Eye How-Overcoming The Fear of Spending Money



Chrometophobia or Chrematophobia– Fear of money-An abnormal and persistent fear of money. Sufferers experience undue anxiety even though they realize their fear is irrational. They worry that they might mismanage money or that money might live up to its reputation as “the root of all evil.” Perhaps they remember well the ill fortune that befell the mythical King Midas. His wish that everything he touched be turned to gold was fulfilled, and even his food was transformed into gold.

The fear of money is termed chrometophobia or chrematophobia, from the Greek “chrimata” (money) and “phobos” (fear). The “chrome” in “chrometophobia” may also be related to the Greek word “chroma” (color) because of the brilliant colors of ancient coins — for example, gold, silver, bronze and copper.

And for the record- Peniaphobia is the fear of poverty (Scarlett O’Hara?)

Monday, I was chatting on line with an OD, and by chance I asked her what she recommended we should do an article on. Her response ‘Overcoming Patient Fears of Spending Money.’ The decisions we make about money can be rational or irrational. Witness foreclosed houses with owners driving Porsche’s! Money is such a personal thing as well- very few people really like to discuss money.

I don’t really know the answer- but the key word is fear and if you look into why people fear- it is due to a lack of confidence. Confidence in their job, personal decisions, does the product look good on them, the economy, you, your office- who knows what they are afraid of.

3 Keys to Overcoming Patients Fears of Spending Money

Identify what they are really afraid of

  • Are they afraid of spending money or wasting money?

Overcome the Confidence Factor

  • Assist in building their confidence in themselves, in you, our optical office, the price, the value
  • Praise their decisions to build confidence.

Don’t give in to their fear

  • Think confidently and act confidently you have the best and you are the best.
  • Focus on the benefits
  • Be positive

With all of that said- practice, practice and practice some more- role-playing Patient Fears in a staff meeting can be helpful to assist you in presenting yourself and your products with confidence to instill a Confidence Factor within your patients.

Claire Goldsmith MidPage