Latest news with #MeganMcCoy
Yahoo
05-08-2025
- Business
- Yahoo
Worried about money? Experts share how to prepare for hard times
Money stress exists at all socioeconomic levels. It causes prolonged and serious fights in relationships, is linked to insomnia and stomach ulcers, and acts as a major stressor for most Americans, according to Dr. Megan McCoy, a financial therapist and associate professor at Kansas State University. And with the uncertainty surrounding the impacts of tariffs on prices and a job market that seems to be running out of steam, it makes sense that financial panic may be especially high and emotional well-being particularly low. The best time to make financial decisions is before you are in a bad situation, when you can look at your priorities, needs and realities and build a plan that is realistic and resilient, added Elizabeth Husserl, a financial adviser and wealth manager in the San Francisco Bay Area. 'We're holding our breath for something bad to happen tomorrow,' McCoy said. 'I hope readers recognize that if they are one of us who are holding their breath, first of all, it's normal and valid because so many other people are feeling that way, and also to take a deep breath and try to figure out how to focus more on their current situation rather than what may happen.' Money is emotional Shawna Humbert promised herself that she was never going to live like she did as a kid, fearing the electricity would be cut off when the bill wasn't paid. But in 2018, she had left her job at a bank to join the police academy before deciding a law enforcement career wasn't for her. She went from bringing in thousands of dollars a month to nothing, and growing up without financial literacy in her family, she had nothing saved, she said. And as she worried over whether she could afford to turn on the air-conditioning or go out with her friends, she felt just like that little girl again, Humbert said. The heartache, fear and uncertainty that Humbert faced isn't unusual when it comes to money. Of course, money is emotional. Your financial status influences your access to needs such as clothing, food, shelter and medicine and can be a resource for emotional needs such as belonging, pleasure and rest, Husserl said. One problem is the scarcity mindset, or a belief that resources are limited. It's particularly hard to make sound financial decisions that can help you get your needs met down the road when you are in the fear or panic mode, McCoy said. 'The scarcity mindset makes us more hyperfocused on immediate needs, and it makes it harder to think about the long-term goals,' she said. 'We get this tunnel vision of avoiding the scarcity we once experienced, causing a lot of reactive behavior, because we're just trying to make sure now we're OK.' This way of thinking also carries a lot of shame, McCoy said. 'Fear and shame are terrible financial advisers. Emotional clarity leads to financial clarity,' added Husserl, author of 'The Power of Enough: Finding Joy in Your Relationship With Money.' Before making any money decisions, it's essential to address the emotional side first, she said. You, and your partner if you have one, can sit down and write out your 'money story,' Husserl said. What are the major experiences you had around money growing up? How does that impact the way you approach your financial life now? And when you start to feel panic creep up, figure out which emotions are underneath that –– and don't be afraid to sit with those feelings and really recognize what fears you are holding onto, McCoy said. It may feel like you need to make a change in response to the uncomfortable feelings, but you are often better served waiting until you have worked through the feelings and can make decisions from a more even-keeled state of mind, she added. A spending plan that doesn't feel like deprivation People often hear the word budget and think of dieting –– punishment, restriction and merciless cost cutting. Instead, Husserl recommends a spending plan that focuses on building your financial resilience in both easy and difficult times. When building your budget or spending plan, start on the emotional side of things once again, said Dr. Sonya Lutter, professor of practice and director of financial health and wellness at Texas Tech University. What are the three to five things that are most important to you? Do your top priorities include family, health, novelty or security? Once you know what matters to you, you can look at how you are already spending your money and see whether there are ways you can align the two, she said. Part of building resilience also means looking at which parts of your spending can be turned up or down depending on your financial situation of the moment and which are valuable enough to remain consistent, Husserl said. For example, she and her family members know that when things are more comfortable financially, they might spend more on entertainment subscriptions or takeout to add a little ease and enjoyment into their day. But if money is tighter, they find shows together on one streaming service or make meal plans for the week, she said. On the other hand, Zumba classes keep enjoyable exercise a regular part of her life, so she works harder to retain that as a line item of her spending plan regardless, Husserl added. Money can be an effective way to get one's needs met, but it's helpful to diversify how you find feelings of