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7 Reasons Mental Health Issues And Financial Issues Tend to Go Hand-in-Hand (And It Has Nothing to Do With the Cost of Treatment)

Of course, it comes as no surprise that most people who walk into my therapy office are experiencing psychological distress in one form or another. But, the vast majority of those individuals are also experiencing financial distress.

It’s no coincidence. Research shows financial issues and mental health problems often go hand-in-hand.

One study found that individuals with depression and anxiety were three times more likely to be in debt. Other studies have even found a link between debt and suicide.

A slight decline in mental health (long before you’d meet the criteria for a diagnosable mental illness) can be linked to increased financial stress. And increased stress can lead to poorer mental health.

Think of psychological well-being as a continuum. On one end of the spectrum is mental health. On the other end is mental illness.

You fall somewhere on the spectrum–and it’s likely to change slightly from day to day depending on a variety of factors, such as your physical health, sleep quality, nutrition, exercise level, stress, and overall mood.

If your mental health stays in a poor state for a length of time–or it just continues declining–you’re at increased risk for financial problems as well. Here’s how poorer mental health can take a toll on your financial situation:

1. Life Feels Out of Control

When you feel as though you’re losing control over your mood and your thoughts, you’ll likely begin to feel as though life is out of control too–especially your financial life.

You may even lose hope about a brighter future. And who wants to save for a big purchase or put money away for retirement when life feels as though it’s spinning out of control. You might feel like the one thing you can control is your ability to buy something right now.

2. You’re More Likely to Avoid Problems

It takes a lot of concentration and fortitude to tackle a tall stack of bills or to call the credit card company to address your late payment.

And of course, sitting down to create a budget creates high anxiety and it’s often painful to face the facts. It’s much more tempting to avoid those sorts of problems when you aren’t feeling your best.

3. You Get Desperate for Temporary Relief

When you’re in pain, you’ll do almost anything to get out of it–even if it’s going to hurt you more in the long-term. It’s one of the reasons the term “retail therapy” was invented.

Buying something right now, whether it’s a new pair of shoes or a car you can’t afford, will give you momentary pleasure. But, there’s a good chance it will create more financial distress in the long-term.

4. Self-Esteem Plummets

Quite often, the worse you feel, the worse you feel about yourself. And that can lead many people to try and overcompensate.

Low self-esteem can cause someone to buy expensive clothing, a name brand watch, or even a luxury car in an attempt to project an image of success.

5. Energy Levels Decrease

A decline in mental health often means poorer quality sleep, increased feelings of fatigue, and more trouble staying on task.

All of those things make it much more difficult to think about paying off debt–let alone take action. And it’s hard to create a plan for the bigger overall picture when you aren’t in the right state of mind.

6. Unhealed Wounds May Come Back to Haunt You

When you’re feeling down, your brain will recall all the other times when you felt similar feelings–and those just might be the lowest points in your life. Quite often, emotional wounds that never healed get re-opened as your mental health declines.

And for many people, that leads to changes in financial habits. A father who was teased for not having nice things as a kid may overspend on his children to prevent them from experiencing the same pain. Or, an individual who has never felt good enough might take out a bigger loan than she can afford in an attempt to get the attention she craves.

7. It’s Tough to Think Clearly

It can be hard to think about your grocery list, let alone your financial future when your mental health is on the decline. Making decisions, planning ahead, and organizing your financial situation may feel like an uphill battle that you’re unequipped to fight.

How to Improve Your Mental Health

Fortunately, there are steps you can take to improve your mental health–which can also improve your financial health.

Taking care of your body with adequate sleep, exercise and nutrition, socializing with supportive people, engaging in leisure activities (even when you don’t feel like it) and setting aside time to take care of your needs (like managing your budget) can help improve your psychological well-being.

If you’re struggling to build mental strength, get professional help. You might start by talking to your doctor to rule out physical health issues that might be behind your symptoms (like a thyroid problem). Then, you might try talking to a therapist who can help you identify concrete strategies for feeling better fast.

