3 tips on how to stop worrying about money

Introduction

Worry means to feel anxious or troubled over an actual or potential problem. From time to time, most of us get this feeling. We live in fear of bad things happening. For example, not having enough money to provide for our families. It also wears us down by sucking out our emotional energy. However, we can live our lives without these negative feelings.

Why do we worry?

Some of the reasons are that we believe that worrying:

Newsflash: it is counterproductive to worry. It does us no good and it does not solve our problems.

How to stop worrying

Telling us not to, does not work and in some cases, it makes the feeling worse. Here are 5 ways we can stop worrying.

how correct is the thought?

• how can the situation be assessed in a positive way?
• what are some possible outcomes?
• if our friend was in our position, what would we tell them?

Money diversification

Most of us have heard the saying: "Don't put all your eggs in one basket." which may be taken to mean do not risk everything on the success of one venture. This advice may be applied to our finances because it is not good to expect everything that we need to come from one source.

Why it is important to have multiple streams of income

It is not possible to control everything when it comes to our finances. We can not control our bosses, the government, or the economy. Therefore, we must set ourselves up in such a way that regardless of what is happening in the economy, we will still have some income coming in because all of it is not coming from one source.

3 tips on how to stop worrying about money

Steps for having multiple income streams

Tip 1

Start with one source that will at least cover your living expenses.

This source should bring in some money as soon as possible. And yes, it can be from a linear source such as a salary from a job. Linear income is where we trade hours for dollars. This kind of income stops when we stop working. For example, a monthly salary, hourly wages, or a one-off commission paid for a job completed.

Tip 2

Add a residual source of income.

Residual income is money we earn over and over and over again from work that we did one time. This kind of income does not stop when we stop working. For example, income from revenue sharing sites, a business that you started, network marketing or affiliate marketing.

The reason why it is important that any additional stream is residual (and not linear) is because adding only linear streams of income eventually leads to the burn out thread mill lifestyle sometimes referred to as the rat race.

Tip 3

Focus on getting each stream going strong before you add another.

This is not a get rich quick plan. Therefore, it may take a few years to get some residual streams of income going. For example, it may take 3-6 years to build a network marketing business. However, it will be worth the effort to build something that will pay us over and over again. We must stay focused and not get distracted by the next shiny object.

Concluding words

Robert Kiyosaki (author of the best selling book Rich Dad Poor Dad) says that we live in a world that finds it hard to focus. He goes on to say that if we want to be successful, we must learn to F.O.C.U.S. (Following One Course of action Until Successful). This, however, takes time, energy, effort, and action.