How to stop feeling terrified of making financial mistakes
Growing up in a low-income household leaves a persistent fear of losing everything and constant panic over potential financial missteps. This lingering anxiety traps people in a scarcity mindset, making it difficult to feel secure even when their actual circumstances begin to improve.
What people tried
Every workaround mentioned in the threads below. We haven’t tested any of them — and nobody here is claiming they worked.
Found another way around this?
Share your steps and trade-offs so fellow engineers don't have to reinvent the wheel. No account required.
- 1settling for a cheaper commuter college instead of dream schoolDid this help you?
- 2planning to walk 30 minutes to the nearest cafe for a jobDid this help you?
- 3borrowing a family member's car while dealing with strings attachedDid this help you?
- 4continuing years of therapyDid this help you?
- 5building a very large emergency fundDid this help you?
- 6taking psychiatric medication for anxiety and ruminationDid this help you?
- 7avoiding major purchases like buying a homeDid this help you?
- 8Reading community wikis and beginner finance guidesDid this help you?
- 9Looking into specific investment accounts for independent contractors like solo 401ksDid this help you?
- 10Attending therapy to address financial anxiety and traumaDid this help you?
In their words
Unedited, grouped by where they were said, most upvoted first within each place, each linked to the thread it came from.
“I keep worrying about the what ifs…what if I lose my job? What if I can’t get a new one? What if the market crashes? I just can’t seem to get myself out of this poverty mindset.”source ↗
“My parents have never had retirements or a financial plan, i went to college on a scholarship, and i work 1099 now, so there are no set up 401k plans etc. through work.”source ↗
“I have some cash savings (less than 10k), and i feel it could be doing more for me than it is, but i don’t even know what i don’t know.”source ↗
“I’m looking for resources that might be cognizant of some of the fear/PTSD that comes with growing up poor too as i fear doing anything with this cash that might “lock it up” for any period of time.”source ↗
“I understand the fear of being poor. I have safety nets upon safety nets in place. I'm not sure I'll ever shake that fear but it motivates me.”source ↗
“I deal with the same fear of losing it all.”source ↗
“We’re a couple multiples of your income and net worth numbers and still feel the same way. The feeling never goes away.”source ↗
“I've always had financial anxiety as most kids of low income homes do.”source ↗
“Im (18) now, in college and im terrified of making any kind of financial mistake.”source ↗
“I got accepted into my dream college but of course I didn't get to go because it was to expensive.”source ↗
“Im the only person in my house who's well enough to work and without a car to get to a potential job im nervous.”source ↗
Where this came up
People with this problem also raised
- 11Why do I have financial anxiety even with stable savings?
- 7Why am I so stressed about money after buying a house?
- 4How to handle financial anxiety during major life transitions
- 6Why does everything feel so expensive and impossible to keep up with?
- 10Why do I feel so financially behind everyone else?
- 6Where do beginners learn personal finance?