Three Causes of Financial Stress:
People today seem to be under more stress than ever before and one of the biggest causes of that stress comes from money. As most of us know, stress can cause number of physical and emotional problems for us. So let’s talk about what’s causing all this financial stress? Here are just three (3) contributing factors:
1. Growing Consumer Debt.
Debt levels are increasing at a faster rate than both incomes and assets. Never has it been easier to access debt in all forms – lines of credit, mortgages, credit cards. You can purchase just about anything without having cash. Debt has created a lot of the economic problems we face today and was the biggest factor in the world financial crisis in 2007. The debt problem has been fueled by consumerism and consumption. We no longer practice delayed gratification. Instead we practice delayed consequence. We have become our worst enemies because we’ve been programmed to spend even if it means spending money we don’t have.
2. Financial marketplace is increasingly complex.
There is more information, products, choice and confusion in the financial industry than ever before.There is a ridiculous amount of information on the topic. More information is not always a good thing. Part of that confusion stems from the fact there is more opinions and less fact.To compound the problem, we also have more financial products than ever and more choice has paralyzed us from making important decisions about money.
3. Lack of formal education on money
Here lies the root of the problem. There is little formal financial education in the school system. There is very little offered in the workplace.Many adults lack the basic literacy and life skills to cope with the demands of our economy. Financial stress is all too common in our society and we need to do something about it. The starting point is a little knowledge but true success comes from action. It comes from taking control of your financial affairs and developing good financial habits.
For more information: http://www.LBGFinancial.com
~Copa
1. Growing Consumer Debt.
Debt levels are increasing at a faster rate than both incomes and assets. Never has it been easier to access debt in all forms – lines of credit, mortgages, credit cards. You can purchase just about anything without having cash. Debt has created a lot of the economic problems we face today and was the biggest factor in the world financial crisis in 2007. The debt problem has been fueled by consumerism and consumption. We no longer practice delayed gratification. Instead we practice delayed consequence. We have become our worst enemies because we’ve been programmed to spend even if it means spending money we don’t have.
2. Financial marketplace is increasingly complex.
There is more information, products, choice and confusion in the financial industry than ever before.There is a ridiculous amount of information on the topic. More information is not always a good thing. Part of that confusion stems from the fact there is more opinions and less fact.To compound the problem, we also have more financial products than ever and more choice has paralyzed us from making important decisions about money.
3. Lack of formal education on money
Here lies the root of the problem. There is little formal financial education in the school system. There is very little offered in the workplace.Many adults lack the basic literacy and life skills to cope with the demands of our economy. Financial stress is all too common in our society and we need to do something about it. The starting point is a little knowledge but true success comes from action. It comes from taking control of your financial affairs and developing good financial habits.
For more information: http://www.LBGFinancial.com
~Copa