satisfaction, McCoy said. Could making food at home give you a sense of satisfaction that's similar to going out for a nice meal? Would longer hugs with your spouse provide the comforting touch you experience when paying for a massage? Creature comforts are still important, but find many ways to meet those needs so that you don't feel too tied to your spending habits, she said. Small steps instead of overhauls A scarcity mindset also makes it hard to take things step-by-step, which is crucial to making big and sustainable financial changes, McCoy said. For her, a six-figure student debt felt impossible to look at as monthly payments, she said. Instead, everything she did was under this dark cloud of an impossibly large number. Usually, she would be left feeling guilty and overwhelmed, McCoy added. Instead, small and manageable steps that she built over time helped her feel more empowered and motivated. Seattle-based money expert Tori Dunlap recommends setting a regular 'money date,' or a scheduled check-in that you enjoy — maybe light your favorite candle or make yourself a delicious drink before you settle in. Go over where you are financially, automate your savings or bill payments, and take some small steps by canceling a subscription or just texting a friend to let them know you are having a hard time, she added. 'We've been taught to carry shame around our finances, especially as women. But shame is not a financial strategy,' Dunlap said in an email. 'The more we normalize these conversations, the easier it becomes to move forward — even when things feel hard.' It's easy to think that you are the only one struggling financially or that those in your community have so much more than you do, but starting the conversation with those you trust may show you that most people are facing similar stressors and constraints, Lutter said. 'Financial stress thrives in isolation, and building community around these conversations is half the battle,' said Dunlap, author of 'Financial Feminist: Overcome the Patriarchy's Bullsh*t to Master Your Money and Build a Life You Love.' Emergency funds A lot of financial stress comes from knowing that big changes can happen unexpectedly, and an emergency fund is a great place to start in relieving that fear. 'There's always going to be financial emergencies, and by definition, we don't know when they're coming,' Lutter said. Everything is getting more expensive, job losses happen, your air-conditioning could break –– and compounding interest is great for saving but can also pull people into a hole when it comes to debt, she added. That's where the emergency fund comes in. 'Aim for three to six months of living expenses if you can, but don't get discouraged if you're not there yet. Anything saved is better than nothing,' Dunlap said. Building that emergency fund might take some time, but it is the highest priority for your financial well-being to protect against volatility and makes a big difference when it comes to emotional states, Lutter added. Periods of financial growth and contraction are normal, Husserl said. Instead of panicking, it is important to find ways to build your own stability and resiliency to weather the more difficult times. Humbert found another career and has redefined her relationship with money and saving now. 'Now to look back and see the growth and see my hard work giving me a future … I didn't realize how important these things would be,' she said. 'I just have a smile on my face knowing that I have savings at this point.' Sign up for CNN's Adulthood, But Better newsletter series. Our seven-part guide has helpful hints for paying off student loans, negotiating your salary, building credit, and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNN
04-08-2025
- Business
- CNN
Addressing your feelings can help your finances, experts say
Personal finance InvestingFacebookTweetLink Follow Money stress exists at all socioeconomic levels. It causes prolonged and serious fights in relationships, is linked to insomnia and stomach ulcers, and acts as a major stressor for most Americans, according to Dr. Megan McCoy, a financial therapist and associate professor at Kansas State University. And with the uncertainty surrounding the impacts of tariffs on prices and a job market that seems to be running out of steam, it makes sense that financial panic may be especially high and emotional well-being particularly low. The best time to make financial decisions is before you are in a bad situation, when you can look at your priorities, needs and realities and build a plan that is realistic and resilient, added Elizabeth Husserl, a financial adviser and wealth manager in the San Francisco Bay Area. 'We're holding our breath for something bad to happen tomorrow,' McCoy said. 