Financial Wellness Really is a Thing

And It Is a Workout!

New year brings a plethora of approaches to make your life better. I’ve heard this term: Financial Wellness. I am not a stranger to this term. As a School Wellness Liaison, this category came up in the content to support teacher wellness. When I first heard it, I found it a bit odd. It was the thing not like the others that I was passing along to teachers to support their wellness: workouts, sleep, meditation, nutrition. All the normal wellness approaches that I know much about sat well in my self-improvement expanding knowledge. But finances!? There is something that I don’t have a lot of experience. I, like many people, get paid and then spend.

As part of my recent education, and knowing I am a good student and love to teach, I decided to notice what comes up about this area of wellness and what came up was fear and avoidance. Lean in and Show Up with my growth mindset self. Was I okay to feel insecure and a little bit stupid about what I needed? Yes! It is, after all, part of the process of learning. Instead of letting that stop me from finding out more, I used it to fuel my learning. I don’t know. I am squarely in the process of this education so I have no answers, but read on to see my long awaited suggestions for Wellness: sub-category Financial. In simple terms the best thing you can do is Show Up.

Without giving it all away (to be envied or ridiculed), we have grown just a little bit comfortable in retirement planning. We can see that date on the horizon calendar—it’s real. The term itself gave me hives just 10 years ago. Imaging having enough money to stop working was beyond fantasy for us. We were both divorced with children. Children are so expensive. We made enough money to get by and once those expenses grew to have their own financial goals, we were able to sufficiently hold our heads above water and take a look around. You will notice my first suggestion is to assess the damage. Look it straight in the eye and do not turn away regardless of emoting outcome. In fact, notice and name what comes up and where you feel it. For me, it was shame in the gut and tightness around neck and shoulders. (You will find that if you Show Up with me that is where IT, aka: fear, always shows up.) So for a long time it was look and look away. Then to more looking than looking away. Amazingly, we found ourselves okay in most regards, outlived our stupid indulgences and the pot grew. There is still fear because Bruce’s plan is living beyond 100 years old. That seems crazy to me, but okay. He will most likely become the kids’ problem.

Leaning in during this time of Showing Up required that I understand more about the small details and fine print. For us that meant not only is this pot working for us but are we utilizing the lowest costs to get the pot working for us. That is saying a lot because December 2018 witnessed some serious this-is-not-working stats. This was definitely a don’t-look-now time of the year, not to mention Christmas spending. But I looked closely, diversified my resources for advice, used the word diversified more, and looked for individuals and organizations that have a knack for educating their customers. BTW, everyone will say they are doing that kind of education. How will you know? And this is the key for me. You will know when you feel comfortable asking the right questions and getting the right people to make you feel comfortable asking. I mean, this is my money after all. One day recently started with that sick feeling and ended in total empowerment. That is what I am talking about! I’m Showing Up! Perhaps the next time I have that feeling of fear and sick, I will stick with it until I get the answers to my questions and walk away with that ultimate empowerment glow.

The new year is a great time to get your finances in order no matter what your situation. Look closely at the details whether that means to track spending closer (I think that is a big one) or calculate the cost of investments and shop around. It may be a hassle to shop around for better rates, but in doing so I continued to learn more about all the details, was provided opportunities to have a real person explain important facts to me (more than once), and gained confidence. Here are my suggestions if you too want to get fit—wellness wise:

1. Look closely at what is going on with your spending and visualize the kind of retirement you want. Before I got my credit card to zero balance I had to look at that big number and kick it in the ass. That coffee drink with the whip cream may look good but it is not at all inspiring my vision to live comfortably with freedom (from the hustle). The question now that works for me: What would I give up to not have to work at a frustrating, stress-filled job? If you love your meaningful work and make money for now and later, then by all means go for the triple latte.
2. Learn about your financial future—don’t bury your head in the sand. If the organization and community in which you work and live is anything like mine, you will find many opportunities to inform yourself. Your bank or credit union is a good place to start or go online for heaven’s sake. We live in the 21st century and all learning is at our fingertips. Know the difference between a ROTH and a Traditional IRA. Know how much you will get from Social Security and when you will get it. Teach yourself about tax-sheltered annuities. Know all the products that will come into play after retirement and when and how you will use them to live a comfortable life.
3. Calculators are fun. Online resources and learning are plentiful and can show you how fast your pot will grow with real numbers. Check it out. It is very motivating to see your money grow in real (digital) time.

I must go now because we are having the (money) talk with Emily and she is pretending invisible. If you are a young investor like her, time is on your side. Use it. It may be the only incident when you actually have enough.