10 Mistakes Financially Stressed People Make
Running into financial problems can bring a great deal of stress into a person’s life. Once this stress takes control, it can be very difficult to escape, which can lead to this person making some serious mistakes. In many cases, common sense should be enough to avoid these mistakes, but a stressed individual often acts emotionally rather than logically. If you can avoid the following mistakes when you run into financial problems, you can dig yourself out of this hole at a much more rapid pace.
1. Blame it on Luck
If you have made a series of poor financial decisions recently, you might be inclined to blame it on bad luck and continue on the same path. While there is some luck that goes into making solid investments, your decision-making could be the actual problem. Rather than continuing on the same path, take a step back to see if you are creating your own money issues, and if you determine that you are, make some adjustments.
2. Stick with a Failing Career
Those who do not love their jobs will end up stressed, and making some poor investments can compound this stress, making it unbearable. In most cases, an individual will only stick with a stressful job because of the money involved. When things start falling apart around you, it could be a sign that it is time to move on to something else. Even if the money is not as good to start, you will be an all around happier person.
3. Make Politically Based Decisions
Money has the same value no matter where it comes from, but some people lose sight of this fact when making investments. Do not let your political allegiances determine your financial decisions. Just because you do not like what a certain political party has done does not mean that you should avoid investing in related assets, even if these political decisions are causing you stress.
4. Keep Up with the Neighbors
Living in a nice neighborhood is a luxury, but it can quickly bring stress when you see your neighbors spending on fancy cars and brand new boats. If you are financially stressed, you might try to keep up with your neighbors to prove that you are succeeding. This is a poor decision to make, however, as it will only lead to more debt and nothing but a little bit of pride to show for it.
5. Stay Pessimistic
When things start going poorly, some people simply stop investing. This is a poor decision, however, since there is plenty of assistance available to help you make the right decisions.
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6. Trust the Wrong People
Although it will cost you a commission to hire a personal financial adviser, this advice is well worth the price. Much like you would go to a doctor if you broke your arm, you should go to a financial adviser if your finances are broken. This is one situation where taking shortcuts is not worth it, as it will lead to further problems in the future.
7. Overload Yourself
Unfortunately, many people will overload their schedules when they are stressed, which leads to further stress. When you find yourself worrying about money, the best thing that you can do is take some time to relax and calm yourself down, rather than draining yourself with a series of activities.
8. Ignore Your Health
Many times, financial stress can cause you to ignore other aspects of your life. You might not get enough sleep at night or you could start eating poorly, which will cause you to feel bad both physically and emotionally. Remember to take care of yourself during this rough period, since ignoring your personal needs will increase your levels of stress.
9. Focus on the Stress
One thing you never want to do is dwell on the financial stress that has been brought into your life. The more you think about your financial problems, the more you will stress and the worse these problems will become. Eventually, this can become a habit and can take over your life. While it is impossible to forget about your financial problems completely, make sure that you are able to let them go before getting on with your day.
10. Ignore the Stress
Choosing to ignore your stress can lead to poor decision-making, since ignoring it becomes part of the decision-making process. It is much more important to manage your stress and prevent it from getting too high, as this allows you to deal with it in a healthy manner. If you find yourself ignoring your high stress levels, create a stress management plan that will help you to deal with it in a constructive manner.
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