How to Tame Financial Anxiety

Key Takeaways 

  • A recent Northwestern Mutual study found that 28% of Millennials have financial anxiety that affects their job performance; twice that of the rest of the population.
  • If you know you have money in the bank, you can give yourself peace of mind to know you can handle something if it comes up.
  • If you don’t currently have money saved up somewhere, start now by saving a certain amount of money you determine every month, in an account that you do not touch.

Financial Confidence Versus Competence

Key Takeaways

  • There is a big difference between having confidence in your knowledge of something, and having actual competence in it.
  • To bridge the financial confidence to competence gap, you need to look at your dangers, opportunities, and strengths.
  • Making good decisions about your money requires understanding your limitations, and sometimes seeking additional experienced help.

Have a Path and a Plan

Key Takeaways

  • When you have to make a financial decision that could have a long term effect on your financial future, you want to have a path and plan in place.
  • Some of the big decisions you want to be clear about are taking on student debt, buying a house, a car, or any other expensive item, and looking at tax deductible and tax deferred options.
  • Seeking counsel on putting a path and plan together from successful individuals and professionals versus asking your peers or going it alone, will ensure you make sound financial decisions.

Simplify Your Life the 4D Way

Key Takeaways

  • There are a lot of things in our lives that cause us to get distracted, to be unproductive, and to get frustrated and overwhelmed.
  • Using the 4Ds – Do it, Delay it, Delegate it, and Destroy it – is a very helpful way to reduce the extra noise and work in our lives.
  • Taking the time to identify our frustrations and distractions and then categorizing and organizing them can help us reorganize our lives and feel a lot better.