'I hope readers recognize that if they are one of us who are holding their breath, first of all, it's normal and valid because so many other people are feeling that way, and also to take a deep breath and try to figure out how to focus more on their current situation rather than what may happen.' Shawna Humbert promised herself that she was never going to live like she did as a kid, fearing the electricity would be cut off when the bill wasn't paid. But in 2018, she had left her job at a bank to join the police academy before deciding a law enforcement career wasn't for her. She went from bringing in thousands of dollars a month to nothing, and growing up without financial literacy in her family, she had nothing saved, she said. And as she worried over whether she could afford to turn on the air-conditioning or go out with her friends, she felt just like that little girl again, Humbert said. The heartache, fear and uncertainty that Humbert faced isn't unusual when it comes to money. Of course, money is emotional. Your financial status influences your access to needs such as clothing, food, shelter and medicine and can be a resource for emotional needs such as belonging, pleasure and rest, Husserl said. One problem is the scarcity mindset, or a belief that resources are limited. It's particularly hard to make sound financial decisions that can help you get your needs met down the road when you are in the fear or panic mode, McCoy said. 'The scarcity mindset makes us more hyperfocused on immediate needs, and it makes it harder to think about the long-term goals,' she said. 'We get this tunnel vision of avoiding the scarcity we once experienced, causing a lot of reactive behavior, because we're just trying to make sure now we're OK.' This way of thinking also carries a lot of shame, McCoy said. 'Fear and shame are terrible financial advisers. Emotional clarity leads to financial clarity,' added Husserl, author of 'The Power of Enough: Finding Joy in Your Relationship With Money.' Before making any money decisions, it's essential to address the emotional side first, she said. You, and your partner if you have one, can sit down and write out your 'money story,' Husserl said. What are the major experiences you had around money growing up? How does that impact the way you approach your financial life now? And when you start to feel panic creep up, figure out which emotions are underneath that –– and don't be afraid to sit with those feelings and really recognize what fears you are holding onto, McCoy said. It may feel like you need to make a change in response to the uncomfortable feelings, but you are often better served waiting until you have worked through the feelings and can make decisions from a more even-keeled state of mind, she added. People often hear the word budget and think of dieting –– punishment, restriction and merciless cost cutting. Instead, Husserl recommends a spending plan that focuses on building your financial resilience in both easy and difficult times. When building your budget or spending plan, start on the emotional side of things once again, said Dr. Sonya Lutter, professor of practice and director of financial health and wellness at Texas Tech University. What are the three to five things that are most important to you? Do your top priorities include family, health, novelty or security? Once you know what matters to you, you can look at how you are already spending your money and see whether there are ways you can align the two, she said. Part of building resilience also means looking at which parts of your spending can be turned up or down depending on your financial situation of the moment and which are valuable enough to remain consistent, Husserl said. For example, she and her family members know that when things are more comfortable financially, they might spend more on entertainment subscriptions or takeout to add a little ease and enjoyment into their day. But if money is tighter, they find shows together on one streaming service or make meal plans for the week, she said. On the other hand, Zumba classes keep enjoyable exercise a regular part of her life, so she works harder to retain that as a line item of her spending plan regardless, Husserl added. Money can be an effective way to get one's needs met, but it's helpful to diversify how you find feelings of satisfaction, McCoy said. Could making food at home give you a sense of satisfaction that's similar to going out for a nice meal? Would longer hugs with your spouse provide the comforting touch you experience when paying for a massage? Creature comforts are still important, but find many ways to meet those needs so that you don't feel too tied to your spending habits, she said. A scarcity mindset also makes it hard to take things step-by-step, which is crucial to making big and sustainable financial changes, McCoy said. For her, a six-figure student debt felt impossible to look at as monthly payments, she said. Instead, everything she did was under this dark cloud of an impossibly large number. Usually, she would be left feeling guilty and overwhelmed, McCoy added. Instead, small and manageable steps that she built over time helped her feel more empowered and motivated. Seattle-based money expert Tori Dunlap recommends setting a regular 'money date,' or a scheduled check-in that you enjoy — maybe light your favorite candle or make yourself a delicious drink before you settle in. Go over where you are financially, automate your savings or bill payments, and take some small steps by canceling a subscription or just texting a friend to let them know you are having a hard time, she added. 'We've been taught to carry shame around our finances, especially as women. But shame is not a financial strategy,' Dunlap said in an email. 'The more we normalize these conversations, the easier it becomes to move forward — even when things feel hard.' It's easy to think that you are the only one struggling financially or that those in your community have so much more than you do, but starting the conversation with those you trust may show you that most people are facing similar stressors and constraints, Lutter said. 