moneywisepro.net

Tag: family

  • Why I Stopped Thinking About Money All the Time (And What I Did Instead)

    Why I Stopped Thinking About Money All the Time (And What I Did Instead)

    stressed person looking at calculator and bills on desk

    I used to think about money all day. Every single day. From the moment I woke up until I went to sleep.

    The worst part wasn’t the stress itself — it was thinking I had to feel that way. Like worrying constantly somehow meant I was being responsible. Nobody told me you could be smart about money AND stop torturing yourself about it.

    Do I have enough for this month?

    What if something unexpected happens?

    How will I pay this bill?

    This constant thinking was exhausting me. Not just my mind, but my body too. I felt tired even when I hadn’t done anything.

    A recent survey found that 73% of adults say money is a major source of stress in their lives (APA’s Stress in America survey, 2023, national sample of 3,500 adults). That’s huge. Three out of every four people feel the same way I did.

    Money Stress StatisticPercentageSourceYearSample Size
    Money = Major Stress Source73%APA Stress in America20233,500 adults
    Approximate Population~3 in 4Equivalent ratio2023General

    But I realized something important: Thinking about a problem isn’t the same as solving it.

    Same method: 37% of Americans Still Budget With Pen and Paper

    calm person writing in a notebook with a pen

    So I started doing something different.

    1. I set a specific time to think about money

    Instead of worrying all day, I set aside 15 minutes every morning. Just 15 minutes. I sit down, look at my numbers, and plan. After that, I stop. I don’t think about money again until the next day.

    Is it easy? No. But it works.

    1. I turned my worry into action

    Worry says: “What if I don’t have enough?”

    Action says: “What can I do today to make things better?”

    Instead of worrying about money, I started looking for work. Any work. Even small steps forward reduce anxiety more than just thinking about moving forward.

    Living this: Is Your Side Hustle Working, or Are You Just Tired?

    1. I remembered that money is a tool, not the goal

    We work to live. We don’t live to work.

    Money should serve your life, not the other way around.

    happy family sitting together at dinner table

    When I focus on my family, my kids, my health — money becomes just a means. Not the only thing that matters.

    This sounds simple, but it took me years to actually believe it. That my kids would remember the time I spent with them, not the spreadsheet I was staring at. Once I accepted that, the money stress didn’t disappear, but it lost its grip on everything.

    The bottom line:

    You can’t control everything about your financial life. But you can control how you think about it.

    If you’re stressed about money all the time, try this: set a specific time to worry about it, then stop. Turn your anxiety into small daily actions. And remember — you’re more than just numbers in a bank account.

    Question for you now: What’s one small thing you can do today, even if it’s tiny, to ease your money stress? Let me know in the comments.

    Next step: Why I Used to Avoid Opening My Own Bank App

    Disclaimer: This article is for educational purposes only and should not be considered as mental health or financial advice. Money anxiety and stress management strategies vary by individual. Consult with a qualified mental health professional or financial advisor if financial stress is significantly impacting your wellbeing.

  • A New $1,000 Account Just Opened for Millions of American Kids. Do You Know About It?

    A New $1,000 Account Just Opened for Millions of American Kids. Do You Know About It?

    Something big happened in American finance today.

    Starting July 4, millions of kids across the US just got access to a brand new kind of savings account.

    It’s called a Trump Account. And it comes with free government money attached.

    Have you heard of it yet? A lot of parents haven’t.

    Here’s the simple version. Eligible kids under 18 get a one-time $1,000 deposit from the federal government.

    That money goes into an investment account. It grows over time, in the stock market.

    Parents, grandparents, and other family members can add up to $5,000 more every year.

    Employers can chip in too. Up to $2,500 a year, if a company decides to offer it as a benefit.

    The money stays locked until the child turns 18. No withdrawals before that, no exceptions.

    Once the child turns 18, the account becomes a regular retirement account. It works a lot like a traditional IRA from there.

    Sounds simple, right? But here’s where it gets interesting.

    Some financial experts say these accounts could grow to over $200,000 by the time a kid turns 55 — if the market performs like it has in the past.

    That’s just from the free $1,000. No extra contributions needed.

    If a family adds the full $5,000 every year on top of that, some projections go as high as $13 million by retirement age.

    But other experts are more cautious. Nobody can promise the market will keep growing at the same pace it has before.

    Family Income LevelFree Government GiftAnnual Family AdditionsProjected Age 55Age 30 Estimate
    Lower Income ($30K/year)$1,000$0-500$50,000-75,000$2,500
    Middle Income ($60K/year)$1,000$2,500-3,000$400,000-600,000$25,000
    Upper Income ($120K+/year)$1,000$5,000/year$200,000-13M+$150,000

    Learn more: You Might Already Have Enough Money to Retire

    How do you actually sign up?

    Parents can enroll a child through a tax form called IRS Form 4547, filed with their tax return.

    Or you can go straight to TrumpAccounts.gov and sign up there directly.

    After that, there’s a Trump Accounts app you download to check on the account and manage it going forward.

    A scam warning worth knowing

    The government has already warned people about this. Official emails only come from one address: no-reply@trumpaccounts.treasury.gov.

    If anyone calls or texts you about a Trump Account, don’t respond. That’s not how the real program contacts you.

    Always type TrumpAccounts.gov into your browser yourself. Never click a link someone sends you.

    Now the bigger question underneath all of this.

    Wealthier families can afford to add the full $5,000 every single year.

    Lower-income families often can’t. So the gap between rich and poor families may not close. It may just get pushed 18 years down the road.

    One researcher estimated a wealthy family could build $150,000 for their child by age 30. A lower-income family might end up with closer to $2,500.

    Is a free $1,000 still worth taking? Most experts say yes — free money is free money.

    But is it a real fix for the wealth gap, or just a head start that favors people who are already ahead?

    If you’re a parent in the US, have you signed up your child yet? Or are you still deciding if it’s worth it?

    Tell me what you think in the comments below.

    See also: You’re Allowed to Save an Extra $7,500 for Retirement

    Disclaimer: This article is for educational purposes only and should not be considered as financial or investment advice. Market performance projections are hypothetical and not guaranteed. Consult with a qualified financial advisor before making investment decisions for your child.