Don't Let Personal Finance Add to your Stress

One of the top five reasons for divorce is finances. It is a mental burden that unfortunately millions of Americans struggle with sometimes on a daily basis. Of all the issues that can arise, either internal or external, personal finance is one that you mostly have control over. Obviously, some external circumstances can ruin and set you back. Most of these issues dealing with personal finance are internal that you can change. It’s possible to live a life without that mental burden always hanging over you.

I have been blessed. My family helped me out a ton. I didn’t have to starve. Never had to struggle to meet my personal needs growing up. There have also been several favorable outcomes to help me on my journey.

I met a person the other day that had similar advantages. One of the biggest differences is that they have a degree which includes student loan debt. I have no specialized degree, but I also have no debt. They also fell into credit card, vehicle, and even personal “loans” given by a family member. Which understandably adds a large amount of stress to your life, and it can put stress on that relationship. The amount of debt has forced them into two jobs as their degree left them with more debt than their salary could pay off.

With this financial stress on top of other stressors in life like having a tough job, having some issues in a relationship, anxiety that needs medication. It is a large list of stressors in this life.

Don’t let finances be part of this list.

I have anxiety in daily life. It has flare ups once in a while but one section that I have outgrown is financial anxiety. Currently I am on a path to financial success. Financial success that can float me for 30+ years when I decide to retire and still be enough to hand down to the next generation. As an employee with no advanced degree and smaller income it makes me feel great.

Being 32 years old with 6 more years on $500 a month car payment with $0 in retirement and terrible habits is a spot that would add tremendous anxiety to my life. It isn’t over for them, 32 is still young, they can still make a huge change today and be able to invest that $500 a month in retirement. Doing this for 30 years with an 8.5% annual yield by 67 years old they will have $745,299.91. Putting this money in a Roth IRA means this can be tax-free when you pull it out. For those of you who say that the number is too small to retire on are both right and wrong. This won’t be a glamourous retirement, especially after 30 years of inflation. Hopefully social security will be a way to supplement their lifestyle while pulling small amounts from this nest egg.

This blog doesn’t really have a path, but I just wanted to spill my mind on the page a little bit. Finances are such a large stressor. If you get this section of your life under control, you can focus on other issues in your life. Right now, I am able to take off work and not need a paycheck if I got injured or I need to take care of a parent for several months. I can pay cash for emergency vet visits. Emergency hospital visits. I can go on vacation without debt. I feel like that’s a blessed place to be. It took a good start, and the curiosity to try and do better. My finances aren’t issues so I get to worry about other things.