Financial well-being - introduction
Too often, people feel that they have to work more and more in order to earn that extra dollar that will help them secure their future or the future of their family. This, however, comes at a cost; in the end, it almost always leads to dissatisfaction, stress, worry, rumination or loss, which, in return, can have significant negative effects on your health and well-being.
Most often people fail to see the connection between the stress generated by their constant fear of the future or their financial situation, whether real or perceived, and the physical or mental symptoms that may develop as a consequence (stress, sleep problems, depression, diabetes, heart diseases, sexual dysfunction, ulcers and many others). It is, therefore, vital to recognize this important stressor and work it out.
There are two different aspects of financial security stress and worry that need to be explored:
- Your subjective well-being as a whole as well as your negative attitudes, misconceptions, worries, rumination and self-imposed barriers about finances and money.
- Your actual financial situation and actions you can take toward achieving increased financial health and security.
Your subjective well-being
Many studies and surveys show that financial stress is a widespread experience. Unfortunately, many who are in this situation and are constantly “running” after financial security often end up searching for it all their lives, without being able to ever find the peace of mind they are looking for. Many will think and say things like, “I will feel free and secure when I finally have that million dollars in my bank account…”, but this kind of thinking is often based on an illusion, and the feeling of security that one is desperately looking for never happens. Contrary to what one would expect, many of those who live with constant financial worries and stress have plenty of money when compared to most of us. In those cases, the search for financial security may be based on a broader fear about the future and strongly suggests that there is much more involved in obtaining that peace of mind than simply having the money in your bank account. Research shows that our concerns about financial security and life in general are not always the consequence of our actual life circumstances but that they also have a significant subjective component, which is linked to factors such as personality dispositions, beliefs, coping and stress management skills, cultural background, etc (References).
If we now look at our financial security from a slightly different perspective, it has also been demonstrated that many people have misconceptions about money or have often developed self-imposed psychological barriers and self-limiting beliefs such as low self-esteem and perceived lack of skills and abilities. People also have personal beliefs about their ability to reach their goals, fulfill their dreams or about their worth and the maximum amount of money they can earn. In consequence, they unconsciously create self-imposed barriers that they are not able to overcome.
Some may be surprised to find a chapter on finances among these pages. After all, what do finances have to do with health? As a matter of fact, finances remain the source of much tension and stress in peoples' lives. For this reason, they constitute an important element of a balanced lifestyle.
Your finances have an undeniable impact on many elements of your lifestyle. Your financial situation, whether real or perceived, is a factor that you cannot ignore when making important life decisions and choices, such as the type of work you do, where you work, how many hours you work, how you can afford to spend your time, where you live, what type of leisure time you have, where and how you will spend your vacations, etc.
In addition, studies show that a vast majority of people do have concerns and worries about their future and financial security (References).
- Are you afraid about your future and financial security?
- Are you worried when you think about the future and about your retirement?
- Do you feel trapped and vulnerable?
- Does your financial situation bring too much stress in your life?
- Are you afraid of being fired or losing your health insurance?
- Do you feel that you do not like what you do but have to continue and work longer hours in order to earn that extra dollar?
- Do you feel that you spend too much time away from your family because you have to work longer hours?
- Do you feel that your job prevents you from spending quality time with your kids or that you have been able to see them grow?
- Do you sometimes feel that you do not have the financial freedom or time freedom you have always wanted?
The good news is that it is possible to identify all those self-imposed beliefs and psychological barriers, to work them out, knock them down and finally reach your true hidden potential.
Your actual financial situation
Notwithstanding the fact that changing your misconceptions and attitude about money is a task that, like most of us, you probably need to do, you may still have real definite financial challenges or emergencies that you feel you need to address first. You may, therefore, also need to develop real healthy basic money management skills and healthier financial habits.
What can I do?
«Your subconscious mind does not argue with you. It accepts what your conscious mind decrees. If you say, "I can't afford it," your subconscious mind works to make it true. Select a better thought. Decree, "I'll buy it. I accept it in my mind."»
~ Dr. Joseph Murphy
Author of “The Power of Your Subconscious Mind”
Note: If you face a financial emergency and feel that your level of stress is too high and too difficult to manage, or if you feel you just cannot cope, you should obtain external help and support from a professional.
Selected readings, resources and references
Readings
Click here for inspiring readings, selected by subject (How to become the master of your well-being; How to change your attitude toward money; Goal setting; Discover your true potential; Build your dream team; Develop good life and money management habits; Learn how to develop other sources of income.
Resources
There is no lack of resources on this vast subject. We would like to share a list of some of the resources we have found particularly inspiring and useful? Click here to learn more.
Scientific References
For the scientist in you: click here if you’d like to read some interesting scientific articles on control strategies, financial stress, and diseases.
Continued:
