6 Ways to Reduce Stress and Anxiety In Your Financial Life

The following is a guest post from Al Zdenek, president, CEO and founder of Traust Sollus Wealth Management, a boutique wealth management firm dedicated to empowering people to transform their lives and live the life they wish now and in the future.

Trading in your morning coffee run to Starbucks for the pot of coffee in the office is never fun, but when finances get tight that drive-thru stop might be one of the first things to go.

But do you really need to give up the little things in life that make you happy? I don’t believe so.

It’s the Little Things …

Jazmin Quaynor

It’s important to be able to hang onto those things you enjoy. You should be able to, just as long as you continue to make smart decisions on bigger issues that affect your future wealth.

There is a lot of financial stress and anxiety in the country. If you can eliminate financial stress from your life, your anxiety levels will go down. Here are some of the things he recommends to accomplish that:

  • Know what you need. The unknown is the biggest stress driver. There is a cash flow per month that would allow you to live the way you want now and in the future. This is something you should know.
  • Fix broken cash flow. Unfortunately, we have all made poor financial choices, some of which have been more costly than others. There is no need to continue this. There are ways to find solutions in everyday decisions that will allow you to start your cash flow going in the right direction.
  • Use debt smarter. Many types of debt can be good; such as real estate, investments and investing in your business. Make your debt decisions like a well-run company and create wealth.
  • Make sure you have a road map. Having a good financial plan is like having a good map and researching your trip ahead of time. You can wing your financial plan, but if you work less in life and get to your destination sooner, your life will be less stressful if you have a plan.
  • Don’t let your decisions come back to haunt you. The bad decisions you make could come back to haunt you decades down the road. Learn how to avoid costly decisions and always make the correct financial choices, 100 percent of the time.
  • Work when you want. People like to know when they don’t have to work anymore. A good advisor can set you up with a plan that will give you this option well before you reach retirement age.

Final Thoughts

By consistently making the best financial decisions, people can find more cash flow to spend or save. That way they may achieve financial independence sooner, work less in life and have less anxiety and stress in their financial lives.

Blogger-in-Chief here at RetirementSavvy and author of Sin City Greed, Cream City Hustle and RENDEZVOUS WITH RETIREMENT: A Guide to Getting Fiscally Fit.

4 Comments

  1. Excellent points, Mr. Zdenek. For me, the biggest reliever of stress and anxiety was becoming completely debt free. Prior to 2006, the year I became completely debt free, money was a constant worry. Since 2006, however, I haven’t worried about money for a second. It’s amazing how easy life becomes when you no longer have monthly installment payments.

    • Debt is absolutely the big stressor. Effectively manage debt and a lot of other aspects of life, financial and otherwise, fall nicely into place.

  2. Good points by Mr Zdenek, and I’d like to expand on #6. As Mrs C and I are rounding third base and heading home in our work careers, i.e., I’ll reduce my hours to being just a per diem pilot, the anxiety that we’re facing is how to manage withdrawals from our nest egg. Our solution is to talk to a professional (CFP) through USAA who specializes in couples at our stage of the work/retirement cycle. There’s a ton of information on how to build a nest egg (retirementsavvy.net being one), but little information on how to manage your nest egg when you retire. Our solution to relieving this “anxiety” is to talk to a professional! I’ll make sure to share his/her recommendations with your readers………

    • “There’s a ton of information on how to build a nest egg, but little information on how to manage your nest egg when you retire.” That has absolutely been my experience as well. Looking forward to hearing the advice offered. Thanks for sharing your thoughts, my friend. Good stuff as always!

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