Money issues is uniform that is not skipping any class of people. Do you at some point feel like you’re the only person in the world that is stressed out about your finances? If so, trust me you’re not alone. In fact, when the American Psychological Association did a stress survey in 2015, they found out that money is one of the major problems that lead to stress amongst Americans. Regardless of the fact that parts of the U.S. economy have improved, money is still the number one stress giver.
In fact, it has retained this top position since the APA first conducted the study in 2007. This money toll is taking so much stress on the health of Americans. A survey revealed that 32% of adults said that their finances or lack of money have prevented them from living a healthy lifestyle. More surveys carried out revealed that quite a large number of people would not go to the doctor’s in a year because of their financial incapabilities.
Surveys proved money issues
UBS conducted a survey of 2,215 U.S. investors who have a net worth of $1million or more. The shocking result is that money is never enough for them. The rich upon realizing how rich they have become more and more ambitious. One reason is to keep up with their lifestyle and their families’ other times its spurred by their own ambition.
However, it gets to a stage where they do not know when enough is enough but would rather continue going on this treadmill. Thus, get stuck on a treadmill without a sense of how much wealth will make them satisfied enough to get off the treadmill.
The rich have money issues
Also, the study proceeds to reveal that no matter how much a rich may have gathered, he still fears he can lose it in one wrong move. 50% of the ones with $1-5 million are afraid that one major setback will have a deep impact on their lifestyle. 34% of those who have $5million plus do not have as much of these fears even though it’s still quite there. It’s even worse for millionaire parents who work full-time. 63% fear that one major setback will affect their lifestyle.
Tips to alleviate money issues
As the report by UBS shows, money is actually not the answer to living a financially stress-free life. I also do not think that zero money issues is a good thing.
The truth is, it may be a natural phenomenon to feel a level of anxiety about our finances. Thus, preventing us from spending recklessly and blindly. So if money stress is getting into your day to day activities in life and your health, its time to do something about it. Here are a few tips that will help take off the pressure:
Have a knowledgeable plan and stay knowledgeable
There is nothing like a “too soon” time to get a firm grip as well as understanding your finances. Thus, planning can start as early as when you’re in your 20s. It is within these years that its best to start reducing your debts. This way, as you grow older, it will help relieve you of any financial burdens you may feel.
Also, it’s important to note that knowledge is power. So, learn as much as you can about creating a budget, wise investing, saving, and retirement plans. If you don’ trust your financial abilities, you can get a financial advisor who will be glad to assist you.
Be very prepared for emergencies
There’s nothing as stressful and frustrating when your life takes a turn of events unexpectedly. This could be sickness or a job loss. It’s very important that you have the appropriate funds set aside to get you through these times. So, make sure that you set enough amount of money for your emergency fund. In the case where you don’t have this, its best to start now.
Be an income investor
Income investing, which means getting consistent money from liquid investments. This can help alleviate your money stress and grow your net worth. Always remember that investment comes from three places. They are dividends from stocks, interest from different types of bonds, and distributions which come from different types of bonds and distributions that a wide variety of investment which does not fall under the category of stocks and bonds.
Always remember that there’s more to life than money. Thus, you need to reduce constant thoughts about money because it’s not going to make for a very happy life. So, t best find for yourself at least three core pursuits. These should be your interests which is different from work. They include sports, adventures, travel, volunteering and health and fitness.