Paralyzed by financial stress? There are solutions, says one expert.
Got money stress? Michelleab founder and financial advisor Michelle Arpin Begina says she can help.
According to a recent Bankrate survey, 52% of Americans say that money is having a negative impact on their mental health, up sharply from 42% a year ago. There are several ways to manage that stress, Begina told Yahoo Finance (video above).
“Part of what needs to be distinguished is, what are they worrying about?” Begina said.
To relieve stress, she stressed the importance of identifying its source: If the event causing stress has already happened and is out of your control, it is best to filter it out. Otherwise, she recommended focusing on what is directly impacting you, and then basing a response off of your personal situation.
The next step: Monitoring your well-being by sleeping well, exercising, and getting fresh air improves the ability to think clearly, which in turn lowers anxiety, Begina said. “Believe it or not, the first piece of advice I'm going to give people is to take great care of themselves,” Begina said.
Beyond that, Begina said it is also important to keep an eye on your personal expenses and be comfortable with investments that might offer good opportunity but also be a little more stress free. For example, Begina said Americans can lock in certificate of deposit rates while they are at their highest in 20 years— and invest wisely in the markets by monitoring trends and keeping their portfolios diversified.
Begina said it is equally important not to over-depend on compounding wealth through the biggest trends of the day, such as artificial intelligence.
Also: consumers should continue to invest regularly, which is, believe it or not, one way to reduce stress over money and the markets. “Taking action, even a smaller action – like, ‘I'm going to start putting $10 a week away to build’ – it makes people feel better when they're doing something about their situation,” she said.
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