This is a no-brainer: When you’re fearful of money, all of your financial decisions come from a place of fear.

But you may already be thinking, “Fear of money? That’s not me!”

I beg to disagree. If you’ve ever avoided looking at your bank account, if you’ve ever panicked about your finances, if you’ve been immobilized by indecision, if you’ve made unwise investments, or if you’ve overspent yourself into debt … you’re afraid of money.

Of course, you’re not alone.

Money is a bigger topic today than it has ever been. It is entrenched in politics, power, status, pop culture, and family dynamics. There is no moment where you are not consciously and unconsciously receiving messages about money. And whether you know it or not, those subtle messages have been impacting how you earn, spend, save, and value your capital.

If you want to earn more (and feel good about it), your decisions must come from a place of integrity. So, today, conduct an investigation to better understand your relationship with money and change it if you need to. I assign the following exercises to my clients who need help in this area. Cash a “reality check” on your relationship with the following steps.

Do a “Money Purge”

Rant and write down  everything you feel about the subject, no matter how contradictory, upsetting, or exaggerated it might be. This will allow  you to loosen up and tune in to your inner dialogue. It will illuminate your perception of money in the world and in your own life. When I started doing a money purge, I found myself saying things like, “Good people shouldn’t need a lot of money,” andPeople shouldn’t drive expensive cars.” Do your own purge and see what you find. You can start by completing the following statements:

  • People who have a lot of money are …
  • Money makes people …
  • I can’t make more money because …

In this exercise, pay special attention to the things you learned (or didn’t learn) from your parents. What was your parents’ relationship with money like? How do their traits show up in your life?

Identify Your Bad Theories

Self-discovery is the most powerful tool you possess, but only if you learn how to use it to your advantage. Go a step further by pinpointing all the negative theories that showed up in your money purge, and write down all the ways that theory impacts your behavior. You might find you have the same theories about people with money that I had, or you might find some bad theories about yourself: “I’ve never been a great saver,” or “I’m not smart enough about investing to do it.”

I have found that artists and entrepreneurs, especially, have theories about the dismal state of their professional fields: “Only a few artists ever make it big,” “The restaurant industry is just so cutthroat,” or “The likelihood of a startup actually succeeding is one-in-a-million.” Now look at the effect of statements like these:

  • Theory: “Only a few artists ever make it big.”
  • Result: Because I think this, it gets me off the hook for actually making time for my art.
  • Theory: “I’m not smart enough about investing to do it.”
  • Result: Because I think this, I don’t invest, nor do I go out of my way to learn how or seek advice.
  • Theory: “I’ve never been a great saver.”
  • Result: Because I think this, I don’t prioritize saving money.

Create New Theories and Collect New Data

The entire time you have held on to your fears about money, you’ve been collecting evidence to prove yourself right. It’s time to replace your bad theories with better ones and collect new data to support your case. You don’t even necessarily need to believe that your theory is true in order to do this exercise. Watch this formula in action:

  • Old Theory: “Only a few artists ever make it big.”
  • New Theory: “People love buying artwork by local artists.”  
  • Action: If I believed in my new theory, I would go check out the local art fair. I would submit my best piece of artwork to a contest. I would post a picture of it on my Facebook page with a price.
  • Old Theory: “I’m not smart enough about investing to do it.”  
  • New Theory: “I can, and will, learn to make wise and lucrative investments.”
  • Action: If I believed in my new theory, I would sign up for a free investing seminar. I would start paying attention to the Business section in The New York Times. I would ask my friend’s husband to tell me about the work he does at his financial firm.
  • Old Theory: “I’ve never been a great saver.”
  • New Theory: “I set goals for my savings account by tracking my earning and spending diligently.”
  • Action: If I believed in my new theory, I would check my bank account regularly. I would set up savings goals for each month. I would create a budget that allowed me to track my spending and increase my savings.

If you’re reading this and you don’t want to do these exercises, I get it. Personal growth is hard work. But I promise you, it’s work that will pay off … literally. Actually taking the time to do these steps will enlighten you about your own fear of money, help you break free of it, and adopt a new perspective on it that aligns with your financial goals.

Putting this practice into action is what helped me get over my own fear of money so that I could build my company smartly, efficiently, and with integrity.

If you work it, it will work for you too.



P.S. Take our Current Reality Quiz to find out which area of life needs a little TLC!

Lauren Handel Zander is the Co-Founder and Chairwoman of Handel Group®, an international corporate consulting and life coaching company. Her coaching methodology, The Handel Method®, is taught in over 35 universities and institutes of learning around the world, including MIT, Stanford Graduate School of Business, NYU, and the New York City Public School System. Lauren is also the author of Maybe It’s You: Cut the Crap, Face Your Fears, Love Your Life (Published by Hachette Book Group, April 2017), a no-nonsense, practical manual that helps readers figure out not just what they want out of life, but how to actually get there. She has spent over 20 years coaching thousands of private and corporate clients, including executives at Vogue, BASF, and AOL. Lauren has been a featured expert in The New York Times, BBC, Forbes, Women’s Health, Dr. Oz, and Marie Claire and she is a regular contributor to Businessweek and the Huffington Post. Click here to schedule a 30-minute consultation with Handel Group.

Image courtesy of