Many people worry about money. Usually it is the lack of money which causes the worry. A few people worry about having a lot of money and the stress associated with the possibility of losing it all.
Here are five ways I have tried to deal with money worries:
1. Building an emmergency fund. I have saved up some cash which can last me several months. Having some cash reserves reduces the pressure and worries of not having money.
2. Paying off debt. Banks are friendly when they are lending you money. They are your worst enemy if you don’t pay up. I remember a time I missed my monthly repayment. The bank blocked my account. They called me endlessly. In the end I had to go and bargain with the bank manager to unblock my salary account. Having little or no debt reduces money stress.
3. Owning our home. There is nothing as stressing as the fear of the landlord evicting you anytime. Owning your own modest home should be a money goal worth striving for.
4. Building several income streams. I have several income streams from work, self employment, business, investments, etc. As long as I manage my expenses well my wallet keeps growing fatter from the various income sources.
5. Personal development. Life is not all about working hard and worrying about money. Personal growth in all areas of life has allowed me to place money in its rightful place. Money is my servant. It is a tool I use to improve my life and to do good to others. I am not held hostage by fears and worries associated with money.