The Mental Health Corner Archive
Financial security lacking for many these days
October 20, 2008
Facing Fear in the Sliding Economy
The last week has been fraught with anxiety for the average person with retirement investment in a 401k or other plan. For years, individuals have been told that investing in mutual funds or stocks is a good idea. “Put aside a little money regularly for when you’re old, and then the rest will take care of itself.” Most people have assumed their investments would be safe, but are now thinking otherwise.
After a difficult slide in the past few weeks, the stock market is struggling and Main Street is starting to demonstrate the influence of that slide in value. Emotions are taking over and people are wondering what to do or making decisions that they might not have made if “cooler heads” were prevailing. What many people thought was a safe investment has turned out to be anything but that.
A neighbor spoke this week about regretting not moving into cash with her retirement account earlier this fall. She is retired, but has not been as cautious with her retirement investments as she should have been. She is not sure what to do at this time and is finding it difficult to sleep, finding herself constantly worrying about the future. Another friend with many years to go before retirement was lamenting a 25% loss in his 401k account. He spoke of wondering if he would ever be able to retire with any sense of financial security.
This is an age of anxiety and fear, when we don’t feel very safe or secure in many ways and once again, economically. Even in Montana and Wyoming, relatively rural states with limited looming natural disasters and little to attract terrorists, we struggle with anxiety and fear, especially when finances are involved. In the past, for many Americans, the sense of security was founded on strong families and spiritual faith, things that could not be taken from them. There has been a shift in recent years, where “security,” changed to mean financial security, something that has been recently shaken again.
As humans, we experience increased fear and anxiety because of a lack of emotional and spiritual security.
The following are a few suggestions to help lessen anxiety and fear in these unstable times:
Live in the now. Choose to notice the snowflakes in the midst of the storm. Attend to the laugh of your child. Feel the comfort as you step into a warm shower. Pay attention to small and positive moments in your daily life and be grateful for them.
Separate caution from fear, since caution is an intelligent response to a real threat. Fear is an exaggerated response to an imagined threat. The goal is to tell the difference. Take time to examine threat carefully when it looms, remain calm and look for the true danger. Then take reasonable precautions and go on with your life.
Don’t react too quickly and make impulsive decisions based on fear.
Be a leader, taking responsibility for others including family, friends, and others. Make a decision to turn outward, rather than inward, realizing that there is something beyond yourself and your fears.
Focus on developing a strong family. Research ways to develop and grow your family ties and then engage and invest in them.
Don’t place all your faith in financial investments.
Choose good and right. Being scrupulous in behavior helps you gain strength and courage.
Remind yourself that fear holds you back. Fear causes you to hold back and ultimately fail to make connections with others because of fear of meeting others and exploring the world around you. It makes you worry about death, so you don’t live life fully. It causes you to be fearful for your children and in turn raise fearful children. It causes you to worry about retirement investments and long-term plans you have made and lose focus on living life today.
Face down fear and do something. Forcing yourself to do something even when anxious or fearful can change your focus and free you up from fear. Feel the fear and do it anyway. A popular book by this title encourages you to not wait until you are less afraid to do something. Learn and utilize the tools to help you get past the fear. Don’t wait to conquer your fear, or you’ll always be waiting. Do something and empower yourself.
Say “yes” to fear of failure and adversity. “Yes” is a state of mind and we can make the choice to say, “I’ll accomplish something wonderful in my life, in spite of what happens.” Choose to find the good in whatever happens, even though you may not fathom what that might be at the moment.
Help others when you feel anxious or fearful. This helps to take the focus off yourself. Giving to others is a true key to experiencing happiness and gratitude and reducing the fear you feel.
Grow your faith. Pursue spiritual roots and a healthy foundation of faith.
Choose to reduce your feelings of anxiety and fear in this difficult financial time.
