Bank, Loan, Morgage

Net-worth VS Self-worth #MentalHealthWeek

We love talking- be it long comments on Facebook, short, witty comments on Twitter, or those addictive Instagram polls. We love talking, not just social media, the water coolers, the coffee shop, and those beers at bars over weekend, but do you know there are two topics make us hit awkward silence. 

Those two topics are ‘money’ and ‘mental health,’ and in case you didn’t notice, they go hand in hand. And I’m not just talking about COVID wave hitting us too hard, in general, we hesitate when it comes to talking about it. The worst part is- this hesitation is increasing.

A typical cycle of money and mental health issues

Financial problems are a widespread cause of stress, and the worst part about it is the traditional stereotype which people have that having debt is a sign of not being good with money management. The self-thought ‘humiliation’ and ’embarrassment’ lead to isolation, which primarily impacts the well being of the person.

People who are sitting in the comfort of their home may not understand the severity of this problem. Sometimes, this leads to people even cutting off the essentials, healthcare, and hygiene items to meet day to day needs- and they choose to do that overtaking loans.

A loan is a different story altogether- we can never call it a charity. It often comes with its very own price called ‘interest,’ and sometimes it is unrealistically high. Unbanked people often pay up to 100% as interest rates in desperate times. 

And mind you, these lenders are aggressive with 0 emotions or moral grounds, they come raw and nasty when it comes to taking their money back.

According to a study, people in debt problem are three times as likely to have thought about suicide in the past year. Suicide is a severe agenda in itself alone and has multiple factors attached to the circumstances of someone opting for it. However, there is a link between debt and suicide.

In a study done by an Independent mental health task force based out of the UK, mental health also affects your income. It suggested that people experiencing mental health problems are less likely to be in high-paid employment and more likely to be in low-paid jobs. 

This explains why only 43% of people with mental health problems are in employment, compared to 74% of the general population and 65% of people with other health conditions. In short, People with mental health problems are also overrepresented in high-turnover, low-pay, part-time or temporary work. 

Also, sometimes people with mental health problems cannot adjust to the working environment because they are often anxious, sensitive, or impulsive toward management and meeting their work goals. 

Besides your pockets, your mental health affects your relationship with colleagues, juniors, and seniors because the very idea of different forms of communication like one on one, email/ chat exchange, group presentation makes one nervous, anxious, so on… 

And here comes the worst part, despite knowing so many things, symptoms, and care established for people with mental health, no one will come forward and accept it because of the taboo attached to it.

Here are some tips that you can go for if you are trying to get back on financial track:-

  • Understand where you are unnecessarily spending money, research the root cause of it, and fix the problem with an economical solution. 

  • Never hesitate to talk to someone if you are not able to fix your problems; it is okay to reach out to friends, family, or financial experts and try to understand what is the best possible solution for the same.

  • Be realistic; try to understand the difference between luxury and necessities.

  • It is okay to make some mistakes in the process of saving money, relapsing is okay as long as you understand the long-term benefits of finance management.

  • Please don’t be harsh to yourself for making mistakes- nothing makes us more human than our errors, and if we want to be kind to the world- let’s start with ourselves.

  • Your debts don’t make you a wrong person; this sense of being stupid for making mistakes and beating yourself up for it doesn’t help- know the difference between net worth and self-worth.

Keeping money out of the equation for a minute as we are in #MentalHealthWeek, We want everyone reading this to focus on having an excellent mental and physical health during this tough time.

Take proper sleep, exercise/ stretch whenever you can, eat right, and socialize with the right people (from a distance). Smile often, be open about your feelings, engage in extra activities outside your work and home chaos. 

Never hesitate to reach out to professionals to help you through this.

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