I recently came across a survey from 2020 titled Mind Over Money, conducted by Capital One and The Decision Lab. It provided helpful insights on financial stress relief for those struggling with monetary concerns and looking for advice on how to break free from financial stress.
- 77% of Americans feel anxious about their financial situation.
- 58% report that their finances control their lives.
- 68% worry they won’t have enough money to retire
That is a staggering amount of financial stress!!!!!!!!
If you’re feeling overwhelmed by money stress, you’re not alone. The good news is you can overcome money anxiety and build a better financial future.
How to Reduce The Stress
My goal is to help alleviate that stress. The past doesn’t define your future—you can’t change what’s already happened. Maybe you’ve made some financial mistakes. So what? We all have.
Letting go of the past isn’t easy. I made some really bad decisions buying into some businesses that didn’t work out. This created a loser complex for quite some time but once I let that go, I started to find success, made some really good decisions, worked my tail off and now find myself in a much better situation
I want to clarify that taking risks wasn’t my problem because, as the saying goes, you cannot get anywhere in life without taking risks—it was making major decisions while under emotional duress. At the time, my father was sick and my daughter Isabella had passed away. That kind of grief clouds your thinking, and it’s another point the survey highlights.
The Impact of Financial Stress
When you’re stressed about money, it’s harder to make the good decisions that will get you to a better place. According to the survey, financially stressed Americans are:
- Less likely to save consistently
- Less likely to plan their spending
- More likely to make impulsive purchases
(I can relate— in stressful times, I catch myself browsing online stores looking for something I didn’t need just to feel better.)
So what can you do?
Start by laying out the facts of your situation and creating long-term goals to guide yourself and/or your family to a brighter future. Write them down—somewhere visible or in a daily journal. I’m a huge fan of journaling. Every morning, I write down what I *need* to do and what I *want* to achieve. It clears my head, reduces anxiety, and keeps me focused.
Also—share your goals. Tell friends or family what you’re working toward. Whether it’s paying off debt, running a marathon, going back to school, or losing weight—putting your goals out there makes them real. It builds accountability and invites support.
Wherever you’re starting from, just start. If you’re in a tough financial spot, create a plan: pay down debt, rebuild your credit, start saving. If you’re already in a good place, keep building: grow your net worth, invest wisely, and map out a brighter future.
One step at a time. No shame in the past. Just forward momentum from here.
Cheers