By: Amy Morin

Source: 7 Reasons Mental Health Issues And Financial Issues Tend to Go Hand-in-Hand (And It Has Nothing to Do With the Cost of Treatment)

People with financial issues are more likely to suffer from mental health problems. The opposite can be said as well – People with mental health problems are three times as likely to be in debt. Guy Shone from Explain The Market says, “One in four are likely to suffer from mental health problems this year. And this is largely associated with financial issues.” In this segment, Shone explains how we could break the vicious cycle of financial issues and mental health problems. Shone talks about ‘Money and Mental Health’, a private body that puts problems faced by individuals in front of industries and attempts to break the vicious cycle. Tip TV Finance is a daily finance show based in Belgravia, London. Tip TV Finance prides itself on being able to attract the very highest quality guests on the show to talk markets, economics, trading and investing, keeping our audience informed via insightful and actionable infotainment. The Tip TV Daily Finance Show covers all asset classes ranging from currencies (forex), equities, bonds, commodities, futures and options. Guests share their high conviction market opportunities, covering fundamental, technical, inter-market and quantitative analysis, with the aim of demystifying financial markets for viewers at home. See More At: www.tiptv.co.uk Twitter: @OfficialTipTV Facebook: https://www.facebook.com/officialtiptv

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Is a Recession Coming – Brooke Crothers

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In December 2007, Larry Kudlow, then a talking head for the business network CNBC, proclaimed, “There’s no recession coming. It’s not going to happen.” That same month, the economy plunged into the worst economic downturn since the Great Depression. This week, Larry Kudlow, now the director of the National Economic Council, stood on the White House lawn and struck a familiar note: “I’m reading some of the weirdest stuff [about] how a recession is right around the corner. Nonsense,” he said. “Recession is so far in the distance, I can’t see it……….

 

 

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The Next Recession Is Coming: Here’s How To Protect Your Portfolio – John E. Girouard

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Everyone wants to know how to create the elusive “recession-proof” portfolio. In 2008, I was asked to write a column on the topic, and since millions of us were still reeling from losing everything, the title I suggested was, On Monday I was Ready to Retire, Now It’s Tuesday. Catchy, yes, but when people woke up to find $10.2 trillion in wealth had been wiped out from the American economy, they wanted answers. More importantly, they wanted to take back some semblance of control over their financial lives and find a way to protect themselves from “next time,” which had quickly become their new worst fear……………

Read more: https://www.forbes.com/sites/investor/2018/11/20/the-next-recession-is-coming-heres-how-to-protect-your-portfolio/#36fefa831682

 

 

 

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Bitcoin Mining May Trigger The End Of Paraguay Economy

Bitcoin Mining May Trigger the End of Paraguay’s Economic and Debt Crisis https://www.pivot.one/share/post/5be983edcd5ee730f2346354?uid=5bd49f297d5fe7538e6111b6&invite_code=JTOJYV

The Crisis Next Time – Carmen Reinhart and Vincent Reinhart

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At the turn of this century, most economists in the developed world believed that major economic disasters were a thing of the past, or at least relegated to volatile emerging markets. Financial systems in rich countries, the thinking went, were too sophisticated to simply collapse. Markets were capable of regulating themselves. Policymakers had tamed the business cycle. Recessions would remain short, shallow, and rare. Seven years later, house prices across the United States fell sharply, undercutting the value of complicated financial instruments…….

Read more: https://www.foreignaffairs.com/articles/2018-09-13/crisis-next-time

 

 

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The 12 Hidden Crises Working Women Face And Where They Come From – Kathy Caprino

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I spent 18 years in corporate life that had some great high points, but also a number of very significant challenges that turned into full-blown crises. These serious crises included sexual harassment, gender discrimination, chronic illness, narcissistic bosses, financial hardship, toxic colleagues, unethical leadership and more.

When I look back now, I see that my entire corporate career was riddled with repeating challenges that were not, in fact, random. I didn’t understand why at the time, but the truth is that these crises seemed to follow me wherever I went, no matter the job. I’d ask myself, “How can this be happening again? Why do I continue to have terribly challenging leaders, bosses and work cultures?”

After a brutal layoff in the days following 9/11, I reinvented my career, and became a marriage and family therapist, and later, a women’s career and leadership coach and writer. I began to research extensively — both quantitatively and qualitatively — the full array of challenges I was seeing in front of me that were, in fact, serious professional crises that women face regularly. I felt compelled to understand more about why women are experiencing these crises so frequently, and how to bring new, effective solutions to the table.

