5 Ways to Cope With Stress

Let’s be honest, people are stressed, me included! The data is clear, people are trying to cope with stress from many angles at the moment. For me personally, inflation, raising a family, work pressures, market volatility and more can create a constant flow of psychological and physical challenges.

Most of the picture perfect stuff we see on social media is only a brief snapshot in people’s lives and may not capture the full breadth of real life challenges.

The Raging 20’s

A few years ago the Money Vikings realized that the 2020’s would be a turbulent time in world history and we dubbed it “The Raging 20’s”. A time of global instability, job disruption, Inflation, social change and more!

What is Causing It?

1. High levels of debt: In what we have called the “raging 20’s”, the total consumer debt in the United States reached a record high of over $14 trillion. Credit card debt, student loans, and mortgages are among the most significant contributors to individual debt burdens. Read more to learn how to cope with stress.
2. Lack of emergency savings: A survey conducted by the Federal Reserve in 2020 found that 37% of adults in the United States would not be able to cover a $400 unexpected expense without borrowing money or selling assets. This highlights the financial vulnerability of many individuals and families.
3. Income inequality: Income inequality has been a growing concern in many countries. According to Oxfam, in 2020, the world’s billionaires saw their wealth increase by over $3.9 trillion, while the poorest half of the global population experienced a decline in wealth.
4. Retirement savings shortfall: Many people face challenges when it comes to saving for retirement. In the United States, a study by the Economic Policy Institute found that almost half of working-age families have no retirement savings, and the median retirement account balance for those nearing retirement is only around $21,000.
5. Mental health impact: Financial stress can have a significant impact on mental health. According to a survey by the American Psychological Association, money is consistently one of the top stressors for Americans, and it can contribute to anxiety, depression, and other mental health issues.
6. Inflation: Inflation is hitting everyone, especially the middle class hard!  The Fed is desperately trying to get a handle on inflation, but inflation does seem to in fact be like toothepaste, once out of the tube it is mighty messy to put back in. This is why Money Vikings put Inflation Defense Systems in place over a year ago!

How to Pay Off Bad Debt?

5 Ways to Cope With Stress (Financial and More)

When facing financial stress, it’s important to take proactive steps to alleviate the situation and improve your financial well-being. Here are three things you can do:

Assess and prioritize your expenses:

to cope with stress, start by evaluating your financial situation and identifying your essential expenses, such as housing, food, utilities, and transportation. Create a budget to allocate your available funds to cover these necessities first. Look for areas where you can reduce discretionary spending and cut back on non-essential items until your finances stabilize.

Seek professional advice and assistance:

Don’t hesitate to reach out for professional help. Consult with a financial advisor or credit counselor who can provide guidance based on your specific circumstances. They can help you create a personalized plan, negotiate with creditors, and explore potential solutions, such as debt consolidation or restructuring.

Explore additional income sources:

Consider supplementing your current income by exploring additional sources of revenue. This could involve taking up a part-time job, freelancing, or starting a small side business based on your skills and interests. Generating extra income can provide a temporary financial boost and help you overcome immediate challenges.

Exercise & Health:

What better way to cope with stress than exercise and focusing on health? Remember that stress thrives in an environment where people are eating crappy food, too much and not moving. We were born to move and eat healthy foods that nourish us and fight disease. Money Vikings Health is dedicated to bringing the best ideas for us to live a healthy and strong life. Read more to learn how to cope with stress.

Automate & Trend

I believe strongly in the power of automating and creating automatic habits that trend us to success over time. We simply cannot overcome the power of our habits over time. This is why automating into an investment account is so critical over the long run. Read more to learn how to cope with stress.

Hope to Cope with Stress

Remember that financial stress can be overwhelming, but taking proactive steps can help you regain control over your situation. Additionally, consider reaching out to support networks, friends, or family members who may be able to offer guidance or emotional support during this time.

There is always hope. Think about the trials and tribulations of our ancestors. Every human has challenges and struggles at different periods of life. Find a way to take small steps or big ones to proactively address your particular situation. You may learn something along the way and perhaps that is the whole point.