3560: How to Stop Worrying About Money by Jessica Jokisch with Christine Luken on Financial Peace Of Mind

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[00:00:47] This is Optimal Finance Daily. How to Stop Worrying About Money by Jessica Jokisch with Christine Luken

[00:01:01] Ever wonder how it would feel to stop worrying about money? Before I hit financial rock bottom at age 26, I constantly worried about money. Will I have enough money for all the bills this month? Will that check clear my account before payday and cause me to be overdrawn? Where in the world will I come up with money to pay for this major car repair?

[00:01:24] Sometimes the intensity of money worry was high and sometimes it was low, but it never went away completely. About a year after I embarked on my journey to financial health, I remember driving to work one day and the thought struck me. I'm not worried about money. It was a shock to me because for the previous seven years, all I did was worry about money. I didn't realize how much money worries affected me until they disappeared.

[00:01:52] At this point, I still hadn't achieved debt-free status, but I had my plan and I was making tangible progress. How to Stop Worrying About Money Women's World Magazine recently interviewed me for an article on this very subject. The editor quizzed me on how I help my clients to stop worrying about money for over 30 minutes. Of course, only a tiny snippet of our conversation made it into the final article,

[00:02:18] and several of the most vital pieces of advice, in my opinion, weren't included. So I feel compelled to give you a comprehensive approach for how to stop worrying about money. Step 1. Face the Financial Facts The first step to decreasing money worries is to face the facts. Yes, it's time to get organized and get your arms around your current situation.

[00:02:43] We dread facing the reality of our personal finances because we're afraid of what we'll discover. But the not knowing actually causes more stress than facing the financial facts. Once you know what you're dealing with, you can see where positive change is needed and make a game plan for action. Step 2. Shift from Negative to Positive Telling yourself a new story about your finances helps propel you in the right direction.

[00:03:12] It's easy to fall into a pattern of negative self-talk, especially when we clearly see the money messes we created. What you focus on, you get more of in your life. That's why it's important to shift this negative self-talk to positive money mantras. There's a problem that can crop up when creating these mantras. Your current negative self-talk might be like this. I never have enough money for all of my bills. I'm always worried my account will go negative.

[00:03:41] You decide your new mantra will be, I'm a multi-millionaire. I have more money than I could possibly spend. The problem? Even though your new mantra sounds good, it makes you feel bad. Why? Because being a multi-millionaire seems light years away from where you are now. It feels impossible. And that certainly doesn't feel good at all. Your new positive money mantras need to both sound good and feel good to you.

[00:04:10] What you need is a bridge mantra, or maybe two or three of them. A bridge mantra is a step in a positive direction that feels good to you. In the example I shared, you tried to go from a negative bank balance to a net worth of millions, which felt impossible. Instead, your first bridge mantra might be this. I have plenty of money for all of my bills, and I keep a minimum balance of $1,000 in my account.

[00:04:38] This feels really good because it's not so far out of reach for you. Plus, you can put together an action plan to make it happen. Once you achieve this mantra, you can decide what's the next better feeling thought that will bridge you closer to your ultimate goal, being a multi-millionaire. Step three, employ the dynamic duo of worry busters. Tap into the dynamic duo of money worry busters, gratitude and generosity.

[00:05:07] We all have things to be grateful for. A warm bed, a roof over our heads, family and friends who love us, running water and a hot meal. I recommend writing down three things every day that you're grateful for. It's a great way to focus on the positive and put the negative into perspective. One of the best ways to stop worry in its tracks is to put your focus on helping someone else. I remember being depressed about moving back into my dad's spare bedroom

[00:05:36] after hitting financial rock bottom. I'm homeless, I wailed. A bit dramatic, I know. My dad patiently reminded me that living in his spare bedroom in suburbia for a few months was very different from being homeless and out on the streets. He suggested I take a tour of a homeless shelter and start volunteering or donating a small amount of money to the cause monthly. When you give your time, talents and yes, money, it shifts your focus outward,

[00:06:05] away from your worries and towards true abundance. Generosity and gratitude compound your positive emotions. You'll be pleasantly surprised how they boomerang back more abundance into your life and finances. And step four, baby step your way to success. Creating awareness and positivity about your money is only half the battle against worry. You have to take action and start moving in the right direction.

[00:06:33] When I first start working with my financial dignity coaching clients, I can immediately see 19 actions they can take to improve their money situation. However, if I gave them all 19 to-do items after the first session, they'd be overwhelmed and feel paralyzed. So I only give them two or three things to work on over a two-week period. That's it? Okay, we can do that. By the end of six months, we'll get to all 19 things.

[00:07:02] But it's best to break things down into baby steps to make forward progress feel easy for you. What's the one area of your personal finances that's causing you the most worry right now? What are three things you can do over the next week or two to make progress? Let's say you're worried because you have no money in savings. Here are three easy things you can do to improve the situation. Number one, open a savings account. You can probably do this online with your current bank.

[00:07:31] Number two, take all the spare change that's accumulating around your house and in your car to the bank and deposit it into your new savings account. Number three, set up automatic transfers from your checking account to your savings account one or two days after payday for a set amount. Even if it's just $10 or $20, get started. So there you have it, a step-by-step roadmap to finally stop worrying about money all the time.

[00:07:59] Sure, you might have occasional bouts of financial worry when something major like a job loss happens. That's normal. What's not normal or healthy is living under a constant burden of money worries. You just listened to the post titled, How to Stop Worrying About Money by Jessica Jokish with Christine Luken. Your summer starts now with Memorial Day deals at The Home Depot.

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[00:08:58] For the moments you plan and the ones you don't. Built for the busy days that turn into all-night study sessions. The moment you're working from a cafe and realize every outlet's taken. The times you're deep in your flow and the absolute last thing you need is an auto-update throwing off your momentum. That's why Dell builds tech that adapts to the way you actually work. Built with long-lasting batteries so you're not scrambling for the closest outlet.

[00:09:24] And built-in intelligence that makes updates around your schedule, not in the middle of it. They don't build tech for tech's sake. They build it for you. Find technology built for the way you work at dell.com slash dellpcs. Built for you. This article reminded me about the role of mindset on our financial journeys.

[00:09:49] Because I know many financially secure people with millions of dollars to their name who are still worried about money. I've come to the conclusion that money is only as valuable as our clarity on how we'll use it and our comfort level on how much is enough. And we can struggle with clarity and comfort at any net worth number. I often have to reorient myself to a more abundant perspective

[00:10:16] and to remind myself that any discontent I feel about my money might not be solved with more money. After my basic needs are met, of course. It's also helpful to remember that your personal finances are literally the only thing in life that you can completely mess up and have it still turn out totally fine. You can do everything wrong, lose all your money, file for bankruptcy, and still rebuild and come out on top.

[00:10:43] The same cannot be said for relationships or your health. In those two areas, you actually can do irreparable damage. So let us remember that money is a neutral, disinterested, objective, and dispassionate tool. It's not a goal. And it certainly isn't more important than your energy, your time, your relationships, and your health. And that'll do it for today. Have a great day and start to your weekend if you're listening in real time.

[00:11:12] And I'll be back here over the weekend where your optimal life awaits.