How to prevent fear and anxiety from ruining your financial life

Chassity Jackson, founder of Battle Beauties Fashion, worries about falling back into depression over money.

Courtesy: Chassity Jackson

Chassity Jackson is worried about his financial future.

While the 42-year-old Air Force veteran is now financially secure, that hasn’t always been the case.

Two years ago, she was living in a car with her 11-year-old son, suffering from anxiety, depression and post-traumatic stress disorder.

“I didn’t know where my next meal was coming from,” said Jackson, who lives in Destin, Florida.

“Finances were very scarce,” she added. “It’s terrifying as a mom.”

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She is now a part-time graduate student, president of Boots on the Ground International Ministries, which helps homeless children and veterans, and owns her own fashion business, Battle Beauties Fashion.

“I’m in a good position but I also have a residue of anxiety because I never want to see this trauma again,” said Jackson, who is disabled in combat.

While past trauma can certainly have an impact on current financial mental health, recognizing that there is something that makes Jackson anxious is a big step, said Dr George James, Certified Marriage and Family Therapist, Director of the innovation and senior staff therapist at the Nonprofit Council. for relationships.

“Sometimes we are on autopilot and we don’t even recognize that we are making financial decisions because of past injury or pain,” he said.

There are a number of reasons people can feel anxious or stressed out. The Covid-19 pandemic is important to many. Just over 40% of American adults reported symptoms of anxiety or depressive disorder during the seizure, according to the Kaiser Family Foundation.

When there are money issues, it can certainly impact your mental health, according to James, a member of the CNBC Invest In You Financial Wellness Council.

“Money is about security and when there is something that could take our money away, like the Covid pandemic, it takes away our security,” he said.

Take steps to try and feel more secure, such as reassessing your retirement plan, cutting back on spending, or talking to a financial advisor.

Take the time to take care of yourself as well.

“If we are so stressed or overwhelmed or so tired or if our state of mind is not at its best, sometimes we can make bad financial decisions,” said James.

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