Announcement

Collapse
No announcement yet.

Financial Insomnia

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Financial Insomnia

    I saw this on the local news this morning.

    According to the report 56% of Americans have or are losing sleep over some financial issue.

    Top issues causing stress:
    - Saving enough for retirement
    - Paying for healthcare
    - Credit card debt

    Most likely group to worry:
    Couples who have kids 18 and under.


    Brian

  • #2
    I heard that report too.

    I have definitely had times where I lost sleep over financial concerns, and not all that long ago. Fortunately, we are in a much better place now so it hasn't happened recently.

    I can totally understand this being an issue.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

    Comment


    • #3
      I wonder how accurate these surveys/ polls/ stories are ?
      As I look around I see more then that with zero regard to the future and slowing their spend more then I make mentality.

      Although we had some times where things were tight and some health scares I do not remember very many times we lost sleep over it.

      I keep hearing some odd statistics being spread that I have real doubts about.
      I look around and see MOST around me that are having money issues are self inflicted.
      I feel these items are meant to enforce the idea of " everyone is in same boat" and "it is not your fault"

      Retirement: the goals are not clear and every other article /story seems to add another $x to suggested amount. For those whom simply believe everything they read or see on ads for financial services there will NEVER be enough.

      Credit cards is self inflicted and shows that it is too easy to dig yourself in a hole. Where was the lost sleep as people were charging their way into trouble.

      Healthcare is a crap shoot. if lucky I guess you have very little expenses but anyone can be subject to a huge crisis. How you handle a crisis is the difference.

      Comment


      • #4
        I can understand why, kids make things a lot tougher. expenses can be way higher, and you're responsible for their wellbeing

        Comment


        • #5
          Originally posted by Smallsteps View Post
          I wonder how accurate these surveys/ polls/ stories are ?
          As I look around I see more then that with zero regard to the future and slowing their spend more then I make mentality.

          Although we had some times where things were tight and some health scares I do not remember very many times we lost sleep over it.

          I keep hearing some odd statistics being spread that I have real doubts about.
          I look around and see MOST around me that are having money issues are self inflicted.
          I feel these items are meant to enforce the idea of " everyone is in same boat" and "it is not your fault"

          Retirement: the goals are not clear and every other article /story seems to add another $x to suggested amount. For those whom simply believe everything they read or see on ads for financial services there will NEVER be enough.

          Credit cards is self inflicted and shows that it is too easy to dig yourself in a hole. Where was the lost sleep as people were charging their way into trouble.

          Healthcare is a crap shoot. if lucky I guess you have very little expenses but anyone can be subject to a huge crisis. How you handle a crisis is the difference.
          I'm guessing that there is a certain element of embarrassment when it comes to financial issues.
          A lot of your coworkers, friends, even family could have some major financial problems, and you might never know it.
          Brian

          Comment


          • #6
            Originally posted by bjl584 View Post

            I'm guessing that there is a certain element of embarrassment when it comes to financial issues.
            A lot of your coworkers, friends, even family could have some major financial problems, and you might never know it.
            This is so true! Recently, an aunt of mine found herself completely homeless. None of us had a clue anything was wrong before she reached out for a place to stay. I think a lot of it has to do with the stigma around personal finance. No one wants to talk about money problems, even if it is keeping them up at night.

            Comment


            • #7
              Originally posted by amastewa93 View Post

              This is so true! Recently, an aunt of mine found herself completely homeless. None of us had a clue anything was wrong before she reached out for a place to stay. I think a lot of it has to do with the stigma around personal finance. No one wants to talk about money problems, even if it is keeping them up at night.
              No one in American culture want to talk about money, period.
              It's often taboo to talk about how much money you make, or how much you have, or the amount of debt that you carry.
              Brian

              Comment


              • #8
                Originally posted by Smallsteps View Post
                I wonder how accurate these surveys/ polls/ stories are ?
                As I look around I see more then that with zero regard to the future and slowing their spend more then I make mentality.

                Although we had some times where things were tight and some health scares I do not remember very many times we lost sleep over it.

