Edward

How to Handle Anxiety for Lack of Money Again – Podcast

Video Transcript


Have you ever been in a position where you spent all your money and you got nothing left, and you’ve even spent your, your available credit on your credit cards to pay bills, and it’s still not enough. And later you feel your chest tightening up because it’s difficult to breathe or difficult to sleep at night and your body just feels so tense. Maybe the next day you’re walking around and just not noticing anything around you. because your mind is arrested with all of this feeling of how am I going to get out of this mess? Well, that’s anxiety. You might ask some some friends to help you and generally your your friends, they’ll give you very cookie cutter responses, you know, they, they might tell you, Hey, why don’t you set up an emergency fund? You know what I might say, Hey, why don’t you try sticking to a budget that’ll that’ll help you? Or, you know, why don’t you try looking at your credit score daily that should help you get over this? You know, oh, hey, listen, I got a brilliant idea. Why don’t you try talking to an advisor? Yeah, your friends, they mean well, but that’s not gonna help you get out of the mess that you’re in today. Okay, you’ve got to find other ways. Has anybody ever been in this this mess ever been in this situation before? Um, yeah, I know, it can happen because I’ve been there. It is called rock bottom Baby, you know, you don’t want to be in this zone. But if you are, let’s figure out how to get out. Okay. Because financial stress, it can affect nearly every facet of your life, you know, I can bring going anxiety and, and depression, depression that goes way beyond just the feeling of sadness. I mean, it can be, it can be pretty dark, you know, things that, that change your appetite or lack of interest in some of your favorite activities, many things, so don’t don’t take depression lightly. I’m here to tell you. However, if you handle that anxiety, then you will increase your cash flow. I’m going to give you five, five steps on how to deal with that anxiety and ultimately increase your cash flow because it can be handled. Step one, if you feel like the world is so heavy on your shoulders, and you can’t get up so fast, can you because you got all this weight on you. So the first step is just accept it, don’t punish yourself more for the bad mistakes that you’ve made in the in the past or the unfortunate circumstances that you put yourself in. Because how we handle that that stress is going to shape our experiences moving forward. So don’t dump more on you don’t know you got to avoid this snowball effect. Because stress can push us in directions that we don’t want to go. And you know, we sometimes when we when we deal with so much stress if we grab things that are most satisfying in the moment, and then we further regret those decisions that we just made things like drinking and retail therapy, comfort eating, or maybe even binge on on Netflix just to escape reality. So step one, let’s just accept where we are. Okay? Step two, do not stop looking at your goals. Keep your goals in front of you. setbacks are a distraction. And it just caused us to take our eyes off the goals and it forces us to look at the chaos that’s directly in front of us. There was a study an extensive study done by capital one bank in 2019, titled mind over money. And this study concluded that just simply thinking about your long term goals, even for a few seconds, can reverse the effects of stress, causing people to be just better savers and, and handle your budgeting better and build your confidence and give you that strength of dealing with your current situation today. So Wow, let’s let’s process that a little bit. Let’s think about this. So imagine you’re in a battlefield, okay. And you got all these bombs going off around you, aka bill collectors, but you got all these bombs going off around you. Step one is you are not going to feel sorry for yourself. You’re just going to accept that you’re right here in this position. Okay. That that is step one. And then and then step two is a look, the world is heavy enough. Okay? So we’re we’re not going to take our mind off of our goals, we’re going to keep focused on our goals, keep out goals directly in front of us, okay, we’re going to look directly at that flag and say, All right flag, I am coming to you, alright even to go to that flag on the other side. And try this guys. Because it, it works. It works. I can, I can, I can tell you for sure. Because I’ve been there. Okay. In Step three, is probably my favorite. This is focus on what you can control. Research shows that stress causes us to engage in more habitual behaviors instead of deliberate ones. So let’s be very deliberate about our actions and behaviors. Now, since we were feeling a little bit better, let’s be proactive and not reactive. Now I am, I’m not naive, I understand. ignoring your anxiety about money is not going to make the problem go away. But taking a proactive approach to the problem can, okay, so focus only on what you can control, you can’t immediately change your financial situation. But you can change the way you think about it, to improve the decisions you’re making about your finances. Things that you can control are tracking your your earnings that you bring in, you know, and the bills that you pay out. The problem that we have is we’ve arrived to zero income guys, but always remember, this is only temporary, because how you handle that next paycheck, that next amount of money that’s coming in, is everything. So you’ve got to be ruthless. And and documenting, you know, your expenses, you’ve got to be just meticulous about about, you know, keeping track of the money, that’s that’s coming in. It’s not magic, guys. It’s not rocket science. If you spend less than you make, and save the difference for no rainy days in emergencies, then eventually you’ll be on your way to financial stability. The main issue is is always expenses. You know, it’s usually those small expenses that we think are just insignificant, and they add up, you know, coffee, eating out and all those small purchases that we feel entitled to, you know, guys, I don’t know going to the barber every every two weeks, but like, hey, look, you know, I can spend 20 bucks on cutting my hair. I mean, I am making 4000 a month I can spend 20 bucks. No, no, you know, you might not be able to so so really control that that area, okay, document all spending and, and earning and then just review it daily. Step four. Now that we’re somewhat out of the mess, let’s plan ahead so we never go back. Okay. So when you plan in advance, it can help you just better achieve your goals and reduce that anxiety. Just think about that, you know, how nice would it be if you had all these things? Imagine you got all these bombs going off around you but you’re like, you know what, I’m cool. Cuz I got all this money over here. Right? Yeah. And you won’t even let that affect you. So so plan ahead. Okay, plan ahead if you know maybe if another another example I can give you is if you feel that your job is not paying you enough. Okay to satisfy your expenses. First cut your expenses down and then plan to get another job or plan to get higher higher income coming in, so that you can satisfy your your lifestyle, your lifestyle. So it’s all about planning, alright all about planning. Step Five. Find an accountability partner. Okay, find someone who’s going to hold you accountable if your wife is better, and then finances then then you are a give the keys over to her and say listen, honey, I did this budgeting but can you help me review it? You know, maybe get an advisor hire an advisor to control that for you. Or have a friend You know, just every month just have a meeting with a friend and and and celebrate all the expenses that you passed up on. Okay. So listen, this is a proven method of handling anxiety. I’m going to backtrack. Step one is not punishing yourself, okay? Just accept where you are. Step two, think about your long term goals. Okay? Remember that study done by capital one bank. Step three, focus only on what you can control. Don’t worry about anything else. Just focus only on what you can control. Step four. Now that you’re somewhat out, let’s let’s plan ahead so we never get back to that area again. And then step five, let’s add some insurances on that you know, like get an accountability partner to ensure you never go back to that place again. I hope this helps guys, wealth builders, thank you for your attention today and and go and continue to be great. God bless

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