Blind spots around money are the greatest enemy of wealth and financial security for women. Blind spots represent an area of resistance with money. If you find yourself feeling uncomfortable in certain situations around money, as many women do, and you find yourself experiencing any of the following emotions, know that you are most likely experiencing a money blind spot.
Here are the telltale signs of a money blind spot.
- Making Excuses
- Going blank
In my eleven years of working with women and money, the most common emotion that comes up around money is fear. The most common (yet irrational fear) that women face is referred to as the Bag Lady Syndrome.
According to the Allianz Women, Money & Power study (2012), forty-nine percent of women fear ending up broke and homeless regardless of their current income level. Among the women surveyed, a third of the highest income earners (those earning $200,000 and more) couldn’t shake this fear. The study states that “the pervasiveness of this worry may point to a deep-set financial insecurity that seems to be particular to women.”
Since money can be an uncomfortable topic for us, we need a safe place to explore our emotions, beliefs and experiences with it. We need to feel that we are not being judged for our irrational money behavior, or money blind spots. The feeling of security and safety will create an environment for a breakthrough. That is the power of financial coaching with a well-trained expert.
If you’re a woman who wants to build wealth, but for some reason feel stuck, you most likely have a few money blind spots.
A great first step is to stop beating yourself up, which is what so many women do, especially when it comes to money.
This only creates more resistance and keeps you stuck. Instead, be gentle with yourself. Show yourself some compassion.
Even if you’ve made some bad money mistakes in the past (as most of us have), find a way to forgive yourself, and move on.
Make a commitment to yourself that this year you’ll be better with money.
Decide to take action.
Ask for help.
Do what it takes to get your financial house in order.
Let me know how I can help.