Why can’t we talk about our money stress?
"I made my money the old-fashioned way. I was very nice to a wealthy relative right before he died." --Malcolm Forbes
If you’re not going to inherit a fortune, you may want to:
Talk to your peers about how they manage their money
Write a financial plan
Break the Money Taboo: share your goals with peers to help make the strategies even stronger
Today 44% of Americans say they’re more stressed about money than work or their relationships.* And while you can hear folks talking about their jobs and their relationships just about anywhere (I’ve learned more about relationships just standing in line at the grocery store), they are virtually silent when it comes to money.Are you doing this?
Some people don’t like to talk about things they don’t understand. Some folks, when it comes to money, think that if they share what they’re doing successfully with others will somehow lessen their accomplishment. Others just can’t find the time to write down a goal, talk it through with their spouse, partner or family.
It takes as much energy to wish as it does to plan. --Eleanor Roosevelt
Have a Plan. Write it Down.
Stop wishing and start doing! Nothing is as important as having a plan in place. A written plan. It makes your goals tangible. You’ll have something to review with your spouse, partner or family. And you can adjust it over time.
What are your goals?
Have enough to retire comfortably
Pay for your children’s education
Get out of debt
Provide for your parents
What steps do you need to take to reach these goals?
Get a raise
Pay off credit card debt
Not all of your steps have to be big steps! In fact, add some smaller steps so you can build some momentum.
What can you do better?
Open a retirement account
Leverage work retirement plans (401K)
Break the Taboo: Share your plan!
This is the most important part reducing Money Stress. Share your plan. Talk to your friends about your goals. Leverage the Hive on Impart Wealth to get insights and comments from your peers.
You’ll be surprised that they may have the same goals, or explored other options. By stating your goals, you make them real and make yourself accountable. And you’re helping out others who haven’t yet put their goals on paper.
Let’s succeed together!
Impart Wealth Data on Financial Goals and Planning
(from Impart Wealth’s survey of 750 GenX and Millennials, active in social media and willing to share their financial insights in an anonymous, moderated online site)
More than 85% are saving for long term goals
96% are involved in managing their family’s legal and financial decisions
71% manage their finances on their own or get input from their partner.
What’s Buzzing in the Hive?
What are your financial goals and your strategies for reaching them?
Have you ever written your goals down?
Are you tracking your results?
Is there anything stopping you from writing a plan?
Talk to your Hive and see how other members have put together financial goals, and what you can teach them about your approach to achieving your goals.
New data from Northwestern Mutual’s 2018 Planning & Progress Study found that money is the No. 1 cause of stress among Americans, according to 44 percent of survey respondents. Money is more of a problem than either personal relationships (25 percent) or work (18 percent).
Over the past year, financial anxiety has increased. In 2017, 37 percent of Americans said they felt a high or moderate level of anxiety when thinking about saving for retirement and 40 percent felt anxious about outliving their retirement savings, according to data from Northwestern Mutual. As of 2018, 41 percent are stressed about retirement planning and 46 percent worry about outliving their savings.
That makes sense given that so many Americans are behind on prepping for retirement. Over 20 percent have nothing at all saved for the future, and another 10 percent have less than $5,000 socked away, Northwestern Mutual found. The cost of health care continues to rise faster than incomes as well: Annual costs came out to more than $10,000 per person in 2016.
*Source: CNBC Article