Six Ideas To Help You Stop Worrying About Money
Take Control Of Your Mental Health By Kicking Money-Worries To The Curb
Chief Business Development Officer, Founder
Cory Baer is the Chief Business Development Officer for Strait & Sound. In this role, he fulfills a dual mission. First, he serves clients by ensuring that they have the best possible financial plan to achieve their long-term goals, particularly complete financial independence. Second, he also serves as an ambassador of the Strait & Sound brand by introducing the firm to the larger community and select strategic partners.
The COVID-19 pandemic foregrounded a topic that has long been ignored in our culture: mental health. Finally, we get to talk about mental health the same way we talk about physical health. The stigma is abating. For so many years, we could openly talk about our gym membership, our nutrition plan and our physical trainer. That made us look healthy. But we couldn’t talk about our therapist. That made us look weak. Thank goodness that stigma is fading. Mental health is just as important as physical health.
This gives me an opportunity to talk about a mental health issue that plagues so many people: money-worries. The anxiety that comes from money-worries is very real. It can be just as debilitating as a physical disease. In fact, stress and anxiety can be linked to heart disease and numerous other ailments. It eats away at our quality of life and robs us of the every-day joys that we should experience. If you or someone you love is experiencing this, here are six ideas that I believe can really help. They have certainly helped many of my clients.
The Six Ideas
Our promise, at Strait & Sound, is that we help our clients achieve complete financial independence so they never worry about money again. This does not mean that they are so rich they can fritter away money on whatever catches their fancy. That’s not how this works.
My colleague and partner Todd Sixt wrote a great article that describes what financial independence looks like. This is more about arriving at a position in life than it is about your net worth. Some people can achieve complete financial independence with little money. Others will need a sizable honey-pot to be independent. But no matter how much money you have, the point of all of this is to get to a place where money doesn’t worry you any longer.
For several of my clients, this has required a change in mindset. This means that they have needed to ignore many things they used to pay attention to. It also means they now pay attention to things they used to ignore. By changing their mindset and adopting certain disciplines, many of my clients have greatly reduced money-worries. I’ll bet the same thing could happen for you. Here are the six ideas:
- Get clarity about what you want money to do for you and your loved ones.
- Recognize that you have limited control.
- Focus on those things you do control.
- Build a comprehensive plan.
- Stick to the plan over time.
- Practice stewardship.
Get Clarity About What You Want Money To Do
I have said for many years now that I cannot help someone who cannot tell me what they want money to do for them. Money needs a purpose. Money is actually a means to an end—a set of goals that are realized by spending money. Some people make the mistake of believing that more money will make them happier. Just the opposite could be true. More money just might make you more miserable. I’ve seen that happen.
Here is the point I’m trying to make. If the only way that you can NOT worry about money is by having a ginormous honey-pot that just keeps growing, you might never free yourself from money worries. The goal, I believe, is not to get more money. The goal is for there to be enough money to support the quality of life you want for you and your loved ones, along with a feeling that the money will never run out. No two people I’ve ever met have the same goals. This means your money-goals are probably as unique as your DNA.
But the problem I see is that so many people don’t take the time to really get clarity about what they want money to do for them. Instead, they focus on the ups and downs of investing, income generation, taxes and cash-flows. Don’t get me wrong. These things are important. But they are a means to an end—having more than enough money to support the life of your dreams. That is true abundance.
So I have a question for you. What do you want money to do for you and your loved ones? Getting clarity about that allows you to do everything that follows—planning, saving, investing, insuring, tracking outcomes and making pivots. Once you have this clarity, you can really focus on the steps it will take to get you to that position in life my colleague describes.
You heard me say above that to reduce money worries you may need to pay attention to certain things you used to ignore. Getting clarity is the most important thing to pay attention to. This may require you and your loved ones to do some real soul-searching to identify those goals that are most important, possibly even non-negotiable, for you. I promise you that it’s worth the time and effort to do this.