We Must Overcome Our Resistance And Talk About Money

As we come to the end of May, which is also Mental Health Awareness Month, I wanted to take a moment to talk about the intrinsic link between Money & Mental Health.

Because the truth is that money has a huge impact on our mental health AND our mental health has a huge impact on our personal finances & financial health.

You see, people experiencing mental health problems may find it more difficult to remain employed, or if they are employed, they are more likely to work part-time. This in turn hurts their ability to earn a decent wage and income to grow their wealth and create a financial cushion for the future.

Additionally, many people facing anxiety and/or depression find it very difficult to make financial decisions, particularly when facing acute periods of poor mental health.

As such, things that may come easily to some, such as paying bills on time, can turn into a real burden, which if left unattended can create catastrophic financial consequences for them.

In fact, according to the Money and Mental Health Policy Institute:

• 50% of people that suffer from DEBT problems, also have a mental health problem.
  
• Over 80% of people with a mental health problem say their financial problems make it worse.
  
• People with debt problems are 3X more likely to have thoughts around suicide.

Friends, we need to do something to change these statistics and create awareness on this important topic. Because there should be NO shame around having financial and/or mental health challenges.

Since the pandemic, I’ve seen a very HEALTHY increase in the awareness surrounding mental health, both in social media as well as in mainstream media. This has been from individuals, athletes, and celebrities who have openly shared their experiences and struggles around anxiety, stress, and depression.

As a side note, I am a fan of former NFL pro and Mental Health Advocate Jay Glazer. He shares daily insights and advice on his experience combating anxiety and depression. You can follow him HERE.

I have also personally witnessed a lot more friends, family members, and even former colleagues open up about this topic and share their personal stories.

This is so wonderful!

However…

I feel there is a lack of conversation around the financial difficulties individuals face because of their mental health and vice-versa.

According to a study by Capital Group, an overwhelming majority of Americans say they experience financial anxiety yet won’t discuss money openly with friends and family in ways that could lead to solutions.

As a financial educator who works closely with individuals from many different countries, I know that this is not only an American phenomenon, but a GLOBAL problem.

It is time to understand how we can transform financial matters from being a source of stress and anxiety into open conversations of inclusivity, which benefit all involved.

Anna Orenstein-Cardona

WHERE DO WE START?

I believe that the first step to achieving this is by overcoming our resistance of talking about money. Therefore, normalizing the discussion of topics such as: money mindset, earnings, savings, debt, investing, retirement, and generational wealth. 

We must also be open with ourselves & others about the financial challenges we face, as well as the misconceptions & myths around money in order to make this topic less “taboo.”

Below, I have summarized a few KEY elements that I believe are crucial in this process.

LET GO OF LIMITING BELIEFS:

When I first start working with my financial coaching clients, we focus on their money mindset and getting rid of the transgenerational money beliefs that do not serve them.

An important part of this process is not only identifying those core beliefs that they have carried from childhood, but also understand the link between those beliefs and their current financial patterns. We then work on transforming their limiting beliefs into a healthy money mindset that will help them take the actions necessary to improve their financial wellness.

HAVE EMPATHY WITH YOURSELF:

The truth is that we are NOT taught financial literacy at school, nor even as adults (hence why I am so passionate about changing this and building financial inclusion through education).

So, how the heck are individuals expected to be SMART money managers when no one teaches them?

It’s insane!

So, I want you to have empathy with yourself! This doesn’t mean that you blame society for your money troubles. Nope. It’s about recognizing that money concerns are universal and that you are NOT alone. The past is the past and today is a new day to make a positive change.

Hence, forgive yourself for past money mistakes and instead find solutions to your problems.

TALK OPENLY:

Encourage conversations around the topic of money in your household. As the saying goes, “charity begins at home”, well MONEY CONVERSATIONS should as well!

I encourage you to speak about money to a loved one, a friend, or professional (more on this further below). The important thing is that you choose the right people to talk with because money conversations can take many shapes and forms.

Ensure that the person you choose has your best interest at heart and respects your emotions and feelings.

EDUCATE YOURSELF:

There are so many great free financial resources online that can help you demystify money topics, as well as help you build your knowledge on debt reduction strategies, investing, budgeting, and so much more!

Additionally, you can sign up for an online course or a financial coaching program that can help you reach your goals FASTER by holding you accountable.

In fact, I am happy to let you know that we have our very own Rule Your Finances™ Academy, which is a step-by-step online course & LIVE group coaching program teaching the Art of Welcoming, Managing, and Investing your money to take control of your Financial Power.

A FANTASTIC group of over 20 students just graduated in May from the program & we plan to relaunch the Academy in the Fall.

If you are interested in learning more about what it entails, then make sure to SIGN UP to our Waiting List for further details & future discounts. You can sign up HERE.

CREATE A PLAN:

Assess where you currently stand regarding your finances. Part of this includes realizing what actions and/or beliefs got you into financial difficulty and make a change. For instance, if you get tempted by online shopping, then I want you to delete the autofill login information and/or credit card details from your profile.

Make it harder for yourself to spend money!

Additionally, take the time to identify your money goals and objectives – both in the short-term and long-term. Then get a handle on your monthly cash flow (money in – money out) and create a budget to help you ALIGN your money behaviors with your goals.

SEEK HELP:

There are many types of organizations and individuals, such as financial planners, advisors, or financial coaches that can help you get a grasp on your personal finances and develop a roadmap to help you reach your long-term goals.

The important thing is to find someone who is not only experienced, but who makes you feel SAFE and SEEN.

Friends, let’s demystify the topic of money and mental health, so that we learn to embrace our full selves in all its glory.

From my crown to yours, I salute you!

XOXO,

Anna

NEED HELP? If you need a helping hand on your journey to financial wellness, don’t hesitate any longer and BOOK a Free 20min Discovery Call to see how I can help you! Remember, you must take ACTION to transform your financial life.

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