'Financial stress thrives in isolation, and building community around these conversations is half the battle,' said Dunlap, author of 'Financial Feminist: Overcome the Patriarchy's Bullsh*t to Master Your Money and Build a Life You Love.' A lot of financial stress comes from knowing that big changes can happen unexpectedly, and an emergency fund is a great place to start in relieving that fear. 'There's always going to be financial emergencies, and by definition, we don't know when they're coming,' Lutter said. Everything is getting more expensive, job losses happen, your air-conditioning could break –– and compounding interest is great for saving but can also pull people into a hole when it comes to debt, she added. That's where the emergency fund comes in. 'Aim for three to six months of living expenses if you can, but don't get discouraged if you're not there yet. Anything saved is better than nothing,' Dunlap said. Building that emergency fund might take some time, but it is the highest priority for your financial well-being to protect against volatility and makes a big difference when it comes to emotional states, Lutter added. Periods of financial growth and contraction are normal, Husserl said. Instead of panicking, it is important to find ways to build your own stability and resiliency to weather the more difficult times. Humbert found another career and has redefined her relationship with money and saving now. 'Now to look back and see the growth and see my hard work giving me a future … I didn't realize how important these things would be,' she said. 'I just have a smile on my face knowing that I have savings at this point.' Sign up for CNN's Adulthood, But Better newsletter series. Our seven-part guide has helpful hints for paying off student loans, negotiating your salary, building credit, and more.
CNN
04-08-2025
- Business
- CNN
Addressing your feelings can help your finances, experts say
Money stress exists at all socioeconomic levels. It causes prolonged and serious fights in relationships, is linked to insomnia and stomach ulcers, and acts as a major stressor for most Americans, according to Dr. Megan McCoy, a financial therapist and associate professor at Kansas State University. And with the uncertainty surrounding the impacts of tariffs on prices and a job market that seems to be running out of steam, it makes sense that financial panic may be especially high and emotional well-being particularly low. The best time to make financial decisions is before you are in a bad situation, when you can look at your priorities, needs and realities and build a plan that is realistic and resilient, added Elizabeth Husserl, a financial adviser and wealth manager in the San Francisco Bay Area. 'We're holding our breath for something bad to happen tomorrow,' McCoy said. 'I hope readers recognize that if they are one of us who are holding their breath, first of all, it's normal and valid because so many other people are feeling that way, and also to take a deep breath and try to figure out how to focus more on their current situation rather than what may happen.' Shawna Humbert promised herself that she was never going to live like she did as a kid, fearing the electricity would be cut off when the bill wasn't paid. But in 2018, she had left her job at a bank to join the police academy before deciding a law enforcement career wasn't for her. She went from bringing in thousands of dollars a month to nothing, and growing up without financial literacy in her family, she had nothing saved, she said. And as she worried over whether she could afford to turn on the air-conditioning or go out with her friends, she felt just like that little girl again, Humbert said. The heartache, fear and uncertainty that Humbert faced isn't unusual when it comes to money. Of course, money is emotional. Your financial status influences your access to needs such as clothing, food, shelter and medicine and can be a resource for emotional needs such as belonging, pleasure and rest, Husserl said. One problem is the scarcity mindset, or a belief that resources are limited. It's particularly hard to make sound financial decisions that can help you get your needs met down the road when you are in the fear or panic mode, McCoy said. 'The scarcity mindset makes us more hyperfocused on immediate needs, and it makes it harder to think about the long-term goals,' she said. 'We get this tunnel vision of avoiding the scarcity we once experienced, causing a lot of reactive behavior, because we're just trying to make sure now we're OK.' This way of thinking also carries a lot of shame, McCoy said. 