Are you having a hard time managing your cash? Do you always find yourself spending more than what you earn? Are you a shopaholic? If these are your concerns, you should read more in this article as we discuss mental health and money relationship.
The impact of financial management incapability gets worse with two things. (1.) Is when you are dealing with a long-term mental health condition, and (2.) is when you experienced a traumatic event that triggered a huge monetary blow. These particular things are the main reason it is entirely challenging to cope financially.
Fortunately, there are a few ways to deal with the situation, and some of these guidelines are proven effective when it comes to handling financial and mental health issue correlation.
Financial Literacy Education
If you are having a monetary issue and dealing with a mental health crisis at the same time, do not go into a trial-and-error coping approach if you do not understand how to deal with it. It will not help you and might cause overwhelming financial problems in the long run. Instead, educate yourself and learn the basic rules of financial literacy. Be fully informed about your current monetary circumstances and mental health needs. If the stress and anxiety get in the way, immediately remove monetary access to avoid using it as a means of coping.
When spending your money, you need to realize the importance of self-evaluation. Understand what you value most, and don’t chase after unnecessary things. Please do not allow your expenses to go over the top of your income as it will cause you more mental and emotional strain once you find yourself financially incapable. Do not go after the branded stuff. If you can, make it a habit to use what’s already in your possession to avoid purchasing duplicated items. Keep an eye on your expenditures and ensure a personal spending plan. Keep a record of what you buy and what you will have to buy so that you can live below your means.
Pay With Cash
The correlation of money to mental health has something to do with debt. When you are financially unstable and you struggle with a lot of monetary requirements, your mental health can get worse. Instead of getting credits or constantly having debts, pay your purchases with cash. It helps you manage and control your spending and will also allow you to picture the importance of what you buy. It provides you with autonomy and freedom, which is also helpful in dealing with stress and anxiety.
Learn To Budget
Budgeting is not an entirely comfortable process, especially when you use your money regularly and get it from paycheck to paycheck. However, it provides emotional and mental stability when you know what to do with your money. Learn to budget and stick to purchasing what you need. Assign a designated limit on the amount you are willing to spend so you won’t have to compromise your health and financial goals. Since budgeting ensures life control, it will help you maintain your overall wellness.
Save For Nothing
Your mental health issue can sometimes cause these cravings, leisure requirements, and shopping sprees. You don’t need these, and these are not always effective coping strategies, especially if they will cause another stress from losing your financial balance. Instead of spending on these things, choose to save them. Consider this as an emergency fund that you can use in the future. It will help you cope with your spending habit problems and secure your mental and emotional health in future negative encounters. You will thank yourself once you realize you have more positioned cash.
Guard Your Health
With all your illness and monetary struggle, one thing is essential – your health requirements. And since these two are related, you need to use your money to guard your health. Therefore, consider building straightforward maintenance that can diminish your too much expenditure. Instead of buying alcohol, cigarettes, and junk foods, consider spending your money on eating fruits and vegetables, registering for a gym, and taking art courses and cooking lessons. Invest your money into something that can help you with your mental and emotional struggles.
You will never know what might happen in the future. You might encounter difficulties, and your mental and emotional health inconsistencies can become a major contributor to that. So before you lose everything, prepare yourself for the uncertainties. Apply for an insurance policy to secure your health and your family’s wellness. Insurances are beneficial for any medical-related bills and medical care requirements. It also helps in reducing financial instability and makes accidental losses controllable.
Financial therapy is not a stand-alone treatment and may not address mental health issues such as depression, anxiety, trauma, stress, or other psychological illnesses. However, if the said conditions affect financial goals, it would be best to incorporate the treatment.
It has been a year since the pandemic hit, and people are getting by and are already back to their normal life routines. However, most of them still struggle with the financial issues that COVID-19 left them. Some of it includes losing long-term employment, closing a business store, and increasing unpaid monthly bills.
People are still trying to figure out how to get through the pandemic’s financial impact on the world. And if you are one of those individuals who deal with stress and financial survival guilt, you are not alone.
The financial effect of the pandemic is not limited to monetary since your mental and emotional health surely received a devastating impact. But remember that the pandemic is not your fault. Thus, it would be best if you weren’t guilty of the world’s financial crisis nor get mad with the companies who choose to lay off to save their businesses.
What is financial therapy?