In 2007, as I was doing research for my book Breakdown, Breakthrough, the findings indicated that 7 out of 10 women studied were experiencing at least one of the 12 hidden crises I’d identified , and on average, they were experiencing 3 at the same time. Eleven years later, in the work I do with women now, the surveys my clients have filled out reveal that needle on these crises has not yet moved.

In earning a master’s degree in therapy, my eyes were opened about what we’re really going through when we experience these chronic, repeated challenges. I learned how our personalities are formed in childhood, and the ways in which we learn to cope with stress and pain are often not healthy or productive. I learned too about how self-confidence and self-esteem and our ability to advocate for ourselves can be crushed by family and cultural programming, especially when parents and authority figures don’t understand how to raise and nurture children effectively so that they can live self-reliant, independent lives based on their own authentic values and ideas.

And I learned this: The chronic challenges we face as professionals are most often not random, and not about our “careers.”

If your serious challenges (or more aptly put, “crises”) repeat over and over again, no matter what job, career or relationship you pursue, or what employer you sign on with, then the problem is most likely not the situation itself but how you are seeing yourself and operating in the world, and what you expect for your life and believe you deserve. And it’s your boundaries as well, and what you find acceptable and tolerable.

The reality is that you are, unconsciously, co-creating and contributing to the perpetuation of these problems in your life.

How do we address these challenges so they never repeat again?

It’s a journey that takes time and effort, not a quick-fix, but there are key steps you can take today to stop in your tracks, understand what’s happening for what it really is, and take empowered action to change it

The first essential step is to assess if what you’re experiencing is a chronic crisis or just a rough patch. In other words, is it an incident or an issue?

People will tolerate the intolerable for far too long in their lives, often because they can’t discern if what they’re facing is just a hard time or a true crisis.

Below are the 12 most common crises thousands of working women (and many men) face today that are often misunderstood as just temporary situations when they’re not, along with what you need to look more closely at to begin to resolve this challenge. These crises fall under four key categories: empowerment with self, others, the world and what I call your “higher” self.

The top 12 professional crises:

Empowerment with Self:

1. Suffering from chronic health problems that won’t abate: Failing health — a chronic illness or ailment — that won’t respond to treatment

Look closely at: What is your body saying that your lips cannot?

This may not seem like a “professional” crisis, but it is. For instance, I experienced four years of chronic, serious infections of my trachea which doctors simply couldn’t understand or help. But from the minute I was laid off from my toxic VP role after 9/11, the infections vanished. They simply disappeared. Why? Because I had spent years not speaking up for myself or saying what needed to be said, and was so exhausted and stressed every day that my body was trying to communicate what my lips couldn’t.

2. Experiencing a loss you can’t recover from: Losing a position, role, relationship, loved one or facing another loss or setback which you can’t overcome.

Look closely at: What parts of yourself or your life experience are you grieving the loss of?

When we lose something that fed our self-esteem, such as a job or a relationship, it often devastates us in a way that we don’t recover from. And that’s because we’ve overly-identified with that one thing that gave us self-esteem. In other words, we lost parts of ourselves that we now need to regain.

3. Failing yourself, and losing your own self-respect and self-acceptance: Chronically behaving in ways that make you feel ashamed of or let down by yourself

Look closely at: Where exactly have you given up your power in life, work and relationships, and how are you behaving that is beneath you, and hurting yourself and others?

If you look at how you’re behaving both personally and professionally, and don’t like or respect who you are any longer, it’s not about your job or career. It’s about how you’re operating in the world.

Empowerment with Others:

4. Failing to speak up and stand up powerfully for yourself: Contending with a crippling inability to speak up — unable to be an advocate for yourself or others, for fear of criticism, rejection, or punishment

Look closely at: Where you learned (most likely in childhood) that it wasn’t safe to speak up for yourself, and defend what you need, want and believe.

An inability to speak bravely for what you need and want is a problem I work with clients on literally every single day of the week. If we can’t communicate what we need in a powerful way, we’ll lose more than just opportunities. We’ll lose everything that makes us who we are. 

