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Financial Fear

March 18, 2011

No matter where you turn today prices have risen.  Every morning it seems local gas stations post higher rates because of trouble in the Middle East.  Prices on produce in grocery stores change weekly as poor weather conditions affect supply levels.  Postage rates keep increasing as more individuals use email to communicate.  It’s hard to identify products or services that have not risen in cost.  But most women entrepreneurs I know, including myself, have not increased their service or product fees worried the stalled economy impacting everyone will decrease their sales revenue.

 Unfortunately pricing is an emotional and sensitive subject for many women entrepreneurs. We tend to undervalue our expertise, lack confidence when it comes to discussing quotes and fees, and lack participating in financial education to learn more. For sixteen years, the financial programs I have organized for women have always had the smallest turnouts. It doesn’t seem logical when you figure we are in business to make money. So often I hear women explain, “I don’t want to focus on my bottom line because it could indicate I’m not successful enough to stay in business.” 

 Fear is defined as a feeling of agitation and anxiety caused by the presence or imminence of danger. The financial fear we sometimes face as business owners should be manageable since pricing, seeking financing, and focusing on our bottom line isn’t dangerous. It might be disquieting but it isn’t dangerous.  In fact not paying attention to it is more dangerous.  When we have control over something we are afraid of, or are uneasy about, it produces confidence.  As women continue to earn 25% less than men, we have to become diligent and focused on our financial status.

 The beginning of Spring is a perfect time to analyze your financial situation and conquer any financial fears. As April 15th draws near, you probably have already studied your 2010 figures.  How did you do? Did you earn as much as you wanted or were you blindsided by smaller earnings then projected? Filing an annual tax return can be sobering or celebratory depending on how the numbers play out.

 Today’s blog post is to challenge you to commit to becoming more financially focused this year. Whether it’s increasing pricing to make more money, spending time with a financial professional to plan for a stronger financial future, or attending more financial education programs to learn more, commit to becoming more confident, and less fearful about your finances.  Get rid of financial anxiety and embrace a more confident and astute approach to your money matters. Remember, it’s not nearly as dangerous as sky diving.

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