Show 57 - Wealth = Less Stress with Mark the Finance Teacher
In this episode, I talk with Mark the Finance Teacher about reducing your stress to become wealthier.
10/30/20242 min read
Do you have stress? If you answered no to that question you’re either lying or possess the secret to life, the universe, and everything, other than 42 that is (if you don’t get the reference, your homework is now to read the Hitch Hiker’s Guide to the Galaxy). We all have stress to some degree, but there are healthy levels of stress and unhealthy levels. Too many people who are “successful” operate at an unhealthy level of stress. I don’t want you to be rich and stressed. Wealth is a calm nervous system, and that’s why I brought Mark on to talk about this important topic.
Show Notes
Recommended Books(Amazon Affiliate Links)
The Psychology of Money by Morgan Housel
Key Ideas
Keeping money is more important than making money. When you are consistently putting money in your pocket to accumulate that opens up more freedom and less stress in the long run.
Stress is caused by things that pull money out of your pocket every month. This often takes the form of debt like credit cards and mortgages, but even your Amazon habit could be causing stress (yeah, I know about that steady roll of packages hitting your doorstep).
It can be really hard to keep more money in your pocket with systems in place. For example, paying yourself first, tracking your spending, automatic withdrawals to investment accounts, etc. will help you keep money in your pocket.
Don’t forget to enjoy life. Having some low cost hobbies with those you love are super important to reducing stress and just feeling better about your life.
Bonus Tip
Mark and I talked about a lot of cool things, but here is a bonus tip I didn't get to in the episode.
The happiest retirees have the least amount of debt. That includes mortgages. So while mathematically it makes more sense in most cases to invest in the stock market than to pay off your mortgage, if you are getting close to retirement, having a paid off mortgage is going to make the biggest difference in reducing your stress. And without stress, you'll feel much wealthier than a few more dollars can ever do.