Optimal Finance Daily - Financial Independence and Money Advice

3133: How Does Mental Health Affect Your Financial Health by Lyle Soloman with Fiology

5 snips
May 6, 2025
Explore the surprising link between mental health and financial stability. Discover how conditions like anxiety and depression can lead to impulsive spending and financial neglect. Learn actionable steps to safeguard finances during tough mental health moments. Personal stories highlight the importance of mindful spending and self-awareness. Overall, the discussion emphasizes investing in both mental health and financial wellness for a more balanced life.
Ask episode
AI Snips
Chapters
Transcript
Episode notes
INSIGHT

Mental Health Spills Over to Finances

  • Disturbed mental health causes life and finances to feel out of control, leading to impulsive spending and neglect of bills.
  • Poor mental health also lowers energy and self-esteem, worsening financial decisions and increasing debt risks.
ADVICE

Practical Financial Wellness Steps

  • Honestly assess your financial situation by reviewing all bills and debts.
  • Create budgets, avoid impulsive spending, resist comparisons, and set clear financial goals.
ANECDOTE

Diania’s Mental Health Money Strategy

  • During depressive states, Diania struggles with energy to manage money and resorts to convenience spending.
  • She prepares for bad mental health times by automating bills and saving more during good periods.
Get the Snipd Podcast app to discover more snips from this episode
Get the app