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By Dr. David Edward Marcinko MBA MEd
SPONSOR: http://www.MarcinkoAssociates.com
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If you’ve found yourself worrying about the stock market or money lately, you definitely have company. Money anxiety, also called financial anxiety, has become more common than ever after the presidential election of November 2024.
In fact, the American Psychological Association’s 2022 Stress in America Survey, 87 percent of people who responded listed inflation as a source of significant stress. The rise in prices for everything from fuel to food has people from all backgrounds worried, today. The researchers say, in fact, that no other issue has caused this much stress since the survey began in 2007.
When money and financial concerns cause ongoing stress in your life, you could eventually begin to experience some feelings of anxiety as a result. This anxiety can, in turn, have a negative impact on your quality of life.
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Chrometophobia, commonly known as fear of money, is a psychological condition characterized by overwhelming anxiety and avoidance of currency; according to colleague Dan Ariely PhD.
CITE: https://www.r2library.com/Resource/Title/0826102549
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Physician Financial Fear is probably the most common emotion among physicians. The fear of being wrong – as well as the fear of being correct! It can be debilitating, as in the corollary expression on fear: the paralysis of analysis.
According to Paul Karasik, there are four common investor and physician fears, which can be addressed by financial advisors and psychologists in the following manner:
- Fear of making the wrong decision: ameliorated by being a teacher and educator.
- Fear of change: ameliorated by providing an agenda, outline and/or plan.
- Fear of giving up control: ameliorated by asking for permission and agreement.
- Fear of losing self-esteem: ameliorated by serving the client first and communicating that sentiment in a positive manner.
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