'Fear and shame are terrible financial advisers. Emotional clarity leads to financial clarity,' added Husserl, author of 'The Power of Enough: Finding Joy in Your Relationship With Money.' Before making any money decisions, it's essential to address the emotional side first, she said. You, and your partner if you have one, can sit down and write out your 'money story,' Husserl said. What are the major experiences you had around money growing up? How does that impact the way you approach your financial life now? And when you start to feel panic creep up, figure out which emotions are underneath that –– and don't be afraid to sit with those feelings and really recognize what fears you are holding onto, McCoy said. It may feel like you need to make a change in response to the uncomfortable feelings, but you are often better served waiting until you have worked through the feelings and can make decisions from a more even-keeled state of mind, she added. People often hear the word budget and think of dieting –– punishment, restriction and merciless cost cutting. Instead, Husserl recommends a spending plan that focuses on building your financial resilience in both easy and difficult times. When building your budget or spending plan, start on the emotional side of things once again, said Dr. Sonya Lutter, professor of practice and director of financial health and wellness at Texas Tech University. What are the three to five things that are most important to you? Do your top priorities include family, health, novelty or security? Once you know what matters to you, you can look at how you are already spending your money and see whether there are ways you can align the two, she said. Part of building resilience also means looking at which parts of your spending can be turned up or down depending on your financial situation of the moment and which are valuable enough to remain consistent, Husserl said. For example, she and her family members know that when things are more comfortable financially, they might spend more on entertainment subscriptions or takeout to add a little ease and enjoyment into their day. But if money is tighter, they find shows together on one streaming service or make meal plans for the week, she said. On the other hand, Zumba classes keep enjoyable exercise a regular part of her life, so she works harder to retain that as a line item of her spending plan regardless, Husserl added. Money can be an effective way to get one's needs met, but it's helpful to diversify how you find feelings of satisfaction, McCoy said. Could making food at home give you a sense of satisfaction that's similar to going out for a nice meal? Would longer hugs with your spouse provide the comforting touch you experience when paying for a massage? Creature comforts are still important, but find many ways to meet those needs so that you don't feel too tied to your spending habits, she said. A scarcity mindset also makes it hard to take things step-by-step, which is crucial to making big and sustainable financial changes, McCoy said. For her, a six-figure student debt felt impossible to look at as monthly payments, she said. Instead, everything she did was under this dark cloud of an impossibly large number. Usually, she would be left feeling guilty and overwhelmed, McCoy added. Instead, small and manageable steps that she built over time helped her feel more empowered and motivated. Seattle-based money expert Tori Dunlap recommends setting a regular 'money date,' or a scheduled check-in that you enjoy — maybe light your favorite candle or make yourself a delicious drink before you settle in. Go over where you are financially, automate your savings or bill payments, and take some small steps by canceling a subscription or just texting a friend to let them know you are having a hard time, she added. 'We've been taught to carry shame around our finances, especially as women. But shame is not a financial strategy,' Dunlap said in an email. 'The more we normalize these conversations, the easier it becomes to move forward — even when things feel hard.' It's easy to think that you are the only one struggling financially or that those in your community have so much more than you do, but starting the conversation with those you trust may show you that most people are facing similar stressors and constraints, Lutter said. 'Financial stress thrives in isolation, and building community around these conversations is half the battle,' said Dunlap, author of 'Financial Feminist: Overcome the Patriarchy's Bullsh*t to Master Your Money and Build a Life You Love.' A lot of financial stress comes from knowing that big changes can happen unexpectedly, and an emergency fund is a great place to start in relieving that fear. 'There's always going to be financial emergencies, and by definition, we don't know when they're coming,' Lutter said. Everything is getting more expensive, job losses happen, your air-conditioning could break –– and compounding interest is great for saving but can also pull people into a hole when it comes to debt, she added. That's where the emergency fund comes in. 'Aim for three to six months of living expenses if you can, but don't get discouraged if you're not there yet. Anything saved is better than nothing,' Dunlap said. Building that emergency fund might take some time, but it is the highest priority for your financial well-being to protect against volatility and makes a big difference when it comes to emotional states, Lutter added. Periods of financial growth and contraction are normal, Husserl said. Instead of panicking, it is important to find ways to build your own stability and resiliency to weather the more difficult times. Humbert found another career and has redefined her relationship with money and saving now. 'Now to look back and see the growth and see my hard work giving me a future … I didn't realize how important these things would be,' she said. 'I just have a smile on my face knowing that I have savings at this point.' Sign up for CNN's Adulthood, But Better newsletter series. Our seven-part guide has helpful hints for paying off student loans, negotiating your salary, building credit, and more.
