If you’re living in an elite Sydney suburb or are a rich parent, you’re well aware of the ‘Fear of Wealth’ myth.
A wealth of money can seem like the most important thing in the world but it’s often the one thing that will make life so difficult for those who don’t have it.
The myth is perpetuated by a number of people who believe that a wealthy person can’t have the wealth they want.
It’s not the wealth that’s dangerous; it’s the person.
If you’re feeling anxious about your future or the fear of wealth, don’t fall into this trap.
Here’s how to avoid being swept up in the ‘Fear of Wealth’.
If the fear isn’t a factor in your life, then don’t feel the need to spend too much time worrying about wealth.
Instead, think about your goals and how much money you’ll need to achieve them.
What if you’re in a long-term relationship?
What about an extended relationship?
What if you’ve already spent more than you can afford?
If your partner has a lot of money, don.
Don’t spend too many nights at their home or office and don’t worry about them paying for you.
But, if you live in an area where it’s easy to spend money, then you can save some money and save yourself the worry.
For example, don-t spend the first few years of your relationship with a partner who earns more than a $100,000 salary.
That may seem like a big amount, but you’ll be surprised at how little it affects your financial life.
Get your financial needs met with a flexible income If you have a flexible salary, you can get around the fear by being flexible about your spending.
Take time to consider how much you can spend without worrying about your money.
There are a number factors to consider when deciding how much to spend, such as how much time you want to spend with your partner, how much they’re willing to pay for the services you provide and the type of lifestyle you want.
But, don,t feel like you have to spend more than they’re prepared to pay.
Instead, consider how you can pay for things with less than the amount you expect.
Pay for things upfront, and make sure you keep track of the money you pay each month.
For example:If you have two people working in your house, you might decide to split the cost of childcare and child care into two payments.
You could use a cashflow tracker to track how much your child spends on things like clothes and food and how your household is doing with the money.
If you are a parent, or a person who is involved in a family, it can be difficult to make your payments.
If a child needs help paying for school, you’ll likely need to help the parent pay.
You can even look into giving cash to other people or organisations.
If your child is in school, it’s important to set aside some money for it, such a as a deposit for school books or a payment for a loan.
If someone is sick, or needs to go away, you may need to send them a financial statement to give them the money they need to cover expenses.
These are just some of the things you can do to ensure you’re getting the amount of money you’re entitled to, when you need it, and with the support of a financial planner.
Find out more:How to make sure your money isn’t spending too muchWhat to do if you feel you’re spending too littleWhen you feel a financial worry is coming on, talk to your financial planner about how much extra money you should be spending to make up for the fear.
Ask your financial advisor for advice.