How to deal with Stress Induced by Finances and Our Mental Health

Many people feel stressed due to money. In Canada two out of every five reported that their finances were their biggest concern. According to a survey conducted by FP Canada in 2022. This includes those who struggles with their finances and those who are stressed over losing their investments or their comfortable financial situation.

As a wealth psychologist, I have observed that people who are stressed about their finances. They could benefit from both a proactive approach to their situation and improving their mental health. Money stress can weigh on an individual’s wellbeing. It triggers our survival fear. In order to deal with this fear it is important to create a plan that focuses on finding solutions. All while adopting a different mindset.

Once individuals have a plan in place to get a hold of their finances and take actions in a direction that will improve their present financial state. Only then a person begins feeling control over the situation rather than lack of control.

One of the ways to help manage these stressors is to find time on a daily basis to focus on your mental wellbeing. Some ways to create a positive environment for yourself during a stressful money period is to exercise, walk or meditate. As well as talk to a professional or close confidants about how you’re feeling and how to plan for a better financial future.

Everyone’s approach to filling this ‘waiting period’ of fixing money challenges will look different. But the important thing is to find something that makes you feel hopeful. For example, you can try frequent affirmations that will put you in a hopeful state of mind, or might find aid in music or spirituality.

At the end of day, keeping a positive state of mind, even if we start with 60 seconds a day where you think about one positive aspect of your future, is very important. We need to make sure it overrides the negative. A person’s current financial situation does not indicate what will lie ahead of them. Especially in the cases where a plan is in place to change it. It’s important to not let your present moment dictate your future.

Preparing the Next Generation for Wealth Transfer

One of the key topics that resonated with the audience was how parents can prepare their children for a successful wealth transfer. Many asked about the ideal age to start this preparation and the areas that should be covered.

I touched upon the eight essential areas that wealthy parents need to focus on to facilitate a successful transfer. These include teaching financial literacy, fostering emotional resilience, understanding the family dynamic and its impact of wealth transfer, being able to establish healthy communication channels, understanding the family wealth system, and instilling a shared sense of family values.

My Estate Planning and Wealth Transfer program is specifically designed to address these areas. The program offers actionable tools, interactive exercises, and evidence-based strategies to help families manage the complexities of intergenerational wealth. The programs ensure that estate planning is done with the utmost care for the legal aspects as well as the psychological and emotional one, and that wealth transitions are not only seamless but also deeply meaningful, strengthening family bonds and aligning wealth with the values that matter most.

I encourage readers to explore and inquire about this online program, which provides a comprehensive roadmap for building a legacy that goes beyond financial success. It equips families with the knowledge and skills to create enduring connections and sustainable wealth strategies across generations.

A Glimpse into a Subsequent Session

Charles Spencer, the 9th Earl Spencer, delivered a compelling keynote titled “Centuries in the Making: Evolutionary Strategies for Wealth and Legacy Preservation in a Changing World.” Drawing on the Spencer family’s centuries-long history, he provided unique insights into the evolution of wealth management strategies and their relevance in today’s world.

He shared approaches for preserving and growing family wealth while staying true to core family values and philanthropic commitments. His keynote also highlighted the need to adapt historical wealth strategies to meet contemporary challenges such as globalization, technological advancements, and economic uncertainties.

Earl Spencer brought these lessons to life through personal stories and leadership insights, offering practical guidance on resilience and stewardship for maintaining enduring family legacies.

Other topics throughout the summit included the evolution of wealth management strategies, the role of philanthropy in shaping family legacies, and innovative approaches to aligning personal values with financial goals. These conversations offered attendees a holistic perspective on the opportunities and challenges that come with wealth in today’s world.

The Summit’s Broader Impact

This year’s Elite Summit was more than just a conference; it was a vibrant place of ideas, featuring speakers from diverse backgrounds who shared a common goal of pushing the boundaries of traditional finance and philanthropy. The summit reaffirmed its role as a pivotal platform for future trends in family offices and wealth management.

Looking Forward

The insights garnered from this year’s summit are just the beginning. We continue to reflect on the knowledge shared and prepare for the practical applications in our lives.

For those eager to explore how wealth psychology can transform your family business or family’s wealth management, feel free to reach out. Let’s leverage the momentum from the Elite Summit to foster innovative solutions tailored to your needs.

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