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Financial instability is a major cause of stress for much of the world population. A recent report shows that 67% of millenials are unable to focus and be productive at work because of financial stress. (Calfas, 2017). While it is impossible to eliminate this as a stressor, there are things that people can do to alleviate some of the stress that they feel when it comes to their personal finances.
We have been taught that saving money is the best way to achieve financial independence, yet in today’s financial environment this is about as useful as teaching abstinence to college students. The financial collapse of 2007 provided ample evidence that many of the tools used for managing retirement savings are far from infallible. (Childress, 2012). The best solution to creating financial independence and reducing the stress resulting from financial inconsistency is to create multiple streams of income. Traditionally this meant significant capital outlay into starting a business or the purchase of income-generating real estate.
Until recently, these options have been out of reach for most Americans. Startups like Fundrise have made it possible for non-accredited investors to participate in real estate investments with as little as $500. (Fundrise, n.d.). ‘Hard Money’ lenders offer funds for the purchase And the ‘rehab’ of investment properties. Anyone interesting in ‘flipping’ homes can now fund the purchase and renovation of a home without having to fund the purchase themselves, or come up with the 25%+ that a commercial bridge loan might require.
Construction and real estate not your thing? Websites like Stack Overflow and Working Nomads make it easily for technically-inclined individuals to find work that they can do alongside of a full-time job or career. (Bradford, 2017). Sites like Fiverr don’t even require technical skills – people can get paid to draw cartoons, create music beat, record a voicemail prompt or review a document, $5 at a time! (Fiverr, n.d.)
Other ways of reducing financial stress include researching debt consolidation options to decrease debt payments, renegotiating student loans (if applicable), and talking through concerns with a spouse, friend or even therapy professional to keep it from becoming insurmountable.
One unfortunate common cause of stress is Divorce and I say unfortunate because divorce is so common now a days. Divorce can not only impact the physical and mental health of those going through it but it can also cause a lot of issues within the family especially children. Divorce in itself can cause chronic stress because of the process and how long it takes but biologically, the body starts to release stress hormones instead of adrenaline. It can also cause the immune system to weaken almost immediately and suddenly a person will start to feel sick with cold and flu symptoms, like the body starts to turn against itself. One major stressor is Depression (and anxiety too), stressful life events like divorce trigger depression very easily especially in those who are susceptipal to it. Another stressor that can be caused by divorce is identtity-crisis. When people have been marrried for a very long time, some tend to lose themselves within their marriage because everything has become very accustomed to them and everything that they’ve been doing for the past 10-20 plus years has been with their partner. So after a divorce, one has to now try to maneuver their lives without their partner which can be hard for those that have never been by themselves. In a case where divorce happens, there really isn’t too much that a person can do in order to reduce the stress that comes with it. It really all depends on the two parties and how cordial they can be with one another during the process. As long as both parties are come to an agreement on what the terms of the divorce will be without going at each other’s throats and trying to cause more pain on the other because they’re heartbroken or mad or spiteful then the process shouldn’t be as stressful on a person mentally and physically. However, divorce alone is stressful because who wants to go through that? Getting a divorce is extremely time consuming, mentally, physically and financially draining on any individual. Although there are some that treat marriage and divorce like it’s nothing but paperwork, for many others it’s defeinitely not that simpleI’m not exactly sure how a community health campaign would help however there are support goups for those that are either going through a divorce, have been divorced or thinking about divorce. Until now, I honestly thought that therapy or counseling from a psychologist or counselor was the only option for people who have gone through or are going through a divorce. But being that there are support groups for divorce it could really be beneficial to those who are having a hard time coping with it.