During my interaction with clients I found that lot of people straight away equals money with Mathematics. Reason is numbers attached with both. So person who hate Mathematics obviously start to hate or fear about money matters too. This symptom is called “Fear of Money”.
This “Fear of Money” phobia is also have specific name called as “Chrematophobia”. You may easily find such people who are some what careless about money matters. But it is actually not a careless issue, instead it is the issue of “Fear of Money”. Let us share me few examples which makes you clear. People with such fear have normally below mentioned symptoms.
1) Depending too much on others related to financial matters. That dependency may be with spouse, family members, friends or financial planners or advisers.
2) Neglect in tracking their bank transactions.
3) Readymade answers to their illiteracy of finance.
4) Not tracking their monthly bills like credit card or phone bills.
5) Not having enough family protection measures like emergency funding or insurance.
6) Extreme situations like over spending or over saving. Same way not at all thinking about personal finance or too much worrying about finance.
7) Not have track on spending or earning. So no clue about their own networth status.
From above examples you start to think that, such persons may be any of your family member or your friends who may have these symptoms. These small things will not make sense when everything is going smoothly. But if such small symptoms take the larger proportion of your financial life then it may actually spoil your financial life.
In a true sense Mathematics is not a mandatory thing to mange your money. But your logical tactics to think about financial management will make you in a right path. If Mathematics was the thing need to manage money then our ancestors were not expert in matters. But they were, and lead the peaceful life with simply following basics of financial planning. It requires financial literacy but not any Engineering, Medical or MBA courses.
Now the question is how to over come? Answer is once again “Financial Literacy”. So same line I am repeating what I said in my previous posts is “When you are spending 10-12 hours daily to earn the money, why cant you spend monthly around 4-5 hours to safeguard, invest and prosper your financial life??”.