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How to End Financial Stress

by Neal Frankle, CFP ®, The article represents the author's opinion. This post may contain affiliate links. Please read our disclosure for more info.

Can you be free of financial stress while in debt? Not if you believe the media today. Let’s face it…just about everything you read from personal finance books and blogs (including this one) might convince you that you can’t in fact be happy until you get rid of financial stress.

Everywhere you turn, you get the same message pounded into your head; you can’t do or be anything if you have debt.

Does Financial Stress Mean I Can’t Be Happy?

Let me go on the record; I think life goes better with no debt. I also think it’s important to take whatever steps you can to get your spending under control and get out of debt as soon as you can. It has to be a priority. But at the same time, I think you shouldn’t wait to be happy until you reach your financial or business goals.

I spent way too many years thinking that financial serenity would be mine as soon I paid off my mortgage or reached a certain business goal.

What a waste. I’m here to tell you that I’m through thinking that way…and I hope you are too.

If we tie our happiness to some external achievement, we may work really hard and achieve a lot….but we’ll be stressed and not have any fun. We also won’t be that much fun to be around.

On the other extreme, if we abandon the goals we strive for and adopt a “who cares” attitude, we’ll be worse off. I never would have learned how to make a business successful if I thought like that. By so doing we shut off a part of ourselves that is truly wonderful. That part of us that wants to learn, explore and advance.

Clearly, we need a balanced approach.

While I can’t say this works for me all the time, the following idea has really helped me.

What is it?

Simply be present.

Being present is a very difficult thing to do but well worth the effort. Let me give you an example.

I met a woman the other day who had an amazing story. Even though she was a young woman, she had suffered a heart attack, lost her job and while recuperating, discovered she was being evicted from her apartment. She also had no disability insurance. Talk about something to worry about….right?

I asked her how she coped with that stress.

She told me that she couldn’t afford to waste any energy worrying about the future because it saps her strength and makes it hard to make rational decisions. Instead, she focuses on her daily activities….one day at a time.

She gets up every day and asks herself what the most effective thing she could do that day to improve her situation. All she “worries” about is making sure she completes those tasks. If she does, she feels successful. If not, she vows to try harder the next day.

She’s satisfied with doing her best. Why? Because if she does her best, she can do no more. Whatever the result is, if she tries her best, she feels successful.

I think focusing on daily activities rather than outcomes is a fantastic approach to finances…and life. It doesn’t allow anyone to escape responsibility. It keeps you focused on doing what you can and letting go of the things beyond your control.

It’s appealing….isn’t it?

Do you approach your challenges this way or do you get caught up worrying about the future so much that you miss what’s going on today?

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Comments

  1. Evolution Of Wealth says

    February 28, 2010 at 6:48 PM

    This has a lot to do with personal finance as well. People stress over some made up number that a random calculator gave them. They worry about how much money they need for retirement which is years away. They might just be better off focusing on what they are doing with their money today. If you do the right things today, tomorrow will take care of itself.

    Reply
  2. Neal@Wealth Pilgrim says

    February 28, 2010 at 5:13 PM

    Ted, Thanks for sharing this. One of the most amazing books I’ve ever read/owned is “How to Stop Worrying and Start Living” by Dale Careige. He reports that people who do exactly what you did find it the only way to beat back that depression. Awesome. Glad it works for you too man.

    Reply
  3. Ted says

    February 27, 2010 at 7:07 PM

    When my depression was at its worst, I could only take one day at a time. thinking too far in the future would rack me pretty bad. Sometimes my wife would sit down and try to plan out the next few months, and I would just be like, I can’t. Being present, one day at a time, changed the way I view life. Now that I can look into the future without freakin, i still take things one day at a time.

    That woman’s story. Phew. Praying for her. Thanks for sharing!

    Reply
  4. Neal@WealthPilgrim says

    February 26, 2010 at 7:47 AM

    Erik,

    Excellent. Yes….I happen to be a person of faith and this particular prayer is one I recite almost daily. Words to live by. Thanks for the reminder Pilgrim!

    Reply
  5. Erik says

    February 26, 2010 at 7:29 AM

    This is a great post, Neal, and the story of the young lady is inspiring. I recall a saying I saw framed on the wall of several different offices I’ve visited:

    “Lord, grant me the courage to change the things I can, the serenity to accept the things I cannot, and the wisdom to know the difference.”

    Whether or not you are a person of faith, I believe those words are true.

    Reply

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Who is Neal Frankle

Neal Frankle

I'm a CERTIFIED FINANCIAL PLANNER™ Professional with more than 25 years of experience. I feel very blessed and hope to share my personal financial experience and professional wisdom with readers of WealthPilgrim.
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