Financial therapy is a treatment service that aims to address an individual’s feelings, thoughts, and behavior toward handling money. It examines how money affects a person’s life. But note that financial therapy is different from financial planning. Financial therapy is administered by a licensed therapist who studies the intersection of emotional, behavioral, psychological, and relational to the financial state. On the other hand, financial planners focus more on financial goals, budgeting, and retirement.
One of the significant assets of financial therapy is its financially goal-oriented process. The treatment looks into topics ranging from financial stressors and coping mechanisms to routines of monetary expenses and expenditures. The role of the treatment revolves around financial literacy and educating clients to better manage their monetary endeavors. The treatment aims to empower people and provide them with the opportunity to become aware of their financial relationships.
Inside The Scope
Financial therapy is essential for learning, healing, and growth. It can assist with monetary interaction and help understand how people see a society with regard to its financial state. It helps people discover their value and potential and develop a wiser and healthier relationship with money.
One of the most vital topics in financial therapy is the importance of spending. If you value conservation and community involvement, you will purchase something in a local farmers’ store rather than expensive items or concert tickets. If it’s the latter, you should evaluate what’s more important to you so you can manage and spend your money accordingly.
Note that people deal with financial problems differently. What might be a burden to them may be simple to you and vice versa. Individual income, savings, and wealth also require different considerations since you and other people have more or less due to a variety of factors. However, here are the common causes of financial problems.
High Levels Of Debt But Lower Income – One of the common causes of financial downfall is debt. Without the funds to pay it off, it can go up. It can affect the whole capital stock or savings as it will heighten interest rates. As a negative result, people end up giving up their houses, cars, and other valuable belongings.
Loss Of Employment – Losing a job is the top concern for financial problems since working sustains the monetary flow, especially on daily necessities. In some unfortunate situations, loss of employment can cause physical and mental strain. It can also complicate and bring familial and marital relationship issues.
Foreclosure Or Bankruptcy – Foreclosure only damages people’s credit scores for about seven to ten years. People might still find ways to work on their other expenses despite that. On the other hand, bankruptcy hinders them from a financial start-over since it will not get rid of the other debt that, includes state taxes.
Growth Of Financial Responsibility – Once there is a lack of financial income, the responsibility immediately grows. There is a huge demand for cash flow due to lifestyle maintenance and social, environmental, and economic contributions. With limited monetary availability, there is surely an incoming pile of debt.
Spending Habits And Behaviors – Financial problems often arise due to a person’s spending habits and behaviors. His association with money revolves around earning less while spending more. It is a complication that leaves an individual with fewer funds to use in an emergency.
Compulsive Gambling – Though this may not be common to the general public, quite several people struggle with compulsive gambling. It may start as a small portion of extra money and eventually use all the savings. It is a problem since it is considered an addiction.
Final Thoughts And Takeaway
There is no right and wrong way of spending or saving money. Culture, education, and personal experiences shape people’s values and financial literacy beliefs.
Seek money-mindset assistance that can help you understand more about financial recovery. These include listening to a financial podcast, talking to a friend, asking a financial advisor, or seeking a financial therapist.
Is there such thing as counseling in behavioral finance? How does behavioral finance counseling vary from other financial counseling? Behavioral finance personal biases and stock trading psychology counseling might seem like opposite topics of interest but they are more intricately connected than they seem on the surface. Let’s learn more about behavioral finance counseling and how does it help those in the finance industry.
Constantly keeping track of the stock market and your financial planning situation can be emotionally draining, especially with their psychological influences. You don’t know what to expect even with an efficient stock market moves and hypothesis.
What Being Emotional Can Do To You
When things don’t go your way, you tend to take it out on yourself or others around you. This stress may seep into other aspects of your life, such as your health and career. Behavioral counseling experts call this “affect heuristic.” You’re bound to perform financial decision making depending on your current emotional or behavioral state.
Behavioral Finance counseling will provide you with concrete steps and methods to deal with strong emotions by helping you achieve emotional balance. Your stress and anxiety regarding your financial situation don’t have to affect your investments or any other rational decisions and life investment decisions.
Financial professionals can help you avoid investing too much when your financial situation is positive. Being tempted to invest is a natural response, especially when you think you’ve won big.
Seeking Counseling For Your Financial Addiction
When the dopamine hits, you’re going to start wanting more and more until you don’t even notice it’s turned into a serious financial addiction.
