Caution that this one will feel more like a diary entry rather than a Personal Finance piece. The topic I want to vent about today is handling stress when building up your portfolio. See, things at work haven’t been as rosy as they were previously, and I do occasionally contemplate switching careers or even quitting my job. Add to this the detailed money plans of hitting a net worth of $ XXX,000 (primary residence excluded) in the next few years and this brings about a certain level of unwelcome stress.
For your Frugal New Canadian, a baby is on the way too and the option of quitting my job without securing another one is too risky. Mrs. Frugal New Canadian too is also going to be on Maternity leave for a year. That makes the stress and the fear of failure worse.
But I want to motivate myself and you as I write this piece. Below are some of my own validations and questions.
Be proud if you have taken action
You will know if you have taken a good amount of action towards your financial freedom. We have purchased our primary residence, saved up funds for 3-4 months of emergencies, built up a stock portfolio that pays $50 a month in dividend income etc. in the last couple of years. If you are trying and have improved compared to who you were a few months ago, you need to proud too. If you are in debt and have been trying to build up, be proud. Seriously !
A steady paycheck vs. a heavy paycheck
If your work stresses you out, try and understand whether the stress is temporary or continued over days. If the mental stress is too much to bear, understand where the real issues are. Have you had this stress in all your jobs or just this one? I am still trying to figure out my answer. But if you are working for just money and really dislike what you do, would a smaller paycheck work for you. Yes, a smaller paycheck may mean more years towards financial freedom, but it could also mean work that you want to do or work that you can manage. I would caution that a smaller paycheck may not translate to lesser work.]
Your mental health matters, take a break if you can
It is important that your work or the pressure of building wealth too quickly or excessive budgeting not take a toll in mental well-being. If any of these elements (or others) do affect your day to day, talk to yourself and see how you can take a break. I am lucky that the birth of our child allows me to take some time off work (though not fully paid) and re-energize. Do you have some vacation days that you can take? Talk to friends and family about what you are going through. If strict budgeting is giving you stress, deviate by a few percent points in some months. You and I being happy matters. What good is a million dollars if we can’t bring us peace.
Practice gratefulness when you can but welcome uncertainty
We don’t recognize our blessings when we’re stressed. At least I don’t. Mrs. Frugal New Canadian and Baby Frugal New Canadian (coming soon) are incredible blessings that I forget about sometimes when I am too stressed thinking about what can be. Live in the now rather than in the future. Its okay if you don’t know what your next step is going to be. Believe in yourself and that things will workout if you continue to put in action.
Don’t undervalue self-care
Spending a few dollars, a month on the gym or getting that occasional weekly coffee is all-right. A massage every few months or a reasonable spa session is well-deserved particularly if you have been working hard towards your financial health. Take care of yourself.