I thought I can switch things up a bit and talk about a topic not many people discuss in this space. Personal finance can and should be about finding peace with your money in any way possible. When it all boils down to it, life is either about having peace or living in stress. I think 99% of people prefer peace. This is why I want to discuss how important it is finding peace in a financially crazy world.
Imagine how people feel living life paycheck to paycheck, do you think they live in peace? How would certain people feel if they did not have emergency savings? What about if people have high interest credit card debt that they can’t ever payoff? How about the new graduates who are burdened by 200 grand in student loan debt? These are all the financial worries that do not foster peace with finances. Lets begin to discuss how to find that peace we so desire.
Meditate once a week – prior to or after tackling a financial acitivity, for example when completing the monthly budget spreadsheet. With the myriad of reasons to stress out over budgets. this 1 mental exercise will relieve any negatives you might encounter. If you can meditate more often, I suggest you do it, and it will offer you the ability to tackle any financial problems you are having.
Get help even if you have to pay for it. Having someone guide you who is an expert in the field of finance and more knowledgeable than you will help you avoid stressful situations with money issues. That guidance is worth more than people think, and all you have to do is find someone that charges by the hour. Doing this will help you avoid spending too much on this financial service. A financial mistake can cost you thousands so why not pay hundreds to avoid them.
Finding Peace in a Financially Crazy World
Avoid debt and avoid adding new debt while getting out of debt. –This is the number 1 thing that gives people stress, so why add to it or why take on more? A simple solution is to either hold off on things or save up prior to making a big purchase. Debt takes away freedom and simultaneously injects stress into individual’s lives.
Automate the heck out of your plan and stick to it for a long time. –This is a powerful step to finding peace my friends. If you take 30 min out of your weekly financial check up to automate things it will pay back with years of no stress. The investments automatically get taken out to be able to grow quicker. The debt is paid on time and scheduled. The utilities are paid on time and you can avoid paying late fees because you forgot to send a check. Automate as much as you can.
Reinvest things and Let Compound magic do its job. – With a simple click of a button most financial online brokers will let you reinvest any earnings, dividends, long term distributions you get to go directly back into the fund, stock or bond fund that paid them. If this is not allowed you can either find another way to find a solution, but for the most part they will let you reinvest dividends back. I’ve always said you will realize a bigger return over 20 years, because invested money will double as soon as possible,instead of leaving it in cash.
Find Control -Many say to pray for peace and that might yield you some good mantra for a few hours or days. The truth is that taking control of the situation will yield you greater results than praying will. I have faith and I would not tell you otherwise, but I’m a realist too. The best way for you to fine peace, is to pray for the ability to control finances in order to reach peace. Praying tonight for financial peace tomorrow, does nothing to the person who will just keep doing the same routines with money behaviors. Those who ask for help, and show improve with beneficial actions will always succeed.
These are the things we all should strive for in a peaceful financial life, and that will help to avoid stress. Finding peace in a financially crazy world is vital to help anyone not go insane. Everyday things get more stressful with work, with new cell phone distractions, with sudden family developments that we need to find a semblance of peace in order to balance things out.