My cousin Brad was always responsible for all his actions. His responsibility was always a part of his personality. He worked long hours in his business and ensured his family lived well. Three years ago, everything changed. His company began to run out of customers, and debts piled up. Suffering from excruciating headaches and insomnia, my cousin Brad had a stroke. According to doctors, financial stress was the guilty.
“Financial trauma” refers to how adverse experiences in the financial arena affect a person’s mental and emotional health. It is a situation where someone has financial difficulties or stressful money-related problems, resulting in distressed, anxiety, and other ailments. Millions of people feeling stuck and overwhelmed by financial problems think, “I’m stuck!” or “I’m a failure!”
The American Psychological Association data shows that people cite money as the primary contributor to their stress. But, discussions about mental health and self-care rarely include tangible ways to deal with financial struggles. According to a recent study, a quarter of Americans have symptoms like post-traumatic stress disorder due to financial stress.
Different forms and causes of financial trauma include job loss, bankruptcy, excessive debt, eviction, long-term financial difficulties, and unexpected events. These experiences produce a sense of insecurity, helplessness, chronic stress, and fear about the economic future.
Some adverse effects: Mental health difficulties. Financial trauma can increase the risk of developing depression, anxiety, and post-traumatic stress disorder (PTSD). Constant worries about money and economic insecurity create an emotional burden, which sometimes the body cannot bear. Physical problems. Chronic stress associated with financial trauma impacts physical health. Prolonged stress contributes to the development of cardiovascular disease, sleep disorders, gastrointestinal ailments, headaches, etc.
Relationships and social well-being. Stress and worry about finances generate family conflicts and difficulties in interpersonal relationships. Furthermore, the social isolation and embarrassment associated with financial trauma harm well-being and quality of life. Lifestyle and self-care. Financial trauma limits a person’s ability to maintain a healthy lifestyle. Financial concerns make accessing healthy foods, adequate medical care, and recreational activities that promote physical and emotional well-being difficult.
Overcoming financial trauma takes time, effort, and the implementation of appropriate strategies.
1—Acknowledge and accept your emotions. The first step in overcoming any concern is to accept it. It would be best to recognize the emotions related to financial trauma, such as fear, anxiety, sadness, or anger. It is normal to experience them in difficult situations. So, take a deep breath and remain calm at all times. 2—Seek support. Share your feelings with people you trust, such as friends, family, or a therapist. Social support provides comfort, different perspectives, and a safe space to express your concerns.
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3—Practice self-care. Don’t neglect your physical and emotional well-being. Take care of yourself by participating in joyful activities, reducing stress, getting enough sleep, and eating a healthy diet. 4—Reduce stress. Find ways to avoid being overly stressed, such as practicing yoga, meditation, or enjoying nature.
5—Never give up. Remember that you are not alone. Many people have experienced financial trauma and have come through it with effort and support.
Each person has different needs and healing processes. If you feel financial trauma continues to affect you, consult a mental health professional trained in financial trauma.
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🟧 ✳️ MORE DATA
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✅ Is financial trauma a cause of death? No, it is not a direct cause of death. Yet, economic hardship and the associated chronic stress increase the risk of developing illnesses or aggravating existing ones. Too, financial trauma can lead to extreme situations in which a person experiences an intense emotional crisis, such as suicidal thoughts.
Celebrities who have moved on, overcoming financial trauma.
Nicolas Cage. He was once the highest-paid actor in Hollywood, but by 2011 he went to bankrupt. He spent his fortune on luxury homes and cars, and private jets. Cage was able to recover, thanks to the advice of a therapist friend. George Foreman. This former boxing champion declared bankruptcy in 1994 after several failed investments and an extravagant lifestyle. He is now a successful businessman and philanthropist.
J.K. Rowling. Before she became famous, the author of “Harry Potter” lived impoverished. She was divorced, raising her son alone in a one-room house. As she tells it, many times she thought about suicide. Today, Rowling is one of the wealthiest women in the world.
✳️ These stories show that it is possible to recover from adversity and achieve success, even when things seem impossible.
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