CNBC
23-07-2025
- Business
- CNBC
Setting aside 'worry time' can help you get better with money, therapist says—here's how
Feeling uneasy about your financial future? You're not alone. Nearly 7 in 10 (69%) Americans say financial uncertainty has led them to feelings of anxiety and depression, according to a recent survey from Northwestern Mutual. Financial anxiety is a looming feeling, often borne of the notion that you're not doing well enough — for your future self, for someone your age or compared with your peers, says Megan McCoy, a financial therapist and professor at Kansas State University. "Anxiety tends to swirl in our minds all day, especially when it's about money," she says. But instead of trying to avoid these feelings or letting them get in the way of other things you want to accomplish, set aside time to deal with them. "A surprisingly effective strategy is to schedule a daily or weekly 'worry time' — 15 to 20 minutes dedicated only to your financial concerns," McCoy says. First, write down everything you're anxious about. This could include everything from concrete, numbers-based worries ("I'm not sure how I'll afford it if my kid wants to go to a private college") to lifestyle-based anxieties ("Everyone on my Instagram feed appears to be taking more frequent, nicer vacations than I do"). From there, sort the items into two lists: things you can control and things you can't, says McCoy. "This process helps transform vague, persistent worry into two buckets: action and acceptance," she says. "It's not about ignoring your fears — it's about learning how to manage them with intention." For the things you can control, focus on taking small, incremental steps toward the change you want. That may be mean setting up regular, automatic deposits into a 529 account or a vacation fund. If you can name dedicated savings accounts after these goals, even better, says McCoy. Specifically named accounts "help people feel organized and emotionally attached to their progress," she says. "They also reduce the temptation to spend impulsively because the money already has a purpose." If getting this set up on your own sounds daunting, don't be afraid to ask for help, McCoy says. A financial planner can help you translate your fears and goals into actionable steps. You may even be able to get free help through your employer. As for the factors that are out of your control — the future of the stock market, U.S. trade policy and tax rates, how much money your friends are making — give yourself a little grace. McCoy suggests taking a step back and trying to redefine success on your own personal terms. Do you have choices? Does your spending align with your values? Are you being intentional about the ways you save and spend money? If you answered yes to all three, you may be doing better than you think. "This reframing reduces pressure and invites a more grounded, compassionate view of financial health," McCoy says.
Time of India
17-07-2025
- Business
- Time of India
Your money stress may not be about the paycheck: What's really behind your financial anxiety?
In a world increasingly obsessed with financial milestones—first car, dream home, seven-figure bank balance—it's easy to assume that money anxiety is simply about not having enough. But what if that constant undercurrent of financial worry isn't about numbers at all? What if your fears around money are actually tied to something much deeper—like who you think you are, or who you believe you should be? This thought-provoking perspective is emerging at the intersection of psychology and personal finance, thanks to experts like Megan McCoy, a financial therapist and professor at Kansas State University. In a recent feature published by CNBC Make It, McCoy reframes financial anxiety not as a crisis of income, but as a possible identity conflict. Explore courses from Top Institutes in Select a Course Category Leadership Digital Marketing Management Project Management Product Management CXO others Operations Management Public Policy healthcare Artificial Intelligence Technology Finance Others PGDM Healthcare Cybersecurity Degree MCA MBA Data Analytics Data Science Design Thinking Data Science Skills you'll gain: Duration: 22 Weeks Indian School of Business SEPO - ISB Venture Capital & Private Equity India Starts on undefined Get Details Skills you'll gain: Duration: 12 Months IIM Kozhikode Advanced Strategic Management Programme Starts on undefined Get Details Skills you'll gain: Duration: 12 Months IIM Kozhikode SEPO - IIMK CEO Programme India Starts on undefined Get Details Skills you'll gain: Critical Thinking & Decision-Making Skills Power of Emerging