If you’re using your laptop like a slot machine, then counseling can help you rein your impulses in and retrain your mind. Your counselor can help you monitor activity related to investing and keep everything under control.
It’s never easy to quit an addiction. Behavioral finance counseling can offer the help and support you need in setting you on the right track. Family or individual finances should not influence your behavioral state negatively.
We’ve established that investing in the stock market may lead to frustrations and addiction. This puts your relationships at risk. Your relationships falling apart is going to be another thing you will stress about. And often you won’t expect that stock investments have something to do with it.
Key Takeaways Behavioral Finance
Managing Your Behaviors And Emotions
If you learn how to retrain your brain, develop a healthy mindset, and deal properly with intense behavioral finance emotions, then you’re not putting your relationships in jeopardy. Emotions can be efficiently managed through behavioral finance counseling.
A sound mind will help you make sound and smart decisions about financial markets. Taking care of your mental state and emotional health will significantly affect the decisions you make in your life, career, and your investments. And you can achieve this faster with the help of a behavioral finance counselor and by working on your mental accounting.
Indeed, without a good grasp of your emotional quotient and behavioral finance theories, you might as well bid any good investment gains goodbye. Positive emotions towards behavioral finance do make a significant difference.
Behavioral finance tells us that there are psychological factors and subconscious biases behind an investor’s behavior. Understanding human behavior and emotions and goals through behavioral economics or behavioral finance counseling can help you understand the process behind your decision-making and assess it.
Identifying Your Finance Issues
Ever heard of the saying, “Change the way you look at things and the things you look at change”?
Market volatility is normal and, believe it or not, can be an investor’s best friend. By resetting your mindset, financial counseling can make you focus on the positives of that volatility, not the negatives. Positive emotions towards behavior finance definitely affect one’s mindset as well.
Overcoming your rational expectations and emotions is a necessary financial analysts skill for even experienced investors. Financial counseling can help many investors put things into perspective and make them see the bigger picture and certain circumstances rather than zoning in on their loss aversion.
Effective Stress Management
Behavioral finance counseling allows you to compartmentalize the sources of your stress. Instead of your worries stacking up on each other, you can take them apart. Treat them separately rather than viewing them as one Herculean lump of worries. Developing a better mindset when it comes to future worries and anxieties makes them easier to manage.
Stable Minds Make Stable Investments
Financial counseling offers a way to anchor self attribution psychologically and emotionally rather than anchoring yourself on the numbers and how the stock market’s doing.
It gives you a solid foundation so you can let go of bad investments and not feel like it’s the end of the world. You are in control, and the stock market doesn’t have control over you. Hold onto your confirmation bias of values and beliefs, and don’t get swayed by emotional rushes.
Insights And Takeaways
Stock trading is a rough journey. Without counseling and proper management of emotions, it’s like fastening your seat belt without the seat belt. You need the seat belt to stop you from losing your cool, making rash decisions, and endangering your overall stability and wellness.
If you decide to seek financial counseling, know that your counselor wants what’s best for you.
Frequently Asked Questions (FAQs)
What is behavioral finance example?
What is the role of behavioral finance?
What are the two pillars of behavioral finance?
What are the branches of behavioral finance?
What can you do with a behavioral finance degree?
What is the foundation of behavioral finance?7. What is the difference between standard finance and behavioral finance?8. What are the biases in behavioral finance?9. What is the role of behavioral finance in private clients?10. Who introduced behavioral finance?
If there’s one word to describe the trading industry, it would be “unpredictable.” Changes happen so often, making the trade so risky leading you to handle stock market anxiety.
Risking some stuff in the stock market that you put effort into it and leads to stock market drops is a devastating result which can lead to stock anxiety.
When unexpected financial news in the stock market occur, there’s always the possibility of the stock market declines and it can dangle in front of you.
Stock Market Investment
Fears begin when you start losing a big sum of money savings in the market and your investment is in really bad shape.
All these can cause stock market anxiety syndrome and stress to your mind, and sometimes, you won’t even notice until you can’t take it anymore.
Other times, you may find yourself on the verge of an anxiety attack and unstable mental health about stock market fluctuations. And one day, you realize what’s supposed to lift your spirits has become your primary cause of stress instead. Whichever your condition is, know that counseling and financial planning may help you in your journey towards better mental health from dealing with the stock market that’s making you anxious.
