A recent report undertaken by CoreData revealed that more than 50 per cent of Australians are stressed about their financial position. Almost 85% of those say it’s impacting their wellbeing.
With NSW and Victoria boasting the highest cost of living, it’s no surprise that they’re reported to be the most financially stressed and anxious populations.
These people are financially stressed due to:
- High levels of debt associated with a home purchase
- No to low growth in income
- Spending on unnecessary items (e.g. electronics, cars & clothing) to create a perception of a certain image. Commonly known as ‘keeping up with the Jones’”
- A lack of discipline with spending and/or a lack of knowledge around cashflow
- No one to keep them accountable to their spending, debt or earning capabilities
Of course, a wealth adviser can help to devise a path to relief. But a financial position is just a number.
What if we decided to reframe our financial position through a lens of gratitude?
Here are some alternative approaches to perceiving your financial position:
- Understanding your true values will help align your occupation, income and spending with what is truly important to you, not what is important to others.
- Take time to observe, help and donate to those who are less fortunate. A child wanting the latest mobile phone for school or the latest Nikes may not see these as so important when they consider other children who go to school with no lunch, no jumper and lacking in basic stationery.
- Practising gratitude is a great way of changing the brain’s default setting from anger, frustration or negative thoughts to feelings of happiness and thankfulness for what we have.
- Understanding cash flow provides insight into what your true position is now and what it will be in three, five or ten years time. Visualisation is important in creating change.
- Work with people who will not only keep you accountable such as a wealth advisor and accountant but with those who can help steer your career or business in the direction it needs to go.
Taking a holistic approach to your financial position means your bank balance isn’t your only measure of success.
Talk to John Purl today about reframing your view on financial wellbeing.