Michelle Y. Graves 1. Lack of Confidence.

”I can’t” (manage money).

”I definitely can’t (make an informed decision about an investment).

”I don’t know how to” (find out what I want to know)

“I couldn’t trust myself” (to interpret the information correctly).

”I’ve never had to” (pay the bills on my own).

”I’m not sure if I can” (commit to following through).

A lack of confidence is not confined to one sex, but it is more prevalent in women. Regardless of the changing roles, some women still feel that showing competency in financial situations is unfeminine, and many men still maintain complete control of the family finances, however poorly they may manage them. 2. Overconfidence.

”I already know what I need to do” (so there is little new I can learn).

”I’ve been managing my money successfully for years” (so I really don’t need any help).

The opposite of underplaying financial competence is knowing all the answers. This is more common with men. They have been told they are expected to know it all – the masculine mystique. In many cases, the fi- nancial situation has been handled well, but can be improved upon. 3. Sequential Thinking.

”First I must take care of this and when that is done, I will take care of that…”

This type of thinking includes the couple who cannot plan for retirement until the children finish college, or the affluent young adult who cannot set aside money for emergencies and take care of paying current obligations. 4. Procrastination.

”Desire for perfection… ”Unless I can make X percent on this investment, I won’t go into it,” or “Unless you can guarantee that I will earn X amount by this date, I just won’t act.” The perfectionist fears discovering a financial decision was not the best possible move.

Sequential thinking…”I will act as soon as I have all the facts…” ”The economy straightens itself out…” ”When I get a raise…” “My spouse gets a job…” “The sequential thinkers have an inexhaustible supply of reasons for delaying. There will always be another contingency.

Avoidance of Painful subjects…”I can’t think about dying or buying insurance.” “I don’t want to think about becoming disabled.” The person avoiding painful subjects will delay acquiring adequate insurance because he or she is unable to think about death or the possibility of disability. 5. Lack of Goals

”I put long hours in every day. I have no time for anything else.”

People without goals are not shiftless or lazy – just extremely shortsighted. Some continue to work 10 to 14 hour days, both bragging and complaining about the long hours, but with no plans to change or upgrade their circumstances. 6. Goal Confusion.

”I never have enough money to travel.”

”I can’t seem to plan for my vacation.”

”I never have the money to do what I really want to do.”

Some people know exactly what they want, a vacation in Europe, or Belize, maybe the purchase of a second home - but they never have quite the money to reach their goals. They allow secondary goals – eating at gourmet restaurants, buying expensive gifts – pre-empt their primary goals.

To help solve these six money hand-ups, talk to a professional. A seasoned financial planner can suggest a number of ideas as well as implementation steps, to help overcome money mismanagement. But remember -- it is ultimately up to you to make the changes that will stabilize your financial life. If you are focused, disciplined, and most importantly, patient, you will not only get over your hang-ups, but you will move to such a level of well-being that you will wonder why you did not do this all along!

Michelle Y. Graves, “The Money Lady,” has been a frequent contributor on financial issues to the Cincinnati Herald. She is a member of the Ohio Women’s Hall of Fame and can be reached on her website www.michellegravesonline.com .