires some willpower, but, on the other hand, it provides much greater flexibility if the family’s financial situation changes.

Mortgage calculator

Reasons for fear of success

It is very difficult to talk about the reasons for uncertainty and changes in attitude towards success in the last, decisive minutes before achieving it. The reasons for fear vary from person to person. Both other phobias and living conditions, character, complexes influence. Psychological education also matters. Fear of success can arise due to:

1. Fear of hearing someone else's opinion. Life in society is impossible without communication. Simple conversations and advice from loved ones and friends leave their imprint on the subconscious. A person projects the thoughts and desires of other people onto himself. He constantly worries about whether his actions will satisfy others. All these thoughts are filled with anxiety and loss of complete control over the situation.
2. New worries. Having achieved what he wanted, a person finds himself in new conditions that require psychological adaptation. The conservative nature of thinking ignores achieving the best. It is easier for such people to give up success and maintain an established way of life.
3. Fear of unpreparedness for a new social role. People's goals and plans change when they make important decisions in life. When it is necessary to accept a new social role, some people find it easier to avoid it than to begin to solve the tasks at hand. Awareness of reality causes fear in a person, a feeling of imminent failure, etc.
4. Low self-esteem. People with such self-esteem live by established rules and perceive any success as something beyond their strength. Positive change for such people is a test for which they will never be ready.

The reasons for fear of success lie deep in the subconscious. According to psychologists, most of them originate in early childhood. When a child grows and develops, his psyche is formed, any little things can affect the ability to control his own thinking. Fear of success most often arises from family problems related to parental mistakes.

In some families, the relationship between parents and child is subject to strict rules. This may be adults’ condescension towards mistakes or constant criticism of the child on their part. The origin of fear arises due to the injustice of decisions, condemnations, etc. In adult life, fear of success can begin in a job where a person has failed. Failing an exam, interviews, undeserved criticism and other problems can break a person’s psyche.

Criticism from adults negatively affects children

Debtor's share

Vladislav: I’m afraid of situations where I owe money to someone. It’s not at all a fact that tomorrow I won’t get sick or some other serious problem won’t arise that will prevent me from giving them away.

Dmitry Sobolev: Not everyone can borrow money, but there is nothing reprehensible in this procedure if you take out a loan against your future projected income. If we are talking about a long period for which it is difficult to make forecasts, then humanity has come up with a solution to this problem - insurance. That is, protection against risk that you think may become an obstacle to repaying the loan.

Final score

Anya: I feel terribly uncomfortable when I have less than 1500 ₽ left on my card. Even if there are a few days until salary, this amount is enough not to reduce your usual expenses. For some reason, I play out nightmare scenarios in my head - something unexpected happens, I spend all the remaining money at once and live without a livelihood for some time. The mood is spoiled. I’m starting to save a lot: I can live a whole week without spending a single thing - with 1,500 rubles in my pocket. Perhaps this fear remained from my student days, when there was a constant feeling that I was alone in a big city and responsible for myself.

Mikhail Steinbok: We need to create a “safety cushion”. And the problem will be completely solved.

Dmitry Sobolev: Money tends to run out, and that’s normal. But of course, spending every penny every month is bad form. Make it a habit to save 10% of any income and create your own emergency fund in a couple of years, which will give you a sense of confidence. Let the next step be a financial plan in which you reflect your goals and “wants”. Next, if you have a fund and a plan, set off to conquer new financial heights.

Fear 3: Student Debt

Your student loans can make you feel like you're reliving your college years all over again—and not in a good way.

This kind of debt can make you feel like you're holding back your entire financial future. People are afraid that their second higher education will not pay off.

So it's no surprise that many of us feel a tinge of regret when it comes to higher education - 47% of recent graduates say they might not have gone to university if they knew it would never pay off (unless, of course, you I wasn’t lucky enough to get on the budget).

So that inspiration never leaves: how to improve your workplace (tips)

Citizens were told why they should return their old credit cards

The dangers of a floating rate mortgage, said the head of Rosbank

Health is more valuable

Olya: I'm afraid that if I get sick, I may not have enough money for treatment - for example, for a complex operation.

Ekaterina Baeva: Create a reserve fund and apply for VHI, after carefully studying the conditions and offers, because many programs, on the one hand, are expensive, and on the other, contain a large number of exceptions. It is worth remembering that no matter how much they criticize our medicine, it is mostly free, so even a complex operation has every chance of being performed within the framework of state insurance, and the money will most likely be needed for life during recovery and medications - this may well be covered by the reserve fund.

Suspicious banks

Ivan: I don't trust banks. They close often, so I keep my money at home.

Dmitry Sobolev: Not only jars, but also cookie or shoe boxes are suitable for storing money. But if you need money not just to be stored, but to be multiplied, it is worth considering other options, and here even banks, with a deposit amount below 1.4 million, look quite decent. By law, only banks can guarantee the safety of your deposit and its profitability. Another thing is that profitability may be far from desired.

Credit card debts

Evgeniy: I'm afraid of credit cards. Friends borrow several hundred thousand rubles from them, and then for years they cannot get out of the debt hole.

Mikhail Steinbock: Great! I am both for such phobias.

Ekaterina Baeva: The right fear if you are not confident in your own financial discipline. Many people get hooked on the “credit needle” and find themselves in a difficult situation. If you can live without loans, that’s great; it means the person lives within his means and manages his money wisely.