This article appears as part of Casey Weade's Weekend Reading for Retirees series. Every Friday, Casey highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Get on the list here.
Chances are, at one point or another in your life, you’ve had concerns revolving around money. In fact, according to the American Psychological Association, money is the leading cause of stress in the U.S.READ THE ARTICLE
Mind / Money: While you might think “more money” would be the simple answer to this debacle, it won’t solve all your woes. Instead, this draws down to a combination of mental awareness and preparedness. Here, author Darius Foroux lists the most common causes of money stress and how to overcome them:
📌 A lack of financial literacy: If money management wasn’t something you learned in school or at home while growing up, seeking guidance about investing, wealth and how to make the most of your hard-earned dollars is crucial to your financial wellbeing.
📌 Unrealistic expectations about life: As Mr. Foroux says, “You should never think that life is only good when you live big.” Reaching dream goals takes time, so by focusing on a consistent process versus solely on outcome, you’ll feel more momentum in reaching your destination.
📌 Short-term thinking: A focus on simply getting by through the “now” will eventually take a toll on your quality of life. Instead, take a step back and view the long-term path you’re on. Would a different job - even with a lower salary - make you happier?
📌 No emergency fund: Unexpected events, opportunities and emergencies will arise. Building up a fund in preparation for them is going to help bring you the financial peace of mind you deserve; whether that includes 6 months’ worth of living expenses or more.
Make a move: Your financial anxiety may be much simpler to overcome than you think. You just need to take the first step.