Sometimes, even if you have a steady paycheck—or an abundance of wealth—you can be gripped with negative feelings and all-consuming worry: What happens if suddenly I lose it all?
This type of pervasive financial stress has a name: Psychologists call it the ‘scarcity mindset’ and it speaks to the idea that, regardless of your level of financial security, you’re frequently in a doomsday thought pattern where you believe that at any given moment, that safety net could disappear.
The worst part: Even new financial successes, like paying off debt or getting a raise, don’t negate these feelings. No matter what, you’re in panic mode.
“The scarcity mindset doesn’t necessarily mean you’re a negative Nancy,” explains Pam Krueger, founder and CEO of Wealthramp, a network of fee-only financial advisors. “No one wants to be worried or fear-based, but women may tend to feel a bit more anxious about their finances, especially if they grew up with a parent—perhaps the dominant voice in the house—who always felt powerless about their cash.”