GMR 129: The Upside of Financial Stress
Is it possible that financial stress to be good for you? That all depends on your perspective! Join us for this episode of Getting Money Right, as we discuss how financial stress, when you allow it to influence your thoughts and actions, can be of tremendous benefit to you.
Show Notes
Overview
Perspective and mindset
Properly identifying the root of the financial stress
Self-Improvement & catalysts for change
Must avoid the belief that you’re not good enough today.
This is a day by day progression.
Perspective is everything. How you and I see and interpret the events that happen throughout our life is extremely important.
We might see something a certain way and through some person or a set of circumstances, we gain a different view on the situation.
The revelation makes all the difference. What was impossible becomes possible. One way of doing things is now possible to accomplish in several ways. Perspective is often the doorway to something better.
We all have an innate desire to do something that matters, something that’s significant, that will live beyond us.
Getting Money Right is the way we express our desire to do something that’s bigger than us.
Perhaps it’s because we are keenly aware that our life is finite. We will all come to the end of the road of life and none of us want to look back and see nothing of value being created or done during our brief but meaningful time here on earth.
We are both self-improvement guys. If there ever were two guys who want to get better it’s us. It’s not just that we want to be better at our jobs today than we were yesterday, it’s part of everything we do.
On the Strengths Finder assessment, my (Leo) number one strength is Restorative. It means I like to take anything that’s broken, about to be broken, or just doesn’t operate at its optimal best, and make it better.
I’m obsessed with making things better. In many ways, this is very helpful. I am “Mr. Fix it.” There is nothing [or so my family believes] that I cannot fix. Unfortunately, that same drive has often caused me to be too hard on myself.
There are thousands of self-improvement books, programs, and countless systems that have been developed by people just like me, who can’t seem to rest until they provide a ‘better’ way. It’s not just some of us that have this desire, it’s all of us. Although I admit, some of us are a bit obsessed with it.
If there’s a downside to self-improvement, it’s dealing with the reality that today you are not as good as you like to be.
That truth can be demoralizing and the very thing that stops you from getting better. And there’s no shortage of reminders as to our inadequacies or deficiencies.
Every day we encounter situations that bring stress and frustration because we are dealing with something that if we were “better at it” we would not be dealing with, or so we think. For many, the negative state of their finances is that frustrating reminder. Something that gnaws at them every time they pay or bill or runs into an expense they’re not prepared for.
When it comes to the way we manage our finances, perspective is very important. Because the way we spend and use money often involves our emotions. Spending triggers all kinds of feelings, and these feelings can spill over hurting us, and hurting others.
Financial stress, regardless of what brings it about, is difficult. It’s emotional and causes you to blame yourself or others. There are many reasons for financial stress, but comparing is one of the top reasons.
The Comparison Trap
Comparison is one of the biggest reasons people live beyond their means and experience financial stress. They perceive that having more and better things like their friends or family do, will bring them fulfillment and happiness, but it doesn’t. And, what makes things worse is that they take on a mountain of debt to come to that realization.
Our perspective on what makes us happy is often wrong.
We are driven by a desire to experience pleasure and avoid pain. Spending money on things we want provides that instant gratification, which is pleasurable making us feel momentarily happy.
The problem is whatever we buy cannot maintain our happiness for long, so we are on to the next purchase thinking it will make us happy.
Regardless of the choice, when it’s the wrong choice financially, it will result in financial stress.
Financial stress can be good
Financial stress is only bad if you learn nothing from it and continue to blindly and foolishly make the same bad choices. Financial stress can serve as a wake-up call, to help you make better choices. Yes, it’s going to be difficult and you will have to endure some pain or discomfort, but the reward is worth it. Allow it to be something that shapes and develops you into a better you. I can promise you, you will experience more happiness and fulfillment when you embrace the correct perspective on money.
In the U. S. Intelligence & Conscientiousness is rewarded, our capitalistic society benefits these two traits.
Intelligence: The ability to acquire and apply knowledge and skills.
Conscientiousness: Wishing to do what is right, especially to do one's work or duty well and thoroughly.
Final Thoughts
Don’t allow financial stress and the wrong perspective on it to keep you in bondage.
Recognize where stress comes from and take personal responsibility.
Be purposeful, but be kind to yourself. You live on purpose, you can’t expect everything to go perfectly, but you can mitigate the risk and set yourself up.
Resources
Debt tools and other free resources - https://leosabo.com/resources
David’s website - www.stewardshippastors.com