In studies about stress, money issues are omnipresent. Since most people are not rich, money is a common, pervasive stress for just about everyone. According to my Rich Habits research, there are ten common sources of financial stress:
- Mortgage Debt
- Credit Card Debt
- Student Loan Debt
- Other Personal Debt
- Saving for Down Payment on Future Home
- Birth of a New Baby
- Saving for College for Children
- Employer Financial Issues:
- Employer struggling Financially
- Employer Industry in Economic Turmoil
- Negative Economy-Related Factors Affecting Employer Finances
- Unexpected Emergencies
- Family Financial Struggles
A great majority of individuals have to content with many of these financial stressors at the same time. It’s daunting when you think about it.
So, what can you do to mitigate these financial stressors – what Rich Habits help limit or minimize these financial stressors?
- Automate Debt Reduction
- Automate Savings – Life Event Savings Bucket System
- Have a Life Plan – What is the blueprint for your life?
- Invest in Yourself
- Formal or Informal Study
- Pursue Advanced Degrees
- Pursue Certifications/Licenses
- Add New Skills
- Gig Economy:
- Side Hustle to Earn More Money
- Build Side Business While working FT
- Choose Path to Building Wealth That is Right For You
- Avoid Want Spending
- Avoid Spontaneous/Impulse Spending
- Avoid Emotional Purchases
- Exercise Aerobically & Anaerobically – Numerous studies have concluded that exercise reduces stress
- Find Spouse/Significant Other Who = Partner in Pursuit of Success
- Similar Beliefs
- Similar Attitude Towards Family
- Similar Dreams or Aspirations
- Similar Desires or Wants
- Common Clarity or Vision of Your Future Life
- Similar Positive Mental Outlook
- Common Hard Work Ethic
- Shared Expectations for Your Future Life
- Similar Attitude Towards Honesty or Integrity
- Humility
- Similar Attitude About the Importance of Education
- Similar Attitude About Trust and Fidelity
- Shared Passion for Recreational Activities
- Shared Interests
- Common Morals
- Shared Financial Goals
- Shared Family Goals
- Shared Lifestyle/Standard of Living Goals
- Similar Risk Tolerance
Reducing or eliminating financial stress is not something that can be done overnight. But it can be done. Start with one Rich Habit and, every year, add one more. Over time, financial stress will begin to melt away as your income and savings increase.
Financial success is just a process.
My mission is to share my unique research in order to help others realize their dreams and achieve their goals. If you find value in these articles, please share them with your inner circle and encourage them to Subscribe. Thank You!
About Thomas C. Corley
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