UNDERSTANDING YOUR ANXIETY CONDITION
Note that before anything else, you need to understand what’s causing your tricky feelings about the stock market. Ask yourself what upsets you and what triggers your outbursts in the stock market. Is it because you lose money? Try to point out how you feel about stock market trading data and investing as well. Talking to your anxiety counselor or investment adviser about these stock market things will help you point out the stressors leading to financial anxiety. This way, you’ll also find out what your emotions are regarding the stock trading industry and understand why you would tend to suffer from your mental health concerns.
Are you scared of dipping stock prices on market graphs? Are you afraid of the downs and the volatility of the industry? Do you instantly feel nervous when you tune in to the news about the finance sector? Do you freeze up when watching the numbers and graphs rise and fall? It’s crucial to know these and more to understand what causes your worries.
Along with understanding your stress and triggers, the financial advisors can also help you process your emotions. What about the financial world makes you happy? And what about it makes you feel fulfillment? Knowing these is essential to get a grasp on what investing does to your mental and emotional health.
Stock Market Trading Anxiety
Often, it also comes with anger issues, panic episodes, and depression. By talking to your financial advisor and counselor, you may be able to work early to prevent these from happening. They can educate you on what you can do with the curb. If you are stressed and anxious because of it, then they will be able to help you address them.
Your counselor will talk you through these aspects so they could help you comprehend the state of your mental health. They may ask you questions about your situation and emotions to know how to move forward from there. Remember, these are important so your counselor can help you. However, know that your well-being is still their top priority, so don’t hesitate to tell them if you’re feeling overwhelmed.
Following your discussion with your counselor regarding your situation and emotions, they may also talk to you about the value of gaining control. That means figuring out the things you can influence and what you can’t change. By discussing this, you may develop a sense of feeling more in control over your reactions.
As mentioned before, volatility is one of the primary causes of panic in stock traders. And it’s crucial to understand this is out of your hands. No matter the preparation or thinking you put into trading, you can never totally predict what will happen in this tricky industry. Your counselor will help you distinguish this unknown variable from the things that you can influence.
As an investor in companies, you are responsible for the reasonable knowledge of financial strategies. That involves a contingency economy plan and backups for when the trade moves unfavorably. By taking charge of this example, you may start to gain control over your wealth situation.
Your counselor will provide tips for you to understand these many investors circumstances. Little by little, they will help you feel more in control of your emotions. This process will only start when you accept things you can’t change and involve responsibility for the aspects you can influence.
Shifting Your Focus
Some days, you may find yourself fixated on your phone or laptop, poring over the trading figures. Other times, you may be cemented to your couch, eagerly anticipating updates about your investments and market corrections. You may not notice it, but you may already be hyper-focusing on trading and neglecting yourself in the process.
Counseling can help keep you grounded amidst this kind of experience you guess. Your counselor may recommend some activities that will help keep your mental well-being okay. It starts with the basics like eating a balanced diet, exercising, and developing healthy sleeping habits. Your counselor may also advise against constantly checking updates about the real trade.
They may also refer you to a support group if talking to others aids you in understanding your emotions better. In addition, you may discuss with your counselor about other activities that will help you keep a clearer head.
It’s essential to address these things to prevent you from solely focusing on the trading industry. It may be a big part of your life, but it shouldn’t consume you whole. Counseling can guide you in processing your experiences to allow you to forward from your fears healthily.
It may be possible to feel like you’re detaching yourself from something important to you. However, remember that you’re just reacquainting yourself with it. Your counselor is there with you as you take that step forward with an understanding of your experience. You may find it hard to adjust sometimes, but keep in mind that you’re doing this for your well-being.
To Wrap Up
It’s natural for the industry to be volatile and to have dips now and then. Most of the time, unexpected events cause these changes, and we can’t do anything about it. Because of this volatility, the stock traders like you experience fears, but remember, counseling can help you move forward from this.
It won’t be an easy journey towards a clearer head and better mental health. You’ll need to exert effort, and you’ll have to make changes in your lifestyle, as well as in your behavior. It won’t be a walk in the park, but your counselor will be there beside you the entire way.
