2774: Demystifying Financial Related Stress by Joshua Becker of Becoming Minimalist on Money Anxiety

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[00:00:57] Das ist Optimal Health Daily. Demystifying financial-related stress. By Joshua Becker of BecomingMinimalist.com. Und ich bin Dr. Neil Malik.

[00:01:07] Hallo und willkommen zu unserem Sunday bonus episode, wo ich ein Buch von einem anderen Podcasts in unserer Webseite.

[00:01:13] Heute kommt von Optimal Finance Daily, wo articles über Geld und Personal Finanz werden alle veröffentlicht.

[00:01:21] Und du kannst du findest Optimal Finance Daily, wo du hörst.

[00:01:24] So, mit demystifying financial-related stress. By Joshua Becker of BecomingMinimalist.com.

[00:01:43] Money is, by definition, a tool to expedite trade. At some point in human history, someone decided it was easier to carry metal coins to the market than bartering chickens for textiles.

[00:01:55] Money was born and agreed upon as an acceptable unit of trade.

[00:02:00] By its nature, it retains no moral or immoral attributes. It only makes trading goods more convenient.

[00:02:07] If I had enough currency to provide for my basic needs, it should not be a source of pain or anxiety in life.

[00:02:14] Unfortunately, this is not typically the case. According to a recent study, nearly three out of four adults reported feeling stressed about money,

[00:02:23] at least some of the time. Despite living in one of the wealthiest nations in the history of the world,

[00:02:30] money continues to be the top source of stress in Americans' lives.

[00:02:34] This juxtaposition is fascinating to me, and I think it's important to understand why that's the case.

[00:02:41] At the outset, I should mention money is a complicated conversation.

[00:02:45] There are very few specific realities that can be blindly offered, especially to such a vast and varied community as this one.

[00:02:54] We vary in many ways.

[00:02:57] Financial standing.

[00:02:59] Some of us live with excess, some of us in debt.

[00:03:03] Debt, by its nature, brings anxiety and worry into our lives,

[00:03:07] and overcoming stress completely can be difficult until we get out from under it.

[00:03:12] Income.

[00:03:14] Some earn a living well above our needs,

[00:03:17] some specifically allocate each penny for budgets to align,

[00:03:21] and others fall further and further behind.

[00:03:25] Socioeconomic background.

[00:03:27] Some of us grew up with plenty, others with very little.

[00:03:31] These backgrounds reflect themselves consistently in our expectations.

[00:03:36] James Altucher once famously wrote that he felt poorer with less than $10 million in the bank.

[00:03:42] While most of us would never dream of having that much,

[00:03:46] our backgrounds greatly influence our expectations.

[00:03:50] Cost of living.

[00:03:52] Becoming minimalist readers are scattered all across the globe with various costs of living.

[00:03:57] Some live in areas where the cost of living is high, like New York City,

[00:04:01] while others live in places where money can buy much more.

[00:04:05] World and religious views.

[00:04:07] Our views of the world and humanity greatly influence our understanding of money.

[00:04:12] Sometimes these views offer peace, sometimes they bring guilt and shame,

[00:04:17] while others pile additional stress and anxiety on our lives.

[00:04:22] Committed relationships.

[00:04:24] There is a little shock when people first hear that money is one of the leading factors in divorce rates.

[00:04:30] When two people with differing personalities and backgrounds come together in the same family,

[00:04:35] there's almost always some friction.

[00:04:38] And friction in our most valued relationships naturally results in a level of anxiety.

[00:04:44] Consequences from Decisions.

[00:04:46] Some financial decisions take years and years to overcome.

[00:04:51] One foolish shopping spree from our 20s may still haunt our credit score today.

[00:04:56] Even if we're responsible spenders today,

[00:04:58] we may still feel the ill effects of less wise choices from our younger self.

[00:05:03] Because of these variations,

[00:05:06] specific thoughts about money are almost impossible,

[00:05:09] and sweeping generalities must be personally evaluated before they can be applied.

[00:05:14] But as I consider the evidence,

[00:05:16] I see two main reasons that almost 75% of us experience money-related stress.

[00:05:23] Number one, we wish we had more.

[00:05:25] And number two, we spend as if we already have more.

[00:05:29] We wish we had more.

[00:05:31] There are any number of reasons why people want more money.

[00:05:35] Sometimes those reasons are healthy.

[00:05:38] Sometimes they are unhealthy.

[00:05:40] Certainly, the possession of money is not contrary to a simplified life.

[00:05:44] But a simplified life is not possible if money possesses you.

[00:05:49] Those who love money can never be satisfied.

[00:05:53] They will never own enough.

[00:05:54] They will always desire more.

[00:05:56] And those who desire to be rich carry the weight of that burden every day.

[00:06:02] It will always hold hostage your thoughts, your attitude, and your actions.

[00:06:07] It results in extra stress.

[00:06:09] When the love of money is present, freedom is not.

[00:06:13] We spend as if we already have more.

[00:06:17] Another significant reason for money-related stress

[00:06:20] is the propensity of so many to live beyond their means,

[00:06:24] going into debt by spending more than they earn.

[00:06:28] Sometimes this is a result of poor management or unexpected emergency expenses.

[00:06:33] But most of the time, it's a result of excessive consumerism.

[00:06:37] There aren't necessarily easy answers for overcoming the reasons mentioned.

[00:06:42] But at the very least, demystifying and labeling the reasons for our financial anxiety

[00:06:48] moves us one step closer to overcoming them.

[00:06:55] You just listened to the post titled,

[00:06:57] Demystifying Financial Related Stress,

[00:06:59] by Joshua Becker of BecomingMinimalist.com.

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[00:08:07] This article reminded me of something I've come to understand about money over time.

[00:08:13] It's only as valuable as your clarity on how you're going to use it

[00:08:17] and your comfort level with how much is enough.

[00:08:20] And I think the true value of money is the peace of mind that you can enjoy

[00:08:26] once you foster a level of clarity and comfort.

[00:08:29] This is something that ebbs and flows for me.

[00:08:32] On paper, I appear to be fairly financially secure.

[00:08:37] But that doesn't mean I never have anxiety about money

[00:08:40] or that I feel financially secure.

[00:08:42] Just like anyone else,

[00:08:44] I have insecurities and self-limiting beliefs about my future income.

[00:08:48] There are days that I look at my money

[00:08:50] and it makes me feel like I can handle anything life throws at me.

[00:08:54] And there are other days when I think about all the bad things that could happen

[00:08:58] that would completely wipe me out.

[00:08:59] One thing that I love about the FIRE movement

[00:09:02] is the focus on the issue of enough when it comes to our money.

[00:09:06] If we track our expenses and get really clear

[00:09:09] on what level of spending is comfortable and typical for us,

[00:09:13] we just need to save 25 times those annual expenses

[00:09:17] to reach financial independence.

[00:09:19] Knowing that FI number can bring peace of mind

[00:09:22] because we have a clear number to work towards.

[00:09:24] I think knowing how much is enough

[00:09:27] can help alleviate some of the stress that's caused by wanting more.

[00:09:33] We're told more is better,

[00:09:34] but if you always want more,

[00:09:36] it will never be enough.

[00:09:38] Much like success,

[00:09:40] getting to enough is much more about fostering a state of mind

[00:09:44] than it is about reaching any specific destination.

[00:09:48] And that's another edition of Optimal Finance Daily in the books.

[00:09:52] Have a great rest of your weekend if you're listening in real time,

[00:09:55] and I'll be back tomorrow where your optimal life awaits.