Million dollar mistake #9
Having financial fears. You have read and heard so much about the risk of investment that you keep your money in the saving account and believe that the entire world is after them. Again, this is not the worst case scenario. It is much worse keeping your savings at home, under the pillow, or in the sock as it was fashionable in the beginning of this century. This is worse, because the savings account would make at least some rate of return instead of pure loss due to inflation – meaning that the loss would be smaller.
When writing down an equasion you would see that even with the saving account your money are not working, they are depreciating over inflation and making some bankers even wealthier.
You’re afraid to loose hard earned money… I am not here to judge. Fear is typical to human race. But I am here to tell, that it is very important to recognize the roots of fear and deal with it. Most usually fear comes from the lack of knowledge. Not knowing your possibilities, not knowing what could go wrong and how it could be controlled generates uncontrollable fear.
Same as being afraid of darkness. Most people fear of darkness, because they have no idea what is going on around them, what are the obstacles and where is the exit. Just imagine yourself standing in the dark room you have never been before. This is the situation you are right now with your finances. And now imagine that you have a torch in your hand. How much easier does it get moving around the room and finding the exit? Knowledge in our case is the “torch” that gives you a sure way out of your financial fears and leads straight to wealth.
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