Does the very thought of money stress you out? Turns out, you’re not alone.
In a recently released study from the Financial Planning Association of Australia, a staggering 80% of working age Australians are stressed out about their finances. How stressed? One in four are reporting what they describe as “acute stress levels.”
If you’ve been a MindShift.money member for any length of time, you know our mission is to eliminate Money Stress for good. Stress damages your physical and emotional health and takes away from the enjoyment of living. In fact, stress is the number one reason students join Financially Fit Bootcamp.
Generations Of Money Stress
The survey covered multiple age groups from Baby Boomers born between 1946 and 1964 to Generation X (1965-1979) and Generation Y (1980-1994). What does this mean? There are potentially three generations in every family plagued by Money Stress.
Don’t think the Money Stress will stop there. Consider the children and grandchildren of people in these age brackets. Children learn money habits from their families first. What kind of message are they receiving when the adults they see are constantly stressed and worried about money?
This is why we focus on eliminating Money Stress in Financially Fit Bootcamp the using the Money Planner and Perfect Account Structure. By planning where your money is going, setting up accounts to separate your spending and using automation to execute your plan, you can virtually eliminate Money Stress.
A Constant Regret
Looking deeper into the study results, I wanted to understand how these feelings of Money Stress played out in the everyday lives of those surveyed.
What I found was a list of regrets. Thirty-seven percent of those surveyed regret not having enough money in their savings accounts. Another 30% regret making poor financial decisions that prevented them from living their dream life.
Pay Yourself First is one of our mantras at Mindshift.money. If you’re ever curious why, this is it.
Pay Yourself First and build up a Security Buffer, so you don’t have to worry about savings. Your savings will be there when you need it most. By following the principles we teach on how to prepare for your future, you will be protected from whatever life throws your way.
Additionally, you’re setting yourself up to made solid financial decisions. Instead of regretting your past choices, you can focus on living your dream life.
Stop Dreaming, Start Living
So what does “living your dream life” look like for the average Australian?
Of those surveyed, 57% said that living their dream life would mean the freedom to have the lifestyle of their choice. To be able to stop trading their time for money and to have the Financial Freedom and Independence to live life on their own terms.
Financial Freedom means not only money, but also Time Freedom. The Freedom to spend your time as you wish, not working away at a job you despise for that elusive someday of retirement. Time is your most precious resource, and the time to start living your dream life is now.
When you have true Financial Freedom, it opens up a new realm of possibilities. You’re no longer bound by vacation days or the standard workweek schedule. You can do what you want, when and where you want to do it.
Change Your Money Habits, Change Your Life
Living a life of fear and worry isn’t really living. Stop doing what isn’t working, and take massive action to get your life back on track.
Do you want to build a legacy of Money Stress or of Financial Freedom? You don’t need to live a life that’s full of regret. I want you to live everyday of your life to the fullest extent possible.
I believe that Financial Freedom is for everyone—including you. This study paints a bleak picture of the state of financial affairs in Australia, but it doesn’t have to stay that way.
What is one step you can take today to start implementing the Four Money Principles and change your financial future? How would your life be different if your stress surrounding money was gone?
Change is possible. But you need the courage to start. Take a moment today to check out the stories on MindShift.money of people just like you who were able to totally eliminate Money Stress from their lives.
Then share with our community on our Facebook page what your first step to Freedom will be. I can’t wait to read it.
Community Question: What’s the number one thing that causes you money stress? Tell us in the Financial Foundations Community!
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Dr. Tony is the co-founder of MindShift.money and the best-selling author of three books on personal and business finances. Having achieved Financial Freedom at 27, Dr. Tony believes that through Financially Fit Bootcamp and Cash Flow Cure everyone can get there. He has made it his life’s mission to help others live a life where their money works for them—not the other way around.