Money Fraud: What Is Financial Imposter Syndrome?
What Is Imposter Syndrome?
Imposter Syndrome or “the idea that you’ve only succeeded due to luck, and not because of your talent or qualifications” (Time Magazine) is a self doubt creator and a big source of anxiety for many adults.
We feel like we are playing dress up in the adult world. We feel like we should feel more accomplished - more adult.
Imposter Syndrome has many causes - some that have to do with individual personality (people who tend toward perfectionism or people who want to be experts before trying something new) and some that have to do with society (any people who are part of societal groups that are often not given voice or power or who do not “pattern match” those who have succeeded often experience Imposter Syndrome)
Whatever the reason - it really can be a hurdle to claiming your own success, going after what you want and asking for more responsibility, power or money.
Imposter Syndrome doesn’t just affect our work lives - it creeps into our financial lives as well.
Financial Imposter Syndrome has some of the same roots as Imposter Syndrome but is often complicated by our lack of financial education. This lack might be from our families, our schools or just our disinterest is learning about how to get out financial house in order (I know I was busy with anything else in high school than learning about how credit works).
Not only are we somehow expected to have the confidence to be financial adults - we are expected to have the knowledge.
Depending on how you grew up - managing money, paying taxes, negotiating salaries - might be completely foreign to you.
I never took that class in high school.
A lot of us had to learn the hard way and took on a “Fake it til You Make it “ mentality - and we are still waiting to make it.
Even if we are doing the best we can - even if we are making good choices and reading or listening bout financial literacy. Sometimes it can feel like we just do not know enough.
What Does Financial Imposter Syndrome Look Like?
Getting anxious around financial decisions because we feel we lack the knowledge to make the right choice
Procrastinating doing financial chores because we might mess them up
Not paying bills or looking at our accounts because it stresses us out too much
Not feeling well off or comfortable once you are making money because you grew up without money and feel like you are pretending to have money
Not wanting to ask questions about money for fear of looking stupid
Not investigating home loans or student debt refinancing because you are sure you don’t qualify
Avoiding talking about money with friends or family - even if you want to - because of a voice in your head that says “What do I know?”
If you resonate with any of these - you are not alone.
Financial Imposter Syndrome is real.
Check out my next post to find out how to squash that “you’re a fraud” voice and take on your Financial Imposter Syndrome.