[USER]

I grew up extremely poor and now that I have achieved some financial freedom I feel fearful I will lose it. It takes just one bad apple to cancel you or start a smear campaign on your business. I find myself retreating out of society.

A fellow, small business owner was the victim of a smear campaign that exploded and put them out of business.

It was an absolute, ridiculous and unfortunate circumstance. It was just one disgruntled customer that had too much time on their hands.

I have heard of another story of someone who volunteered at an organization and due to some communication misunderstandings they ended up being fired from their job. It had nothing to do with their job at all but misinformation spreads.

How do you navigate living in our society where one wrong step can cause you to lose your financial livelihood?

[Stephanie]

I don’t live in a mindset of scarcity. There is still more money out there to be made. The skills you learned from the first business can’t be taken away even by a smear campaign. And while 1 wrong step can cause you to lose things, 1 right step can cause you to gain a ton. Pick the way you look at life and that’s what you’ll find.

[Steve]

Treat every customer / client like you want to be treated and there won’t be a reasons for complaints.

[Agnes]

Have you read The Psychology of Money?

I’d recommend it and depending on your circumstances you might consider therapy if this fear is impacting your life to a degree where you are genuinely retreating from society.

BTW. Don’t miss: Talk to me about how you’ve helped your newly adult children establish themselves financially

[Nikiko]

Don’t be fearful — do your thing, do your best and if people try to put you down stand your ground.

[Erin]

I think it’s reasonable to recognize holding a business carries more risk, businesses go out of business for all kinds of reasons. It doesn’t need to be a completely fear based realization.

If you choose to make income from something that carries some risk (like a small business or landlord with some rental properties), you probably have a need for much larger emergency savings, a plan for legal counsel if as a business owner or landlord find yourself facing some potential liability or the anecdotal situation you described, you have a plan for what you would do if you had to sell, you have skills/experience that would lend itself to regular employment if needed, you have investments, “FU money,” basically you don’t put all your eggs in one basket.

So if the business shuts down by necessity or by choice, you simply take a loss you know you will recover from. And sort of like investments, you have to expect loss to occur at some point and not be scared off completely.

If it causes that much stress, maybe a lower risk way of earning income would be a better fit.

[Jessica]

I think this is why I have feared starting my business because I grow up in poverty and I’m scared something may jeopardize my future.

I also don’t want fear to hold me back so I’m trying to establish safe guards to hold me in place.
I know some business if this happens they dissolve and open under a new name.

[Damaso]

I always raised my children with the belief that nothing in life is permanent except death. So as long as you are breathing and there is blood running through your veins, you have the ability to get up and fight for what you want.

I have them never to fear failure because that is not the end. Only you determine when the end is.

Just my opinion.

Good luck

You can check also: A financial therapist I think I need

[Jacquie]

Don’t put all your eggs in one basket. Stay out of hot-button convos if it’s not worth the stress/risk. Limit participation on social media to business endeavours.

Keep your private life private and put your business front and center.

[Susa]

That thought which you focus on comes to pass. Focus on better, more positive situations. I get it’s hard bc of their experiences. Risk mitigation.

[Jay]

Unfortunately, this is life. I think in increased engagement with local community helps you have advocacy.

Ppl are ppl. I had one former employee (1 of 80 to 120 depending on timing) who quit on his own. Over a year later they started to harass me with drunken texts. Enough so that I had to ask for a police car outside my home. My wife was in tears and terrified after reading the texts. Nothing ever happened.

I don’t plan to ever have W2 employees again.

[Sarah]

It seems this fear of poverty and financial ruin is rooted in your childhood. Besides causing worry, it’s probably also affecting your financial decisions in some way.

I would work through the fear first. Next, do an excellent job in your business and build a robust clientele who come to know you as a respectable business owner.

If a false accusation arises, set the record straight with facts, and customers who are smart will see through the lies, but stay above it all and you will survive.

Take a peek at: Should I find a financial planner? Should I set aside money for certain things in their future?

[Rick]

Good news is your money is an inanimate object without the ability to care if you grow up poor or otherwise. It doesn’t adjust to your upbringing. It doesn’t shift to help you or shift to screw you over. It just cannot do that. First thing that came to my mind is there is always risk and you cannot de risk your way to a good life.

Second is improve your odds of good things happening (very important phrasing there as it was not odds of avoiding bad things happening) by finding great friends to surround yourself with: good character people, people driven to continuous learning, people with positive mindsets (get rid of negative people), etc.

Good luck and you can do it.

[Maria]

Along with the practical advice, I really do encourage counseling. Growing up poor or having a poor relationship with money even if you didn’t is a really hard way to live.

It’s not like you can flip a switch and just stop worrying – in your brain is now an ingrained pathway of thinking.

So through counsel, learning what is the root of core mindsets is crucial so you can develop a new pathway that will allow you some freedom to think differently so you can consider wider options if this doesn’t work out.

You may never be suited for this level of risk, so counsel will be able to help you navigate to a place that is more your fit.

[Elena]

You have to prioritize your own values and beliefs over the opinions of others. Then you will always do the right thing based on your own judgement and will not bend over to please someone else at the expense of your own standards.

Also, when you are in a good financial position (no debt including mortgage, money in savings and investments), you would not be scared to stand up for yourself ever if you risk losing your income.

Do the right thing and work towards financial independence.

Give these a glance: What inspired you to pursue financial independence?

[Kathy]

For me, it’s my faith in God. Fear is the opposite of faith.

[Author]

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