You have to be open about discussing your situation. You’ll need to talk about your experiences, triggers, and emotions to understand them. That way, you’ll be able to make informed decisions about the adjustments you need to make in your life. Your counselor will be there with you in your journey to shift your focus and gain back more control. It won’t be easy, but always keep in mind that this is all for you.
Frequently Asked Questions (FAQs)
How do I control my fear in stocks?
How do you stay calm when stocks go down?
Should I panic if my stocks are down?
Should you panic about the stock market?
What will the stock market do in 2022?
Should you invest during a crash?
How long did it take the stock market to recover in 2008?
How do you get rich in a recession?
Will the stock market crash again in 2022?
Where should I put my money before the market crashes?
I have been stock trading for more than six years now. I started doing it in my last year in college out of sheer interest in the field, even though my collegiate background was too different from it. (I studied Theater back then.) A friend showed me how I could monitor the stock market and make money out of it without leaving the house, and that’s what I had been doing ever since. I merely did theatrical acting part-time, but my full-time job now involves stocks.
Despite the sense of fulfillment that I got whenever I traded stocks, many people still questioned my focus. Most of them believed a job that could be done at home was not a job at all – it was more of a hobby than anything. My own parents often told me, “You are not getting any younger, Doug. If you do not want to become an actor anymore, then we will be more than happy to send you back to school and get a law or business degree.”
While I often responded with a laugh or the waving of a hand, hearing the same thing – the same lack of trust in my ability to excel in my chosen profession – began to wear me down. I used to maintain a happy disposition even when the Great Depression caused the stock market to tank; I did not feel hopeless when it went on for months. I just waited patiently for things to improve. However, the more I listened to my non-supporters, the more I wondered if I was genuinely doing what’s right for me.
My self-confidence continued to crumble when two of my five investments went on a slow but steady decline. I had this 80-inch flatscreen TV in the office where I watched the stock market graph every day, and it saddened me to see that those two might not recover anytime soon. When the third one dropped all of a sudden before my eyes, I lost it. I started weeping and feeling helpless, like a little boy who could not find his parents at the mall.
That’s how my wife found me. She was rooted to her spot for a moment (probably because she never saw me cry before), but then she eventually ran towards me and asked what’s wrong. Though I tried to contain my sobbing, I couldn’t. I blurted out all my worries about the stock market and how I could not seem to think of a way to reduce my losses.
My wife looked at me in the eyes. “Baby, perhaps it’s time for you to see a psychologist. I know you have been spiraling down little by little, but this – the crying and the negative self-talk – is on another level. I would honestly appreciate it if you get mental help sooner than later.”
My tears stopped falling for a minute. I had not thought of that before – the possibility of having a mental disorder. When I agreed, my wife contacted her psychologist friend once, and we went to her house in the same afternoon. The psychologist did a few tests until it turned out that I most likely had a bipolar disorder, although I experienced depression (all-time lows) more than mania (all-time highs). It was mild, and I was apparently lucky to have it detected early, but I still had many questions about my new condition.
What is the number 1 cause of depression?
Experiencing life challenges for a long time is the primary cause of depression. Imagine, if you cannot find work, someone always bullies you, and your relationships are strained, you may be unable to help but feel like everything is going against you. Worse, you may believe that the situation will never change.
What is the most reliable symptom of depression?
A sense of worthlessness is the most reliable symptom of depression. It is evident in most – if not all – types of mood disorder. Because of this symptom, you may not want to talk to anyone or do anything, to the extent that opportunities pass you by, thus depressing you further.
What methods do you do to improve your mood better?
Listen to music. The more upbeat it is, the better. It may be better if the songs have been sung by your favorite singers so that you can sing along and feel the lyrics.
Walk in the neighborhood for at least 15 minutes every day. Getting exposed to sunlight is ideal for improving your mood.
Look for a reason to laugh daily. The act of laughing tends to increase dopamine production in the brain and oxygen in the body.
Clean your house. This activity can clear your mind, especially when you see that everything is in order.
Offer a hug to someone. Experts say that a simple touch allows your brain to produce more oxytocin, a love hormone. In case you are alone, doing a self-massage will do the job.
Count your blessings every day. Ask yourself, “What good things happened today?” Write them down or think about them to feel better.
Confide about your issues with a loved one. Often, your mood will not improve if you keep on harboring negative feelings.
What is the most severe form of depression?
