Money troubles can tap into the most primitive emotions, including intense fear, and even reactions of flight and panic. But there are ways of using these signals, so we don’t get lost in them.
Matt wakes up in the middle of the night, anxious and troubled. Breathing shallow and high in his chest, thoughts racing… The severity of his financial troubles has just hit him. His investments have dropped significantly, and his spending has been putting him deeply into debt surprisingly quickly.
At least it feels like it was quickly. The habits had been established some years earlier, but he hadn’t modified his spending in relation to the real income he could draw from. For many months the trouble had been building, but credit created a buffer that allowed him to avoid feeling it.
Then one morning, at 3 am, it hits him. He’s in trouble, big trouble. So big that he couldn’t see a way to solve the problem. Panicked and overwhelmed, he soothes himself with a positive fantasy of things turning out okay. This calms him enough to get back to sleep.
When he wakes up, he’s forgotten the urgency, and dives into his day. The soothing fantasy providing a reprieve from the anxiety. Until another week passes, and he wakes up again in a panic…
In this case, the panic is Matt’s friend; his own awareness trying to break through his defenses so he can face the real problems. And there are ways of solving these problems. But nothing happens until he’s willing to acknowledge the reality first.
Why is this panic around money so severe?
Remember that money is a medium of exchange, a means of storing and standardizing wealth. It holds in abstract form the concrete stuff of survival– food, clothing, shelter. But the mortal danger of losing those things were a regular part of life for our ancestors.
Our security today is in the form of our investments and savings; for our ancestors it was abundant game to follow, or a portion of seed for the next season’s planting. Those things were often unpredictable for them.
So when we feel the panic of money troubles, we’re also feeling the echoes of a more desperate past.
For our hunter gatherer forebears, the risk of starvation was a continual threat. But after the agricultural revolution there were still often crop failures and famines.
Pre-modern Europe endured famines every few decades. In France at the beginning of the 18th century the typical diet was as desperate as Rwanda’s in 1965, the most malnourished nation for that year.
Today it’s not uncommon when we’ve gone without lunch or breakfast to say lightly, “I’m starving!.” But what we’re experiencing is nothing like starving. Famine and the mass starvation that it brings is a horrible, nightmare scenario, that was commonplace for our ancestors up to a few centuries ago, and was still significant up to a few decades ago. It happens still in some parts of the world, but at a much lower rate than ever before.
When we feel afraid of going broke, or losing our home, the intensity makes sense, because it mirrors to some extent that primal and common fear of starvation.
But we can also feel that fear when we suffer a significant investment loss, or aren’t sure how we’re going to make all the payments this month, or we see our credit card debt inching up.
So what can we do about this?
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