Recessionary/Disaster case mindsets - widely held?

As someone who always has the disaster scenario in the back of my head, I'm wondering if this is common.

Its not like I go around fearing disaster at every turn (apart from work which I take seriously I'd consider myself fairly happy-go-lucky) but I'd often think, whats the worst that could happen? The most usual thing would be thinking about being unemployed. How would i make ends meet, how long would my savings last etc.

This mindset would lead me to being cautious in financial matters - paying down mortgage as quick as can even in the glory days of the celtic tiger when we were all going to be rich forever, and it keeps me from being flash (not that flash would ever be a natural reaction even if I was minted).

I'm not looking for a pat on the back re the above, and I'm not convinced its a great mindset either - hard to be a genuine entrepreneur with that outlook. The most incisive question I heard in this area was something along the lines of "Whats your priority - to be rich or never to be poor".

I'm not too pushed about being rich but I'd absolutely abhor being poor, so I think I'll always be playing on the safe side.

Just wondering if this is a common thing - or should I be saving up for a few rounds of the auld psychotherapy?

Betsy Og said:

I'd often think, whats the worst that could happen? The most usual thing would be thinking about being unemployed. How would i make ends meet, how long would my savings last etc.

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Do concerns about your health and general well-being not supercede worries about your employment etc. Mine certainly do.

Betsy Og said:

As someone who always has the disaster scenario in the back of my head, I'm wondering if this is common.

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Premonition of disaster is a sign of PND. Have you just had a baby?

You should get inside my head for day or two Betsy Og

Lying awake in bed convinced that the little noise somewhere above my head means that the entire roof is going to collapse at any moment; turning on the car ignition fully aware of the possibility that this journey could be my last; any phone call after 11:00 PM = someone has died...etc etc

My job/career? Sure it could all end suddenly next week for all I know.

All part of Caveat's waking hours.

But I enjoy life - mainly.

As you can imagine, I would be very much of the "never to be poor" side.

Vanilla said:

Premonition of disaster is a sign of PND. Have you just had a baby?

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errr no, I'm a bloke remember.

2nd one on the way btw, but general mindset predates the first even.

In case I've overstated the point initially, its not a mindset I find debilitating or anything, just keeps me on the cautious side.

Best example I could give: been toying with buying an investment property for a couple of years, but I'll nearly wait until I've mortgage paid off first so that, even if I couldnt rent it at all, I'd be able to carry it - at bit illogical/overcautious to suppose you couldnt rent it at all or for any price but I'd hate to get caught short on cash. Unsaleability of houses now would also deter me from entering if it means I'm passing up potential bargains, I'd rather buy when its a bit dearer but I'm fairly sure of being able to get rid of it if I absolutely had to.

Betsy Og - what were your parents like with money? The older I get, the more I realise that I have inherited quite a few of my father's financial traits and habits, even though the times and circumstances we both lived in were very different - he's now 91, left school at 14 and emigrated to England at 17 in the 1930s.

Definitely agree about the parental thing. Although my dad started his own business and did well, he still has a cautious approach to personal spending. I've definitely caught some of that from him. My mam is a way more 'live in the moment' type and I don't share much of that at all, but I can see it in my sisters.

I don't know if I ever had an ambition to be rich but in the last couple of years having gotten the mortgage down and paid off car loans and saving a bit, I find I do have a bit of money. And when I think about it, it's only become something else to worry about. How to best invest it, how to keep it safe etc. etc. So, I've come to the conclusion that the level of wealth you have makes no difference to the level of worrying if that's the way you are wired - you just change one set of issues for another.

Worrying isn't even a great description of my mindset as mostly it's just thinking and analysing. I like to think that this can be a really positive attribute sometimes and try to keep the amount of mental energy spent on pointless worrying to a minimum.

gebbel said:

Do concerns about your health and general well-being not supercede worries about your employment etc. Mine certainly do.

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no I'm fairly young, fit (yes ladies !!) and healthy. Only 2 things that would occasionally come into my head would be cancer and brain tumour. Dont smoke etc., diet not too bad, so (for once) I dont seem to bother worrying about it.

I think it's a common enough mindset. Most people are happy if they can sleep at night without worry.

I'm very aware of my mothers attitude to money (spend it as quickly as possible and hang the consequences) so I look for signs of that in myself. I like to think I'm careful with an occassional splurge so long as the bills are paid and the kids have shoes on their feet I'll sleep soundly.

I wouldn't want to be poor and in the current climate I'm perhaps worrying a little and taking steps to ensure (hopefully!!!) that doesn't happen, this means a second job, a bit more economising and popping a few more quid a week into the savings....just in case. (Mr Bubbly and I are both contractors, one in property, one in an institute that's already hit the news recently having been "bailed out" once already).

Good health for me and mine, bills paid and regular work make Bubbly..well...Bubbly

Would agree that there definitely a parental dimension.

Dad - good with money, conservative, never one to waste
Mam - bit more spendthrift and never accumulated much capital (despite good income). Would argue was making up the deficit in family spending from Dad, Personally I'd suspect she's anxious to distance herself from humble beginnings (rural, early 1940's, poor but happy stuff)- if thats not too psychobabble. She wouldnt be averse to treating herself re good clothes etc (but she "doesnt smoke nor drink" - thats her financial claim to fame !!!). btw I'm not saying she's wrong to treat herself.

Both civil servants, never bought investment property, probably never had a mortgage or at least had it paid off within a few years by the mid 70's.

So think I took a good degree of the father's attitude to money, & probably a fair bit of the conservatism of both.

Makes me wonder what we're passing on to our own kids. I noticed over the years that my kids are savers but the kids of my more "spend happy" relatives would have money burning a hole in their pockets as soon as they got it.

My (almost) ten year old just bought herself a new bike with €175 Euro, of which she would have saved €120 from her own €10 a week pocket money (over the weeks we topped her up a little with bonuses and gifts to help her along).

The eldest is two weeks away from having the money saved she needs for a guitar and case she's had her eye on.

Both have focused on their goal for 3-4 months.

So far they both demonstrate a fairly healthy attitude to spending, saving and earning what they want so we might just be getting something right.

Bubbly Scot - I think its great training tbh.

You'll have to help me out with this one:

How do you recognise a Scotsman's wallet - theres moths inside.
How do you recognise a _________ wallet - the moths are dead.

I take it the blank is some part of Scotland or some class of Scots dweller. & to prove I'm not anti-Scot (whats up with most of your Irish descended soccer stars opting for Ireland !!??) I'm waiting for postal delivery of my practice chanter for the bagpipes.

Betsy Og said:

How do you recognise a Scotsman's wallet - theres moths inside.
How do you recognise a _________ wallet - the moths are dead.

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Never heard that one, sorry. a quick google brought up a "Jewish scotsman" but I doubt there's many of them around

Good luck with the chanter, give me a shout if you need any help with it. I was just wondering earlier today how you're getting on with is as I was talking about pipe bands.