Reducing Financial Stress

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A recent survey came out from Capital One that shows that 73% of Americans are stressed about their finances. And that number goes up the younger you are.

It also shows that more than half expect their finances to be worse in the next year.

If you’re one of those who are stressed about your finances and don’t think it’s going to get any better, I want to share some simple tips with you on how to lower your stress and get your finances in order.

But first, let me ask you a question.

The question is, how do you as a 401k or 403b participant become a 401k superhero to your future self?

That is the question, and these videos will give you the answers. Hey, I’m Jonathon Schultheiss and welcome to the Becoming a 401k Superhero videos.

If you’re stressed about your finances and poor financial decisions you’ve made in the past, here’s what you have to do, you have to let the past be in the past.

You have to let it go.

Sometimes we keep beating ourselves up over bad financial decisions.

We have to own up to it, and decide that we are going to make better decisions moving forward, and let go of our past decisions.

Tip number one, don’t beat yourself up over the past.

It will only create more stress in the future.

Now that you let the past go, how do you fix those issues. How do you pay off the credit cards or loans?

Tip number two is temporarily stop the spending.

Notice I said temporarily.

If you could cut out all unnecessary spending for the next two or three months, then use the money that you saved to pay off your credit cards and loans, just think about how much better your finances would be.

After you’ve done that, maybe reward yourself with something nice. It’s kind of like having a cheat day for your diet.

Then if you’re still not where you want to be with paying things off, you do another two or three months of no spending and give yourself another reward.

Keep repeating this process until you’ve gotten your finances where you want them.

My tip number three is to implement what I call the 24 or 48 hour rule.

That’s where you take 24 or 48 hours before you make a major purchase. Doing this will help insure you don’t make financial decisions you’ll regret.

I personally like 48 hours better.

That gives me time to make sure I’m not making an impulse purchase. If I’m going to make a purchase over $250, I use the 48 hour rule.

More often than not, I actually talk myself out of the purchase. If I don’t, then I know I really want or need it.

Here’s the thing, if you implement any of these tips this year, you could reduce your financial stress and improve your financial situation.

And when you improve your financial situation, you are becoming a 401k Superhero to your future self.

If you have questions or I can help you with anything, click on the link above and schedule a time for us to talk today.