The Lie Business Owners Believe: That Wealth Brings Peace of Mind
“It's a struggle that I can't relax. And I feel like there have been all these milestones that I thought would feel more like arriving.”
Emily, a business owner in financial services was aware of her anxiety, but this awareness didn’t make it go away. “I’ve seen things happen and you never know, the market could tank. There's always something that could go wrong.”
For Kevin, a successful entrepreneur, the anxiety, fear and shame around money issues, was no secret. “There aren’t a lot of people I feel comfortable talking to about our net worth or my regrettable amount of anxiety and shame around the topic of money.”
The pressure of being responsible for his household’s increasing net worth, the performance of his business and carrying business debt was immense.
And he’s not alone.
According to a survey by Fresh Books and Mind Share Partners, 44% of self-employed professionals say they experienced financial stress and fear about the future of their business which had a negative impact on their mental health. (https://www.freshbooks.com/press/data-research/mentalhealth)
As a licensed therapist in private practice specializing in financial therapy, I am passionate about the role financial anxiety plays in the lives of high earning business owners.
Financial responsibility is not only about the numbers. Money plays a massive role in the health of their businesses, their marriages and on in their overall mental wellbeing.
In order to have an optimized business, it is imperative that you have an optimal relationship with your money psychology.
There is a pervasive and powerful entrepreneurial belief that with more wealth comes freedom from anxiety and peace of mind.
This is a fantasy.
For Kevin, even though he had more money, he found that he was constantly calibrating how much his family could spend.
For Emily, despite her financial success, she found she continued to worry about money. “I would like to be able to be engaged with my money without being obsessive.”
As a financial therapist, I have found that anxiety about money tends to grow in silence and lead to more avoidance, isolation and even shame.
But there are clear and proven methods to successfully cope with financial anxiety, so that you can actually enjoy the fruits of your hard work over decades.
Here are three steps to get started:
Find other business owners who can relate and connect with them individually or in a group specifically for business owners such as a peer advisory group.
Take a deep breath and remember that you are not alone. Many business owners experience financial anxiety even when their numbers are solid, they just aren’t talking openly about it.
Connect with a therapist who works with business owners, specifically one who has been trained in navigating the unique stressors that come with financial anxiety. They have the expertise to minimize the impact it has on your business and personal life and allow you to step into enjoying the wealth you have created for yourself, your family and your community.
*Some details have been changed to protect the confidentiality of the interviewee.
