A great percentage of the population has prejudices or "hang-ups" about money. Some have been inherited from childhood, and others acquired from peers. A better understanding of these "hang-ups" can help us all manage this important resource more effectively.

"I can’t" (manage my money).

"I definitely can’t" (make informed investment decisions).

"I don’t know how to" (find out what I want to know - and even if I did) "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" (follow 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. Many men still maintain complete control of the family finances, however poorly they may manage them. While these relationships are shifting, lack of confidence discourages learning new information and skills.

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

"I’ve been managing my money very successfully for years" (I really do not 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 financial situation has been handled well, but can be improved upon.

"First I must take care of this and when that is done, I will take care of that...."

This type of thinking is typical of 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.

Desire for perfection. "Unless I can make X percent on this investment, I won’t go into it." "Unless you can guarantee that I will earn X amount by this date, I just won’t act."

Sequential thinking. "I will act as soon as I have all the facts." "The economy straightens itself out." "When I get a raise." "When my spouse gets a job."

Avoidance of painful subjects. "I can’t think about dying or buying insurance." "I don’t want to think about becoming disabled."

The perfectionist fears discovering a financial decision was not the best possible move.

Sequential thinkers have an inexhaustible supply of reasons; there will always be another contingency.

The person avoiding painful subjects will delay acquiring adequate insurance because he or she is unable to think about death or the possibilities of disability.

"I put long hours in every day; I just don’t have 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.

"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 Mexico, maybe the purchase of a second home - but they never had the money to reach their goals. They allow secondary goals, eating at gourmet restaurants or buying expensive gifts, to pre-empt their primary goals.

To help solve these six money hang-ups, talk with a professional. A financial planner can suggest a number of ideas to help overcome money mismanagement.