EXCESSIVE FEAR OF POVERTY ..leading to ''material wealth ''

Anno88

Excessive fear of poverty ..
#171 15th Feb 19, 11:20 AM
This is an aspect of Mental Health that can affect finances - an extreme fear of poverty, usually caused by traumatic experiences in childhood / adolescence, that causes the individual to maintain excessive control of their spending,and to have a ''poverty mindset' even when they have no debt, considerable savings, and a healthy income.

Has anyone else had any experience of this situation?

dealer_wins

No, but I would love to be in a position where I could find out if I suffer from it!

OldMusicGuy

No, but if you have obsessive-compulsive personality traits (like I do), you might focus a lot of your attention on making sure you "have enough" money. And you are always worried that you don't have enough, even though to many people it may appear you have plenty. I have never been close to poverty but I worry excessively about money.

So I would imagine anyone that has an obsessive-compulsive personality could be badly affected by experiencing poverty.

ChopperST

If you want to be rich, live like you are poor. If you want to be poor, live like you are rich.

PokerPlayer111

Yeah its impossible to not let our personality be shaped by experience. Which is then expressed in many different ways.


Growing up poor gives me fear of poverty.

ChopperST

I can relate in a fashion to the OP. I grew up in a single parent family, we certainly weren't on the poverty line but choices had to be made. This has spurred me on to where I am now.

I feel a real focus of being financially frugal is handing over money you've saved, versus buying on credit and it "only" costing you £300, £400, £500 per month. It really focuses the mind when you have to hand over £000's in one go and you question the decision more vigorously.

JohnRo

I have a genuine fear of being financially insecure. I'm also aware I'm probably overdoing the scrimping and scraping to accelerate (catch up) savings but equally aware there are worse things in life than deferred spending and saving for a secure future.

My big regret financially is that I didn't switch on to saving and especially investing earlier. To have been doing at least some of what I'm doing now 20 years before I did eventually start would have been a much better option.

TBC15

From the early years of marriage I was in dread of circumstances removing what I had and what I had worked for.

Financial prudence has given way over the years of investing to a position where I feel the system is now working to my benefit.

It’s nice to know it’s yours.

Herbalus

I’m not on the same scale of “excessive fear” so can only relate somewhat.

I still remember my dad once telling me that the family had spent more than it had earned in the last 8 months. I was 14 and just taking an interest in that sort of thing. It did worry me, and I remember consciously giving up tennis lessons as “my part”. I didn’t tell them that was the reason.

It wasn’t a question of spending large amounts either. I am one of 4 children and my dad was the sole earner, around £25k salary I guess. We holidayed in the UK in campsites for example, as best we could.

It has influenced my attitude to spending to this day, so I now save around 50% of my net salary as I’m fortunate in my job. I still cycle to work even though there is a company car option available.

Anno88

Yes .... Its very evident in both my family and my spouses, and has unfortunately been linked to very un-balanced behaviour on both sides.

My set of ''careful ' parents produced someone quite spendthrift, whereas my partners more financially reckless upbringing has produced the opposite.

We are proof that opposite attract, initially , but the extreme attitudes have produced a very stressful existence.

If only one had more insight into oneself when younger!!!

Anno88

Now .... I'm a changed character .... unrecognisable from my youth. I cannot bear to buy new clothes , shoes, anything frivolous really, unless it really is required.

I just wish I had more time ahead of me to make up for my financial carelessness over the years gone by. .