It can sometimes feel as if every new book and article offers different advice for how to get ahead in life, but when it comes to building wealth, the advice breaks down into two main categories: The way you think and the actions you take.
Most financial gurus tend to mainly focus on the actions you take, but our actions originate with our thoughts, so it’s good to check in with your thoughts now and then to see how you are managing the ones that can interfere with a healthy financial state of mind. Bottom line: Stress is a saboteur for a wealthy mindset.
How Does Stress Sabotage Wealth?
When you’re overwhelmed, everything feels like it’s too much: Clarity of purpose gets replaced with panic, and decisive, positive actions get replaced with muddled reactions.
According to Brian Tracey International, a company that trains and develops individuals and organizations, “Wealthy people spend much more time thinking about their finances than people who remain poor. The average adult spends 2-3 hours each month studying and thinking about their money, usually at bill paying time. The average self-made millionaire, by contrast, spends 20-30 hours per month thinking, studying and planning his finances. This millionaire mindset, the very act of focusing on your money, will dramatically improve the decisions you make with regard to it. Wealthy people who invest more time planning their finances invariably make better decisions, get better results, and achieve financial independence.”
Feeling stressed and overwhelmed can make you avoid the kind of thoughtful contemplation and strategic planning that Brian is talking about. This avoidance puts you in the position of reacting to financial situations instead of creating the situations you want through action.
Here are a few of the signs that stress may be affecting your finances:
- You forget to check your bank accounts on a regular basis.
- You neglect to open and review your bills and statements.
- You fall behind on your payments.
- You don’t log purchases.
- You lose sight of your financial goals.
- You lose track of your income creating activities.
- Your spending lacks mindfulness.
- When you think about money you feel worry, not wealth.
The cycle is self-perpetuating; the more overwhelmed we become, the harder it seems to get organized, and the more we worry and become unfocused.
How To Prevent Becoming Overwhelmed by Money
The good news is, you can begin to tackle your financial stress by building up some systems and tools to do the heavy lifting for you.
- Let tech do the groundwork for you.
- Start to batch your financial activities to save time and energy.
- Amazon-ize your payment systems.
- Learn to feel wealthy to keep you on track.
- Face your financial fears.
- Learn about decision fatigue and stop falling into marketing traps.
Scheduling time in your calendar to deal with your financial matters in short bursts of focused time will really help to get your systems underway. In addition to building up systems, it’s also important to check in with how you are thinking about money.
“If you want to increase your wealth, it’s important to recognize that money has a mind/body component that offers you the opportunity to take control of how much you have,” author Margaret M. Lynch told Forbes.
The more organized and aligned you get, the less overwhelmed you will feel, and the more your wealth will have time and space to grow.
If you want to be a part of a supportive community of women working steadily toward their money goals, check out my Mastering Money Matters monthly membership group here: Mastering Money Matters.
Jennifer Turrell is a member of the DailyWorth Connect program. Read more about the program here.