Money Fears, Money Prisons, and the Spirit of Money with Chandra
On this episode of Financially Naked: Stories from The Financial Gym, our host is Emily Egan, PR Manager. She is joined by her trainer, Chandra Savage, Level 2 Trainer, to discuss the fear of money (chrematophobia), money prisons, and the spirit of money.
Podcast Notes
Chrematophbia is the fear of money. At some point in your life, you are going to have this fear, whether you are making too little or making too much. Chandra has had periods of time where she had a fear of money. However, she never feared having too much.
Sometimes people come into The Gym and they have a lot of money, whether it is because someone died and they received an inheritance, a pay increase, lottery winnings, or because they have family money and don’t know what to do with it.
There are some clients at The Gym who make $300,000 a year, but they don’t know what to do with it or where to put it. Trainers don’t only work with clients who have debt.
Chandra was hired about two years ago and she always had an interest in personal finance. Years ago, she got herself into a financial situation and she had to figure it out herself. She researched books and her church had a financial literacy course, which was her first encounter with a structured financial literacy program.
Her church then launched a program called The Success Groups, which takes different families from different socioeconomic backgrounds and the group holds each other accountable with their financial goals. This is similar to what Chandra is doing at The Gym. The cohort was designed for each one to teach one and there was no agenda.
The cohort is a two-year commitment and Chandra’s group has been together for four years. Each person has changed so much and there have been so many relationships that have formed. It is a bonding experience and there are now seven different cohorts in her church.
The first meeting was very difficult, because money is so personal. It took a few meetings before people started trusting each other and opening up.
Chandra started reading more about personal finance, because of her cohort.
Money prisons are the opposite of manifesting, and they look different for everyone. Some people are afraid of breaking a $20. You have to let that go. If you hold onto money so tight, you can’t open your hand to receive more. If you work from a space of deficit, you won’t be able to receive more.
Everything starts with breath. You have to breathe before you deal with any money prison. When you take deep breaths, you automatically calm down.
What puts you in the money prison? If you don’t want to deal with your debt, the first step is to open your bills and address it. It is going to be there, whether you look at it or not. Trainers at The Gym can help you with this.
When you look at the big picture it is overwhelming. Look at the first step you need to take. If you need to make a budget, make it for one week just to get started. Change is hard and scary. Change your language.
Fear stops you from advancing, changing, and growing. This is what prison is. Anyone with WiFi can pick the lock and get out of prison.
Chandra went to a financial literacy conference and heard a speaker talk about the spirit of money. It goes back to your mindset. When you give freely, you receive freely. You are what you focus on. If you focus on abundance, more money will flow to you.
Chandra is the leader of the monthly book club at The Gym in NYC, and they meet on the first Monday of every month. The D.C. Gym is also going to have book club. This is a great, inexpensive money date.
Resources Mentioned
Podcast: Manifesting with Sara B. and Beca
May book club book: The 4 Financial Languages, by Tarra Jackson