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Is Money Killing Us?

Is Money Killing Us?

Sitting down at my desk today, all was doom and gloom. I find out that my childhood hero, Robin Williams, had committed suicide. I then read on to find out yet another lady had hung herself in a festival toilet, then, finally, one story that really struck me as most disturbing, a lady taking her own life because of financial pressures.

Here we have two very different ends of the spectrum. On the one hand we have Robin Williams, estimated net worth of US$50,000,000, then on the other hand, a lady who lived in a three-bedroom house in the UK who couldn’t cope and took her own life after government changes in her benefits meant she lost £20 per week (US$33).

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These stories left me totally dumbfounded and provoked me to thinking about how money, no matter how much or how little you have, essentially can either make or fundamentally break people.

Money can’t buy happiness.

Robin Williams, although rich he was, had suffered with depression for many years, adding a truthful tone to the statement, “Money can’t buy happiness.” Yet a feeling seems to resonate of, “But it can save someone from taking their own life if they are in financial turmoil.”

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As the economy struggles to revive and as jobs become sparser, how many more of these incidents are we going to see? I myself feel privileged to be that ‘middle class’ citizen, with the luck of being able to afford some nice things here and there – luxury items, things I probably don’t (in fact, definitely don’t) need. Yet today, I really can’t help but think about people who are less fortunate, people actually willing to take their own life because of financial difficulty.

$17 trillion in debt and, it’s still growing.

I know it’s not a new concept, people have taken their lives over financial troubles numerous times in the past, but then the question to ponder would be, is it going to get worse? Let’s turn our attention to the US economy, which currently has debts of over $17 trillion dollars. That number, to me, is incomprehensible and probably is to many others. I’ll put that into context: if the US were to pay back a dollar per second, their debt would take 184,000 years to pay off – and the scary thing is it’s growing and it’s not slowing down.

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Job hunting is becoming futile.

This has meant though, that the ‘good’ jobs are now being moved overseas, meaning that Americans are fighting for jobs and the same can be said for the UK. The impact of the ‘good’ jobs being outsourced overseas, of course, is that the ever increasing costs and overheads for the average American and Brit are becoming more and more daunting because the jobs aren’t there. So could this mean we see a dramatically increased rate of ‘financial crisis suicides’?

Alarming statistics not ringing a bell?

The answer to my question, horrifyingly, is yes, we will see an increased rate. In fact, it’s already happened. After a little research I had found that during the recession from 2008–2010, 10,000 people took their own lives in Europe and North America. Research published by the British Journal of Psychiatry shows that suicide rates rose significantly after the 2007 financial crash. Suicide rates that have been financially motivated have risen 6.5% in Europe and 4.5% in America, which is just a colossal increase if you do the number crunching.

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With job loss, home repossessions and generalized debt, shouldn’t we be looking at more effective programs for people in financial turmoil? In the UK, even prescriptions of anti-depressant drugs soared by 19% during the period of 2007–2010; again, an exponential rise that should have sent off huge alarm bells to the big bods in the government.

I have searched for programs that can help and they are genuinely few and far between. Those that have used some type of program have reviewed them as being ‘a way to fob them off.’ Definitely not the answer to ease the ever increasing number of financially motivated suicides.

The reality is …

Sadly, the answer to the title of this article is yes, money is killing us, and the worst and most thought-provoking of it all is that it is getting worse. Maybe it’s time we acknowledged this fact and started physically giving people the guidance they desperately need to get their lives back on track. We can’t magic jobs out of thin air, but we can definitely lend a helping hand to those who evidently need us.

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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