A money stress solution is sometimes hard to find when we’re in a tight spot. But worries over money are especially important to put aside when things look bleak. This may seem like strange advice coming from a financial adviser, but if you want to deal with the current financial crisis, you have to stop worrying.
To be sure, you have every right to be concerned. Also, it is critical that you take all the financial steps to safeguard your nest egg and your financial future. But you have to stop worrying.
There is a money stress solution.
Worrying wastes your energy. Worrying won’t help you solve problems. In fact, if you are like most folks, worrying will paralyze you. It will keep you from taking action. Worrying will make it harder for you to do what you need to do in these troubled times. Worry will cost you your money and your marriage. So just cut it out. Right now. Easier said than done… right?
Well here is a great technique you can use to do just that. I learned this from reading Dale Carnegie’s book, “How to Stop Worrying and Start Living.”
First, accept the worst case scenario. That’s right. Accept it. From a financial standpoint, what is the worst case result of the current investment storm? Worst case, are you going to be hungry and homeless? I doubt it. What is the worst case for you?
Second, list all the action steps you can take to improve your situation. This list might include delaying retirement or getting back into the workforce. It might include spending less on vacations and cars. List the pros and cons of each option.
Last, make a decision and take action.
A friend of mine, Paul, recently lost his $20 million business. He was worried sick about all the money he’d lost. He lost sleep, didn’t eat, and became a recluse. But when he applied these ideas to his own situation he turned his entire life around.
After hours and hours of conversation, Paul accepted the situation. His business was lost. There was nothing he could do about it.
He then listed all the action steps that were available to him. He was an expert in his field and he could get a job. He was in demand. His house was all paid for. He would be able to make enough money to support his family. His wife had a good job. Sure, he’d have to cut out vacations and restaurants. He’d have to track his expenses and change his investments. But all told, he could take simple action steps and still have a pretty good life.
Paul took these actions and didn’t look back. He even found that he was happier in many ways with his new way of life. He had less stress and was at home with his family much more.
I know that your situation may be different than Paul’s. You might be facing more difficult choices.
But having said that, I know that you will be able to face those choices better if you do so without dealing with needless worry.