                I keep hearing some odd statistics being spread that I have real doubts about.
                As Brian said, discussing money is very much taboo, even between spouses and within families. I'm sure a lot of people lie awake at night wondering how they're going to pay the bill sitting on the counter or how they're going to afford college for their kid or how they're going to come up with the money to fix the car.

                Just because people aren't planning for the future doesn't mean they aren't worried about it.
                Steve

                * Despite the high cost of living, it remains very popular.
                * Why should I pay for my daughter's education when she already knows everything?
                * There are no shortcuts to anywhere worth going.

                Comment


                • #9
                  Significant debt would be the one that would keep me up nights.

                  Comment


                  • #10
                    I was losing sleep over buying our new car last month, and it wasn't like we couldn't afford it. I just wasn't sure about spending that much on a vehicle. Now I can't sleep because the clowns won't let me.

                    Comment


                    • #11
                      count sheep instead of clowns

                      Comment


                      • #12
                        Originally posted by disneysteve View Post

                        As Brian said, discussing money is very much taboo, even between spouses and within families. I'm sure a lot of people lie awake at night wondering how they're going to pay the bill sitting on the counter or how they're going to afford college for their kid or how they're going to come up with the money to fix the car.

                        Just because people aren't planning for the future doesn't mean they aren't worried about it.
                        Why do some think discussing money is taboo?

                        While i do not advocate details to strangers etc.
                        Reality discussions, especially with family, could solve many potential problems. How many parents are in over their head instead of telling kids" hey that might not be doable" they dig a deeper hole. Not only did they put themselves in debt but teaches bad habits to their kids as well.
                        How many money issues create problems in relationships that in the end break up couples or families?

                        I have found so many times that people whom hide problems and only share when at crisis levels they can no longer juggle or hide, are creating their own disaster. By the time it comes out those around you may no longer be able to help they might have when it was starting and small but after you wait for the balloon ready to burst you may have gone past the point someone can or would want to help.
                        Sometimes a spouse or close friend may know of options to a problem you had not even thought of. Creative efforts to solve a problem sometimes need a different vantage point.
                        certainly I feel a better move then financial insomnia.

                        People, if you listen, tell others more then they think they do in passive conversation.

                        Comment


                        • #13
                          Originally posted by Smallsteps View Post

                          Why do some think discussing money is taboo?

                          While i do not advocate details to strangers etc.
                          Reality discussions, especially with family, could solve many potential problems. How many parents are in over their head instead of telling kids" hey that might not be doable" they dig a deeper hole. Not only did they put themselves in debt but teaches bad habits to their kids as well.
                          How many money issues create problems in relationships that in the end break up couples or families?

                          I have found so many times that people whom hide problems and only share when at crisis levels they can no longer juggle or hide, are creating their own disaster. By the time it comes out those around you may no longer be able to help they might have when it was starting and small but after you wait for the balloon ready to burst you may have gone past the point someone can or would want to help.
                          Sometimes a spouse or close friend may know of options to a problem you had not even thought of. Creative efforts to solve a problem sometimes need a different vantage point.
                          certainly I feel a better move then financial insomnia.

                          People, if you listen, tell others more then they think they do in passive conversation.
                          Most people will work to avoid pain than to seek pleasure.
                          I think that is a Tony Robbins quote.

                          The point is, most people would rather not talk about their problems or face their fears.
                          It's easier to avoid them.
                          Brian

                          Comment


                          • #14
                            Originally posted by bjl584 View Post

                            No one in American culture want to talk about money, period.
                            It's often taboo to talk about how much money you make, or how much you have, or the amount of debt that you carry.
                            Yes - even my grandmother warned me when we moved recently to not tell people how much better we'd be financially by making the move. She said it was "no one's business." I understand that to a point, but don't feel like avoiding talking about money helps anyone. No one knows how much money she may have - or what her plans are for the future (she will be 84 this year) because of it. It is a little scary to be on that side of things as a family member.

                            Comment


                            • #15
                              I don't know about financial insomnia per se, but I can pretty much guarantee that every member of this board is going to bed with something heavy on their mind, and giving them a "good morning" greeting each new day.
                              How can you have any pudding if you don't eat your meat?

                              Comment

                              Working...
                              X