Do your finances run your life, causing anxiety, stress and fear? Wonder how you’re going to escape the money debt trap, let alone save anything or be financially free? If this is you, you aren’t alone. Recent reports say a whopping 77% of Americans feel this way. This doesn’t have to remain your situation forever. There are ways to take control and get back on your feet and it’s called the 70/30 Rule.
Cultural Money Woes
Often we feel hopeless about our situation or think we’re the only ones in the financial pits. This leads to a number of debilitating feelings and fatalistic inaction. It also generates feelings of failure, incompetence, low self-esteem, and low self-worth. All of this is unnecessary. While our past actions or unforeseen circumstances may have led to our financial situation, in truth the current monetary system and its marketing compound the problem. I’m not going to get into how the financial industry manipulates, uses us and bleeds us dry but instead present some stats that are symptoms of a larger problem, one likely affecting you personally.
- 77% of Americans report feeling anxious about their financial situation
- 58% feel that finances control their lives
- 52% have difficulty controlling their money-related worries
Americans are most worried about their financial future, which includes: not having enough money to retire (68%), keeping up with the cost of living (56%) and managing debt levels (45%).
The impact financial stress has on Americans stretches into all aspects of life with respondents saying they feel fatigued (43%), find it difficult to concentrate at work (42%) and have trouble sleeping (41%). A quarter of respondents (25%) said financial stress affects their relationships.
These are terrible stats. Getting relief from the financial industry or the governments which enable and support them seems a pipe dream at best so it’s up to us to take charge of our financial lives and solve our own problems. Here’s how with the 70/30 Rule.
Caveat: I’m not a financial advisor or anything like that. This is just how I took back control of my finances to semi-retire in 10 years. The methods and approaches I adopted may help you do the same.
The Money Formula
A while ago I published articles on understanding how your money works, how to safeguard and budget it, how to get out of debt, and how to build your wealth. If you’re serious about turning your life and habits around, visit the Don’t Live Broke Series and educate yourself. Then put the money principles into work and take action in your life. Since our governments prefer bailing out the rich, the rest of us must see to our own fortunes.
The Don’t Live Broke Series
- Overview: Did You Know Building Wealth Has These 7 Rules?
- Rule 1 – Know Your Wealth
- Rule 2 – The 70/30 Rule
- Rule 3 – Make Money Work For You
- Rule 3 – Make Money Work For You – Debt Payoff Option
- Rule 4 – Stash Your Cash
- Rule 5 – Don’t Dig Money Pits
- Rule 6 – Health Is Wealth
- Rule 7 – Hustle
Additionally, here are resources that helped me immensely when I began to study money and personal finance. I didn’t go to fancy financial advisors or spend hardly any money on my education. Instead I gathered mostly free resources, most of which you can listen to online or via audiobooks available from your local library’s online and app features.
If you need only one money rule to live by, it better be the 70/30 Rule. Check out these articles that explain it in a nutshell:
- The #1 Financial Rule to Follow is as Easy as 70/30
- What Our Parents Should Have Taught Us About Money But Didn’t with the Book of the Month: Rich Dad, Poor Dad
Your Money, Your Life
When 77% of American adults are this stressed out and anxious over money, you know something is wrong. Don’t fall into the wrong belief that getting free is impossible. It is possible. I know because I escaped the trap and massive debt to not just live an okay life just above paycheck to paycheck but to semi-retire in 10 years of putting these rules into action.
Don’t stay with the 77% who are miserable over money. Have faith in yourself and start taking back your money and your life.
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