Impact of Financial Stress - Embrace The Well in Wellness

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Today we we get weird on some financial tri-tips. It’s been a minute, and I have been very market-driven lately. It’s an old habit to read and research every morning. I formed that habit back in the day when I was on multiple different sales desks slangin funds and ETFs. These habits are what led me to be one of the top relationship managers everywhere I landed. It’s no different in the wellness game. It’s behavioral science at its best. Form a habit, stick to it, and profit like a boss.?

The connection between financial stress and wellness is a critical issue affecting people across various work environments. Whether you are an employee, gig economy worker, or entrepreneur there are ways to facilitate your financial education and grow properly. Right now workers are more stressed than ever and it's not just financial.????

The Impact: The Stat Boy Edition.?

• Employees spend nearly 14 hours a week stressing about finances, with 8.2 hours of that occurring during working hours. Can we say lost production?!?
• Financial stress can lead to anxiety, depression, and physical health issues, resulting in higher absenteeism rates and increased healthcare costs. And ruined pants.?
• Employees often experience reduced job satisfaction, lower engagement, and decreased focus on their work. Too much Rubix Cube, or quiet quitting (sshhhhh).??

Climate Control: Not Really.?

Let's break down the Bullroney our current economic climate. You can say whatever you want but our government happens to help regulate the majority of these issues. Self-promotion in our lovely democracy doesn’t help solve anything either. Before everyone goes crazy on politics I have no affiliation between any party. Hell, I’m not even registered. It’s tough being an old Wall Streeter and knowing where the money hides and gets distributed. I lost a lot of faith in our system over the years. That’s a topic for another time. Let’s take a pulse: :?????

• Inflation: Rising prices. I can’t keep buying cheese at these levels.?
• High Interest Rates: This was inevitable. They’ve been low forever.?
• Housing Costs: Soaring housing cost. Let’s just build our own instead.?
• Job Market Uncertainty: This is a weird one. Automation is a thing but I believe if we pivot our focus things will get better.?
• Healthcare: Extreme cost of replacement limbs, medications, and rising boo-boo treatment.

Now that we have laid out all of the problems. What are we going to do? The best part about being in this world of a constant flow of information is there is never a shortage of ideas and processes. We just have to be diligent and dedicate time to solving our problems first. The above economic problems affect every one of us. Simply being aware of them is half the battle that way we can adjust our planning. When it comes to the workplace there are helpful programs and tech tools to make saving or budgeting easy peasy. Let’s automate and procreate.???

How Do We Get Rid of The Financial Flu??

Bye, Bye, Bye - Step Up

1. Emphasis on Education: Financial literacy is key to all workers or owners. We may have different paths in employment or income, but the education component is the same. Do not listen to the talking heads of CNBC. Do your homework and find a financial coach or research extensively how savings and investing work. NO GET RICH SCHEMES. Leverage your employer's wellness programs. They all have an educational component to it, so you can learn the basics. Plus, they’re free you cheap weirdo.???
2. Importance of Emergency Preparedness:?This is always in my top 3 without fail. Building an emergency fund is not difficult. Plan for 6-12 months on bills. This is exactly why we need to know the cost of goods. Take as small a step as needed. Start by saving $5-$10 buck a week and build from there. It ain’t hard. It helps create the habit of saving. This time it's a SMART Goal. Find a calculator or abacus and add up the numbers. Once this fund is in place it should take away a lot of stress over losing a job, business, or large housing cost.??
3. Leveraging Technology: Using apps and automated systems to simplify financial management. There are so many in the app store. Choose one and stick with it. Things like Mint, Rocket Money, Banking Apps, Acorns, and Stash are all options to build a small savings fund and leverage the power of the markets efficiently. Most of these can structure a budget, monitor your progress, and automate your savings through regular deposits. Make it work for you.?
4. Community and Professional Support:?Find a coach or advisor. There’s plenty out there just do your due diligence. Impartial 3rd party, please. You can use a friend or acquaintance but make sure there is a certain level of trust and the relationship can take criticism from both sides.?

Remember, small steps taken consistently can lead to a big impact in the long run. These are my top 4 tips for building yourself a new future. Do your homework and change your habits. That’s all she wrote. Hit us up at Recovery and Wealth for more jokes.?

Sober Money Mindset App - Feedback Appreciated on this Beta

Ryan Stengle

Recovery and Wealth

Mad Sherpa Consulting