Technologies Innovation and Drive Organizational Change Fostering a Culture of Innovation Duration: 9 Months MIT xPRO MIT Technology Leadership and Innovation Starts on May 14, 2024 Get Details Skills you'll gain: Duration: 10 Months IIM Indore Executive Programme in Business Management Starts on undefined Get Details Skills you'll gain: Duration: 18 Weeks 109820388 Strategic Marketing for Leaders: Leveraging AI for Growth Starts on undefined Get Details Skills you'll gain: Financial Accounting & Analysis Financial Instruments & Markets Corporate Finance & Valuation Investment Management & Banking Duration: 12 Months IIM Kozhikode IIMK Professional Certificate in Financial Analysis and Financial Management Starts on Mar 30, 2024 Get Details Skills you'll gain: Strategic Thinking & Planning Competitive Advantage & Market Positioning Strategic Leadership & Decision-Making Change Management & Organizational Transformation Duration: 1 Year IIM Kozhikode IIMK Advanced Strategic Management Programme Starts on Mar 30, 2024 Get Details Skills you'll gain: Duration: 12 Weeks IIM Kozhikode CERT-IIMK EPIS Async India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK-Women Leadership Programme INDIA Starts on undefined Get Details Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML SLP India Starts on undefined Get Details Skills you'll gain: Opportunities & Outlining Plans to use AI & ML Applying Data-Driven Business Innovation Best Practices Changing Culture to Integrate AI-Enabled Technologies Ethics, Privacy and Regulations in AI & ML Duration: 20 Weeks Indian School of Business ISB Leadership in AI Starts on May 14, 2024 Get Details Skills you'll gain: Duration: 12 Months IIM Kozhikode Senior Management Programme Starts on undefined Get Details When Money Becomes the Mirror McCoy explains a crucial difference: 'Financial stress is external and immediate—like not having enough money to pay rent this month. Financial anxiety, however, is more vague. It's a fear that lingers, even when things seem fine on paper.' It's this invisible weight that keeps people up at night, even when their credit score is healthy and bills are paid. To get to the root of this, McCoy often asks her clients a deceptively simple prompt: 'If you woke up tomorrow and by some miracle your financial anxiety was gone, what would feel different?' The answers she receives rarely involve a dollar figure. Instead, clients talk about feeling freer, lighter, more in control. They describe being more present with their kids, less guilty about taking time off, or simply not comparing themselves to others on social media. That's when the real issue reveals itself—because money, it turns out, is often just the most visible outlet for deeper insecurities about identity, self-worth, and societal expectations. You Might Also Like: If your salary is low, Akshat Shrivastava says Sunday is the most important day of your week Financial Anxiety or Life Misalignment? This exploration resonates with a growing number of young professionals and families who find themselves constantly chasing the next financial goal, only to feel just as anxious when they reach it. It echoes recent viral commentary from finance educator Akshat Shrivastava , who advocates for intentional living over status-driven spending. His advice—save wisely, choose value over vanity, and create instead of consume—has struck a chord precisely because it taps into something emotional: the need to feel purposeful, not just prosperous. Shrivastava's idea that "some savings is better than none" becomes more profound when seen through McCoy's lens. Saving isn't just about building wealth—it's about reclaiming agency. It's iteration capital, a cushion for reinvention, a vote of confidence in your future self. A New Kind of Wealth So what happens when we stop asking, 'Do I have enough money?' and start asking, 'Am I living in alignment with who I want to be?' According to McCoy, that's when the healing begins. Maybe you open a small savings account for weekend getaways, not because it's practical, but because it symbolizes freedom. Maybe you stop comparing your career trajectory to your peers' and start defining success on your own terms. McCoy's miracle question might help you untangle financial fears from personal truths, reminding that wealth is not just about accumulation, but about intention. And maybe, just maybe, the path to financial peace begins not with earning more—but with understanding why you're worried in the first place. You Might Also Like: She felt overburdened with work but undervalued by bosses. Ankur Warikoo's advice to 'quiet' employee is striking a nerve across LinkedIn
