HOW TO COPE WITH FINANCIAL STRESS
Financial stress can be describe as a stress factor trigger by financial crisis like low income rate, unstable income inability to provide immediate funds that can solve emergency conditions
Financial stress is also a psychological problem associated with monetary or it equivalent predicament as a result of an individual not able to handle his needs.
Not every problem can be solved financially, but more than 80% of individual problem can be solve with money or its equivalent.
Financial stress is always within the lower class level of individual and sometimes the middle class.
At the lower class level, are people who are at the bottom edge of life which are faced with more serious problem where nothing seems to be working alright with them? They are mostly in abject state of poverty, they live in low standard houses with no social amenities, they hardly feed three times a day, and their children are always vulnerable of malnutrition disease like kwashiorkor (lack of energy food intake).
These classes of people are easily provoked and are vulnerable of depression year in year out; they are in constant needs and surrounded with problems and challenges that can be solved financially.
The middle class are has lesser financial issue compare to lower class level because the cash flow rate is a bite higher in this level; people in this class are usually the low salary earners and petty traders.
Unlike the lower class people, this middle class are employed, has small business that keep them busy and less idle but yet the money earned or profit gain is never enough to cater for their basic needs. For example a salary earner who is paid 50 thousand naira($30.303) per month, at the beginning of the month, they seems to be able to solve one or two problem, but from middle to the end of the month they are broke again because the income rate is not enough; as such they tends to borrow from their friends.
There are other levels ahead of the middle class which are the higher and the master class which are not usually faced with financial stress except otherwise hence I will limit this post on them.
CAUSES OF FINANCIAL CRISIS
1.Unemployment/idleness: unemployment simply means not engaged in any form of activities that will generate income or money, people who are not employed and idle face a very serious financial crisis.
2.Low income rate: working class employee who earn little salary are also vulnerable to financial crisis as the money earn cannot even meet up with their monthly needs
3.Poor financial management ability: even people who earn good income and make good profit from their business are also faced with financial crisis due to their poor management of the finance. Some spend money more than what they earn or gain.
4.Laziness: even if a lazy person is given the best position to occupy in an organization, he/she will still fail due to laziness and lack of hard working. It takes only a hard working individual to grow from a lower class to a higher and even master class
5.Bad governance: when a country or society is governed by bad leaders, the country at large is vulnerable to face financial crisis.
CHARACTERISTICS OF INDIVIDUAL WITH FINANCIAL CRISIS
1.They are mostly lower class individual who are unemployed and idle
2.They have a very low self esteem
3.They are usually depressed
4.They are overwhelm with debt
5.They are in constant needs And wants
HOW TO COPE WITH FINANCIAL CRISIS
There are numerous things that can be doen to help cope with financial issues which will help to become financially independent.
1.Always engage in activities that will yield positive rewards. Don’t be idle
2.Acquire and knowledge on financial management ability
3.Embrace new technological advancement that rewards it users with cash
4.Always be hard working and persistence in whatever you do
5.Do not spend money more than what you earn or gain
6.Limit your unnecessary expenditure.
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Don't forget to leave Ur comments
Thanks for reading through..
Poor financial management is one of the big reasons why some people become poor, when you put your wants above your needs you will end up saving nothing and might even go bankrupt. Thank you for the easy tips to cope financial stress..
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