Atypical depression is most likely a severe form of mood disorder. It is a subtype of dysthymia that often appears for the first time during teenage years. People with atypical depression experience the following:
Intense sensitivity to failure and rejection
What are the four types of depression?
Clinical depression: This severe mood disorder causes individuals to feel helpless, hopeless, and unworthy of love and attention. It is typically not caused by grief or physical condition.
Chronic depression: You experience depressive symptoms for no less than a year, but they are milder than what people with clinical depression deal with.
Manic depression: Its new name is bipolar disorder. When people have manic depression, their mood swings tend to be extreme and may last for days every time.
Seasonal depression: This mental disorder is usually experienced during the wintertime due to a lack of light exposure.
How do I know if I’m bipolar?
The following symptoms characterize bipolar disorder:
Excessive sleepiness or sleeplessness
Low or high moods
Impulsive thoughts and behavior
Sense of worthlessness and hopelessness
Faster speech than usual
What are the four types of bipolar?
Bipolar 1 disorder: You experience extreme mood swings for an extended period.
Bipolar 2 disorder: The manic and depressive symptoms are somewhat mellow, although they are still noticeable.
Cyclothymic disorder: You deal with depression and hypomania, but they do not last long.
Mixed bipolar disorder: You experience varying symptoms simultaneously.
What triggers bipolar?
Several factors can trigger bipolar disorder, such as:
Abusing alcohol, drugs, and other substances
Being in the presence of a mother, father, brother, or sister with the same condition
Dealing with excessive stress or traumatic event
What are the signs of bipolar in a woman?
When a woman has bipolar disorder, the following symptoms can be observed:
She gets irritated quickly.
She has more energy than usual for various activities.
Her self-esteem increases.
She does not sleep much.
She talks a lot, to the extent that people may not understand all the words.
It is challenging for her to concentrate on a single activity.
She gives in to impulsive thoughts without worrying about repercussions.
Can girls be bipolar?
Yes, girls can be bipolar. In truth, women get diagnosed with bipolar disorder as frequently as men. They tend to experience this condition’s symptoms more often, considering women deal with hormonal changes every month.
Are tattoos a sign of mental illness?
Studies reveal that individuals who get tattoos tend to use ink to cover up their lack of self-esteem. They are also more likely to get diagnosed with a mental illness than others. In that sense, it may be safe to say that having tattoos indicates a person’s poor mental health.
How do doctors test you for bipolar?
In reality, there are no specific medical examinations for bipolar disorder. When you see a doctor for the first time, they will want to run brain scans and thyroid function tests first. The latter is important, considering a malfunctioning thyroid gland can cause a mood disorder like depression. Once hypothyroidism has been ruled out and the symptoms of depression – and mania – are still there, the doctor may refer you to a psychiatrist or psychologist for a mental health evaluation.
The thing is, you cannot expect to receive a diagnosis after your first evaluation. Besides talking to you regarding the symptoms and their duration, the mental health professional may want to discuss the matter with your loved ones to figure out what other signs have still not been mentioned. Only when they manage to rule out other mental conditions they can diagnose you with bipolar disorder.
Can bipolar people tell they are bipolar?
The answer is no. Many bipolar people do not realize that they have the disorder, especially if they have been previously diagnosed with ADHD or depression. As you know, depression is one of the primary symptoms of bipolar disorder. But if your sense of worthlessness gets replaced by manic symptoms sometimes, you should see a psychiatrist ensure whether you have bipolar disorder or not.
Is bipolar inherited from the mother or father?
It is quite rare for people to inherit the bipolar disorder from any parent. However, when it happens, it is typically from the mother. One study backed up this idea, citing that between mothers and fathers that they have tested, the latter failed to pass down bipolar traits to their kids.
Is Bipolar 1 or 2 worse?
Bipolar 1 disorder is worse than bipolar 2 disorder. When you experience the former, you tend to have severe manic symptoms. You feel invincible; it’s as if nothing can hurt you. But with bipolar 2, the manic symptoms may be diminished, albeit slightly.
My wife and I had a long conversation that night on what I should do to get better. I was more depressed than manic, so we both thought that’s nice – it meant that I would not have daredevil moments in the future. As for the depression, we chose counseling and therapy – and lots of exercises – over antidepressants.
A couple of months later, my chosen treatments seemed to be working as different ideas on avoiding significant losses in the stock market flooded my mind again.