5. Facing repeated abuse or mistreatment: Being treated badly, even intolerably, at work — and choosing to stay

Look closely at: How old is this issue of being manipulated or mistreated, and what are you afraid of losing if you leave?

If you were manipulated in childhood by parents who gave you only conditional love and demanded that you be a certain type of person to be loved (especially if you had narcissistic or emotionally manipulative parents, teachers and authority figures), you need outside therapeutic help to support you to heal and thrive beyond those crushing lessons that this manipulation taught you.

6. Getting crushed by unrelenting competition: Feeling like no matter what you do it isn’t enough, and you’re sick to death of trying to prove your worth

Look closely at: Why “winning at all costs” has become a regular part of how you’re living and working, and what the true costs of that approach have been in your life.

If you can’t feel any level of comfort or joy at being collaborative, inclusive, or accepting – and feel you always have to be “on top” — it’s time to explore if at the root, you simply don’t feel good enough and where that came from.

Empowerment with the World:

7. Feeling trapped by financial fears: Remaining in a negative situation solely because of fear of money

Look closely at: How you’re relating to money, and what your money story is and has been.

It’s astounding how many people will stay in demoralizing and unsatisfactory conditions simply because they’re too afraid to take even one small step to explore improving their situation, because of their intractable money fears.

8. Wasting your real talents: Realizing your work no longer fits and desperately wanting to use your natural talents and abilities differently

Look closely at: Why you believe that you’ll go broke or destroy your life if you pursue a new direction where you can leverage your real talents.

I’d be very wealthy if I had a dollar for every time I’ve seen, read or heard people saying that to pursue a new, more fulfilling direction will make them go broke and lose everything. It’s simply not true, if you pursue career change in the smartest, more effective way possible.

9. Longing to be of help in the world, but feeling your job won’t allow it: Knowing in your heart that you’re meant to do something meaningful and purposeful that helps others, but not seeing any way to make that happen

Look closely at: What do you think it takes to impact the world? Do you assume it has to require tremendous ability, money, or time? Can you reframe that (as so many others have) that you can start making a small impact in the world with tiny, powerful actions that are doable in your life, one step at a time?

We can make a difference in the world in many ways, perhaps through our work, but also through our volunteering, hobbies, or contributing our time and effort to a cause that matters. Where can you be of use to the world today?

Empowerment with your higher self:

10. Everything is falling apart all at once: Experiencing pain, hardship and suffering in not just one domain of your life but in many, and it’s extremely hard to manage all the struggle in a functional way.

Look closely at: The degree to which you are and have always been connected to struggle, and in some ways feel more “comfortable” in struggle than in ease, and where that connection came from.

I’ve worked with hundreds of professionals and leaders over the years who seem to be more “comfortable” when things are hard, painful and chaotic. When life eases up, they sabotage it because easy and joyful seem somehow “wrong.” Until you can get to the bottom of why struggle and pain feel better for you, and can let go of your need for it, struggle will be a regular part of your life experience.

11. Striving unsuccessfully to balance life and work: Trying — and failing — to balance it all, and feeling like you’re letting down everyone and everything that matters most

Look closely at: What are your top life priorities, and how comfortable are you to honor those fiercely and confidently, starting today?

I’m a mother with two grown children now, and I’ve lived what so many parents have experienced – the deep challenge of striving to be the parent or caregiver they dream to be, while simultaneously making a significant impact in their professional lives. I’ve found too in coaching women who need and want more balance and control, that it’s all about identifying with eyes wide open your highest priorities in life, then mustering the boundaries, bravery and determination to pursue those priorities without hesitation and regret.

12. Doing work you hate: Longing to reconnect with the “real you”—and do work you love

Look closely at: Why you believe there are no feasible ways to shift your professional life to a direction that will be more fulfilling and rewarding for you.

Your career is within your control, but so many people today have abdicated their own control and power, staying stuck for years or even a lifetime in work that demoralizes them.

If you’re facing any of these crises, have hope. Thousands of people have engaged in the internal and external work to shift out of these crises, and dramatically improved their lives and careers. There’s no reason why you can’t be one of them.

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