Attaining financial freedom is arguably one of the most common goals for working professionals. Unfortunately, a lot of them get swept away by life’s unexpected and extenuating circumstances which prevent them from reaching this objective. This is why the number of people who have to work past the average retirement age has not gone down in years.
One of the main reasons why there are those who cannot earn enough to cover all their needs and wants revolves around stress. Chicago native Connor Mulvey, who currently works as a Junior Associate at The Genesis Group, LLC, believes that it is no secret that a lot of full-time jobs are deadline-oriented and fast-paced enough to put a lot of pressure on the workers. Over time, that pressure can morph into chronic stress that may even hinder one’s mental health. Thus, it comes as no surprise that financial decisions made by individuals who are affected by this trend may not be as sound.
Making Rash Decisions
One of the biggest opponents of financial well-being is people’s inability and unwillingness to do in-depth research. For instance, the number of vehicle owners that could have gotten a better price on their purchase if they spent more time looking is incredibly high. Why? Because humans are built in a way that makes them prone to closing a deal as soon as it enters their comfort zone.
In other words, if someone is planning to make a purchase that will not go above $5,000, they may accept the first offer of $4,500. By doing this, however, they could effectively be losing money as the next offer could have been down to $3,000.
So, how exactly does stress tie into this concept? Well, stress is an emotion defined as physical tension that results in anger, frustration, and nervousness. One common denominator of those three states of mind is the fact that one should not be making any relevant financial decision during that time. Buying a car while feeling very frustrated, per se, is a shortcut to disaster as one may undercut their savings by purchasing the first item that they see.
Not Prioritizing Properly
Besides the actual act of buying something, the stage that leads to that decision is equally as important. According to an expert from the field of marketing, Connor Mulvey, figuring out the details about a purchase is when one’s decisions are actually made. In translation, deciding that it is time to engage in a certain transaction and creating a budget is when the buyer will actually make up their mind.
Everything that comes after that will generally not be able to change their willingness to buy an item. Once again, however, stress can have an adverse impact in this situation because the person may not be prioritizing correctly. So, instead of purchasing what they truly need, they could be focusing on the wrong thing due to their impaired state of mind.
Losing Pay
To be able to achieve financial freedom, having a constant inflow of cash is crucial. Thus, earning a regular salary and not missing out on income is obviously important. If the level of stress that someone is feeling is pushing them to the “burn-out” stage, however, they may not be able to maintain their income. The reason why is that the so-called burn-out sets in when the worker starts developing a lot of resentment for their job.
In other words, going to work becomes something that they are vividly dreading. Expectedly, their output levels and productivity will noticeably decline. As a consequence, they may lose the job, and their access to the previous cash flow would be cut off. This is why Connor Mulvey advises people to address stress-related issues immediately. Failing to do so could snowball into the scenario mentioned above that would put a major strain on one’s financial goals.
Seeking Help
Although it is not an extremely popular topic, there is currently no shortage of individuals who struggle with mental health issues. The reason why a lot of people fail to report their issues is due to the negative connotation that comes with these conditions. Nevertheless, it is crucial to find professional help that can assist one in overcoming their struggles and getting back on the path to financial success. Doing so early will further increase the odds of coming out of the situation unaffected!
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