If you want more control over your finances, you might be surprised to find that focussing your attention on your money worries can actually lead to more negativity, which often results in feeling even less in control.

The first step is to distinguish between money troubles and money worries.

Financial commentator Jason Butler explains the difference as follows: “Money troubles are financial problems you have right now. For example, not being able to afford food or pay your rent. On the other hand, money worries are financial problems that might happen at some stage in the future. For example, losing your job or your boiler blowing up”.

Money troubles are real and require your immediate attention. Don’t procrastinate; they demand a response from you. You cannot build your financial well-being without controlling your spending decisions. This is within your control.

On the other hand, money worries are often imagined. It is only in your mind. Humans have a negative bias in their thinking, encoded by evolution, which leads us to default to worst-case thinking. We often believe that worrying is a productive activity that gives us some sense of control but worry dilutes our sense of control.

Continuous consumption of news from channels like CNBC or Bloomberg is not a good use of your most important resources—your time and attention. When the media and public consensus consume your attention, you can spiral into negative thinking. Remember, bad news sells best, so you are likely to consume more of it. The media does not care much about your financial future.

According to Dr. Marian Rojas from the University of Navarra, 90% of the things we worry about never happen. Yet, these thoughts that haunt our minds have a direct impact on our health. Research shows that when we worry, our stress hormones are activated, causing us to physically experience the effects of a future imagined event as though it is happening in the present. Your stress about future events, however improbable, affects your health today.

When you worry your survival brain, the Amygdala, takes over and primes your body for action.  Also, the prefrontal cortex, the area of the brain responsible for attention, concentration, problem solving and impulse control, is deactivated. This reduces your ability to make rational decisions.

Worrying about the future consumes precious resources that could have been invested in other areas of your life that would feed into a better sense of control and benefit your physical and emotional health.

Your attention is your property. In the modern “attention economy”, your attention has become the product. The mainstream and social media are screaming for your attention. It is consistently trying to convince you that you need something, that you are falling short in some way. It fills your head with negativity. All the messaging ends up distracting you from what’s really important to you. When your attention is consumed by news flows and screens you are less able to pay attention which reduces your ability to make better life decisions.

When we focus on the past it usually leads to regret. When we agonise about the future it leads to anxiety. You can only live and create in the present.

Here are some things you can do today that are within your control:

• Cultivate personal relationships. Research from Harvard found that physical and mental health in your old age is best explained by your meaningful relationships throughout your life. Money cannot solve loneliness; it requires your personal time and commitment.
• Moderate regular exercise. Raising your heartbeat for 30 minutes 4 times a weak significantly impacts both physical and mental health. Cultivate small habits that over time becomes a lifestyle.
• Be mindful of what you eat. There is a direct correlation between your diet and your health. You have 100% control over what you consume.
• Prioritise sleep. Sufficient rest is crucial for both mental and physical health. It directly impacts your metabolism and how effectively your short-term memory gets transferred to long-term memory.
• Reduce your media intake. Media consumption does not serve you well. It does not lead to making better decisions for the benefit of your future self. It is wasteful and unhelpful.
• Connect with nature. We are part of nature and benefit physically and mentally when we are connected to it and spend time with nature.

PB Sherman made the tong-in cheek comment: “How do you spend your time? I don’t know about you, but I spend it worrying. And it works. Did you know that when I worry, most of the things I worry about never happen? And if you think that I’m wrong, kindly keep that opinion to yourself.”

Unless you agree with his humorous take on things, it’s better to shift your attention and perspective to something more productive. Focus on what you can control.

In the words of Glenn Turner: “Worrying is like a rocking chair, it gives you something to do, but it gets you nowhere.”

The price you pay for worrying is your health.

 

The above article was written and adapted by Marius Kilian.

Source

*“Uncertainty,” Jason Butler, jason-butler.com/blog,

* Dr Marian Rojas, Universidad de Navara, en.unav.edu, 27 Jan 2023

* “Over nearly 80-years Harvard-study has been showing how to live a healthy and happy-life”, Liz Mineo, news.harvard.edu, 11 April 2017

*” Worrying works: 90% of the things I worry about never happen”, PB Sherman, shermanpolebuildings.com,6 Jan 23