How finances are related to Mental Health

Do you remember your first ride on a roller coaster? You had a safety latch on, yet the fear of falling off and dying gripped your insides. You faked smiles and waved at onlookers and braced yourself for the green light.

You thought to yourself, ‘Why was I so stupid to choose this ride! What if I die! What if I fall off! Oh no, I can’t get off, it has started already!’

Yeah, your finance can feel the same too. Like a first time ride. If you make the right choices, you will have the time of your life! But what happens if you choose what you shouldn’t?

The Wealth Of Mental Health

 

Marlene Dietrich says, ‘There is a gigantic difference between earning a great deal of money and being rich’. She is so right. In the end, it is never about how much money you have in your hands. It is about what you do with your money and how much it messes with your mind, your peace, your mental health.

Mental health is the only wealth in the world that is very vulnerable and the most precious.

Your finances are directly related to your mental health. You’ll need to plan, acquire, earn, save and spend wisely to attain peace of mind. If you are mentally healthy, you live longer, function better and enjoy the bounty of life.

The Financially Influenced Mental Illnesses

 

Financial decisions affect the mental health of people as early as teenage. Youngsters worry about student loans, expenses and finding a job someday.

These worries grow with age. Bad financial decisions throw people into serious concerns like anxiety, depression and substance abuse.

Research by Financial Planning Standards Council shows that ‘48% of Canadians say they’ve lost sleep because of financial worries’.

 

Dominoes of Financial Decisions

 

Let’s breakdown this thing called ‘Financial Worries’.

A pile of bills and not enough money to pay them — this is a full-blown panicky situation. When you’re earnings fall short of your spending, bills begin to thicken.

To combat this, people reach out to loans and lines of credit. This gives a short boost of happiness, as that original pile of bills begins to vanish.

Bills paid = happiness. Is this happiness and shot of endorphin (the happy hormone) perpetual? Nope. You’ll see new papers coming through the mail.

The loan repayment schedule begins and penalties begin to stack if left unpaid. This causes dents in your well being by pushing you to be edgy and constantly freaking out.

Over time these concerns become a part of your mental health.

 

Common Effects Before Financial Decisions

  • Fear of investing your savings
  • Thinking way too much each day about how to save.
  • Stressing about old age and retirement savings.
  • Anxiety because it’s hard to decide on buying real estate or stocks.
  • Depression because your income isn’t enough so you’ll be taking a loan.

 

Notable Effects After Making Financial Decisions

  • Emotional havoc caused by bankruptcy, unpaid loan penalties.
  • Stress due to decrease in the value of homes.
  • Clouded personal judgement and rogue emotional spending.
  • Foreclosure notices to business leading to depression and further imbalanced decisions.

 

The Secret To Combat Financial Woes

‘Two heads are better than one’. This classic adage stands extremely true and crucial in the financial aspect of everyone’s lives. If you’re an entrepreneur, a business owner, a real estate mogul, digital expert or a regular, employed individual, you need an expert to diagnose your financial nuances.

When you are ill physically, you go to a doctor for diagnosis and medication, right? Just like that finance is the core domain of experts like accountants and financial advisors.

They provide professional insights into your financial situations. They give you advice on your viable and profitable options, preventing you from taking the pitfall.

It will also help to learn more about the basics of finance and personal financial literacy.

If you’ve fallen prey to the mental health issues, then you can approach a therapist, while also proactively seeking advice for your finances.

Has there been anything worrying you about your finances? Go ahead and let us know in the comments!

 

Always happy to chat about your needs!

 

 

 

 

Mental Health

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