As with any investment, it is wise that we educate ourselves before we dive deep into the investment. It really is illogical for us to go into an investment that we do not understand. No, this is not risk-taking. Making this move can cause you greater harm than you would have expected. Believe it or not, there was a time in my youth where people around me constantly told me that it was important that I invested in the stock market when I reached the age of 21. But I had known nothing about the stock market and what investing in it meant.
Learning to save is really a must especially for the working-age group. We work to earn money so we can spend and buy whatever we want and whatever we need. But how about during “rainy days”? Do we consider it in the future or just think about the sunny or better days? Of course, we will always be thankful for better days most especially those “paydays” in which we can already grasp our most awaited salary during that period.
As of today, the world already has more than 9 million people infected by COVID-19, with 471,754 deaths and 4,513,310 recovered. In the Philippines, we have reached 30,682 cases, with 1,177 deaths and 8,143 recovered. This is genuinely a health crisis we are facing, and it seems it has affected all aspects of our lives: economically, politically, psycho-emotionally, socially, culturally, and spiritually.
The 2019 health care event was a gathering of intelligent professionals who shared a love for making healthcare communication better. Clinicians, researchers, and educators were present in one of the most awaited events of the year. There were discussions and presentations about strategies and tools that help improve communication among the health sectors and healthcare professionals. Most, if not all, attendees agreed that the programs were outstanding and very enriching even for the medical professionals that were there to share their knowledge and experience.
Below is a portion of what was discussed during the healthcare event on the strategies that patients and healthcare professionals can use to improve communication.
Constructive communication between healthcare professionals and patients is vital for the success of any healthcare sector. The Managed Healthcare Executive reports that over 80% of healthcare professionals agree that improving communication between these two parties is key to enhancing patient care quality. If there is no effective communication from healthcare professionals, the workplace environment loses positivity, and patient care quality is decreased. Finding ways to improve communication among everyone concerned will improve the environment for both the patients and the entire healthcare team.
Here are some strategies to try to help improve communication in your healthcare sector.
Integrate constructive communication in your sector’s obligatory training program. It is difficult to expect the staff to talk with the patients effectively if they were not trained on how to do just that. So when it’s time obligatory training sessions, teach them how to ask questions that would give clarity to the given situation. Assess the patients’ emotions and opinions and encourage them to talk while you listen, not always the other way around. Successful communication involves both parties to talk, listen, and discuss better solutions.
Remember to instill communication into your sector’s culture. Sooner than later, you will learn that it is not just enough to tell your staff about the essence of communication. You will have to show them how to communicate effectively. When heads of an organization or sector practice what they preach and show their team the appropriate way to communicate with their patients, they will be moved and engaged to follow it. Employee feedback and assessment is one way of also seeing if your team has been dealing with their patients with respect and empathy. These values are needed to achieve successful communication. Those with high scores in their evaluations should be rewarded.
Have regular employee meetings. Professional development is vital for excellent communication skills. Schedule monthly meetings with your employees, so the whole team is updated on how the sector is going so far in terms of performance and productivity. This is an appropriate time to discuss the surveys and evaluations from patients, including the aspects that are strong and weak in your department. This is also a chance for your staff to voice out their opinions and insights regarding workplace environment and real-world situations that you might not have thought about.
Perform patient satisfaction surveys. Getting feedback from patients allows you to learn about how patient experience can be further enhanced. These surveys help identify the reasons for disagreements, questions, or complaints. In addition, patients giving feedback can shed light on whether or not your staff is doing what they’re supposed to on the ‘floor.’
Take advantage of technology when necessary. Healthcare units are now obliged to log in patient information into a digital system. Team leaders and their staff must be knowledgeable in utilizing these systems appropriately so that pertinent patient data is accurate, accessible, and made confidential.
Successful communication begins at the bottom up and is supported by professionals who must lead by example. By strengthening a foundation of sensible and effective communication at all levels, your healthcare sector will ultimately be able to provide quality patient care.
Economists have said with certainty that due to the pandemic, the global market and the economy of the world will inevitably crash. Blame it all on the outbreak of this deadly disease called the Coronavirus. Some have even said that it is worse than the Great Depression of 1929, or the 2008 Great Recession wherein the Lehman Brothers have filed for their bankruptcy. In both these instances, the major stock market has collapsed. The recession has followed.