At times, I would rather hold on to my money and see it in my bank account than letting it go from me. This makes me delay jumping on a viable investment opportunity or making a payment which is not urgent but important.
For strange reasons, seeing my bank account balance gives me joy, but this joy doesn’t put money in my account!
So, I consciously make decisions that would be more beneficial.
A primary factor of the desire to hold on to our money is FEAR.
Fear of you losing your money in investment;
Fear of an urgent, unexpected expense showing up;
Fear of whatsoever!!!
It’s okay to admit that you have the fear. You just need to know how to deal with the fear.
Below are some tips that helps me make the right decisions.
• I understand that delaying a payment can cause me extra costs, hence, I make my payments as they are due regardless of what my subconscious mind is telling me.
• I ensure I have enough in my emergency fund account before making an investment that will tie my money down for a while. This will cover any unexpected expenses that come up.
• I understand that seeing my money in my bank account does not put money in my account, I would gain returns on my money by investing it (I constantly remind myself that ?)
• Finally, (this helps me a lot regarding investments), I understand that each day that goes by without me investing my money records a day’s loss of interest that would have accrued on my money.
• One more thing, lest I forget, I research well on any investment I want to make. This minimizes (or eliminates) the fear of losing my money. (You can also talk to professionals and friends/family to be double sure. It’s your money, right? You can’t afford to lose it)
I’m sure if you practise these tips, they will prompt you in making beneficial decisions timely. You can earn interest daily on your money, why the delay in investing it?
To your financial independence and freedom!