Conquering Money Anxiety: Tales of Victory and Empowerment

EP 136 - Conquering Money Anxiety: Tales of Victory and Empowerment

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Introduction: Overcoming Financial Fear

Have you ever found yourself paralyzed by financial fear? Wondering if you will ever break free from the grip of money related anxiety. Today, we're diving into some of the craziest ways people have overcome this struggle. This is a show you don't want to miss.

Welcome to Ask Ralph Podcast

Welcome to the Ask Ralph Podcast, where listening to an experienced financial professional with over 30 years of experience can help you make sense of confusing questions, current headlines, and industry trends about taxes, small business, financial decision making, investment strategies, and even the art of proper budgeting.

Ask Ralph makes the complex simple by sharing his real world knowledge from a Christian perspective with all things financial. Now here's your host, Ralph Estep, Jr.

Wacky Wednesday: Personal Stories and Listener Engagement

Welcome to our wacky Wednesday show. I'm so glad you chose to join us. I just want to thank you for listening and more importantly, supporting the program. I'm coming to you from the Estep Farm at the Saggio Accounting studio . Let me put on my [00:01:00] podcaster hat put down those overalls and push that adding machine to the side. And let's get into some financial wisdom from a Christian perspective, Ralph here, ready to tackle another topic that hits close to home for so many of us.

Well, before we get started, don't forget to subscribe to the show and join our email list. You do that at askralphpodcast.com . So you don't miss tomorrow show tomorrow. We talking about 529 plans and how they could be effective ways to save for your higher education expenses for your kids, or maybe even your grandkids.

We also just launched an insider's group on Facebook and I encourage each of our listeners to join the group, to continue the conversations from the show. Share ideas for the show and discuss your triumphs and your challenges. I have a link to the Facebook group in the show notes that's something. I would definitely encourage you to sign up for.

Grounding in Faith: A Biblical Perspective on Finances

But before we get started, let's ground ourselves in God's word in Philippians chapter four, verses six through seven. Paul writes [00:02:00] this don't be anxious about anything. But in every situation by prayer and petition with Thanksgiving, present your request to God and the peace of God, which transcends all understanding will guard your hearts and your minds in Christ. Jesus. Wow. What a powerful reminder that we don't have to face our financial fears alone. God invites us to bring our anxieties to him in prayer.

Overcoming Financial Fears: Real-Life Success Stories

And speaking of financial fears, let me tell you. I've heard some wild stories about how folks have overcome them. I'll tell you about the most interesting story later in the show and how I actually had a client beat the IRS based simply on fear, but first, a quick personal story. Year ago when I was just starting out in business. I was consumed by worry about making ends meet. I had left my family accounting practice and decided to branch out on my own.

I had two very young children and my wife and I had just bought a new home. It was really [00:03:00] bad timing. It got so bad that I'd wake up in the middle of night in a cold sweat, my mind racing with worst case scenarios. One day I decided enough was enough. I took a leap of faith. I found a church and our family started attending it.

And immediately I started tithing giving 10% of my income to my church. It was scary. At first, I was just barely getting by paying the mortgage, the car payments and some credit card debt we'd accrued, but you know what that act of trust and obedience shifted something in me. I started seeing money as a tool to bless others. Not just something to hoard out a fear. Now I'm not saying tithing is a magic bullet, but for me it was a game changer. It reminded me that God is my ultimate provider and that I can trust him with my finances. In my view, this was a complete liberation from fear and the freedom I felt afterwards was absolutely amazing. But enough about me.

Let's hear some of those crazy stories. I mentioned earlier, one lady I know had been living [00:04:00] paycheck to paycheck for years. Consumed by anxiety about her mounting debt. One day, she decided to face her fears, head on. She made a list of everything she owed and started calling her creditors one by one to set up payment plans. It wasn't easy. Let me tell you this was tough work, but with each call, she felt a little lighter. By the end of the day, she had a clear plan and a new found sense of control over her finances. As I've said, many times, you have to be true to yourself and list it all out and make a plan. But then more importantly, Implement the plan and achieve results.

Another guy. I know I've been avoiding looking at his bank account for months, terrified of what he might find. I have to admit that back when I started my practice, I used to do the same thing. I guess if I didn't look at it, it was somehow unreal. Finally, he mustered up the courage to log-in and face the music well to his pleasant surprise. It wasn't nearly as bad as he'd feared. Sure. He had some work to do, but seeing the numbers in [00:05:00] black and white gave him clarity and more importantly, motivation to start making changes.

Then there was a couple who decided to get creative in their battle against financial anxiety. They made a game out of it, seeing how much they could save each month. Challenging each other to find new ways to cut expenses and boost their income. They even started a friendly competition with their friends, seeing who could sock away the most cash. Not only did they find fun in the process, but they also built a solid emergency fund. And paid off their credit card debt in record time.

So you might be asking Ralph, what can we learn from these stories?

Actionable Steps to Conquer Financial Anxiety

Here's a few actionable steps you can take to overcome your financial fears. If you listen to my program, you know, I always want to give you some action steps.

So let's start with action. Step number one. And that is the most important. You got to pray about it. Like Paul says in Philippians, bring your anxieties to God in prayer. You do that by asking for wisdom. Asking for [00:06:00] peace and more importantly, asking for provision.

Number two as the lady did, you've got to face your fears, head on whether it's making a budget, calling your creditors or looking at your bank account. Don't let fear keep you in the dark. My friends. Let me tell you knowledge is power and facing your finances honestly is the first step to taking control. You've got to face your fears, head on.

Number three, and this one is vitally important. Find an accountability partner. Whether it's a spouse, a friend. a, financial coach having someone to walk alongside, you can make all the difference, share your goals with them, share your challenges with them, and more importantly, share your victories with someone you trust. I'll also let you know that I do offer financial counseling service at my practice. So if that's something you are looking for. Simply go to our website at askralphpodcast.com/store. And you can schedule a consultation with me and I can [00:07:00] help you with that accountability piece and help you with that financial counseling piece.

Let's look at number four and this one I can't stress enough. Start small. If the thought of overhauling your entire financial life feels overwhelming. Start with one small change at a time, I actually was doing a zoom call with one of my clients yesterday. And he said to me, Ralph, I'm new in business. How much money do I need to set aside in my emergency fund? And I told him, I said, realistically, I'd like to see you having four to six months worth of cash in the bank so that if you didn't have any revenue coming in at all, you'd be able to meet your obligations. And he said, Ralph, that's a big number. I said it is, but let's start at a hundred dollars a week. Let's start at $200 a week. And let's let it grow. Maybe it's cutting out one unnecessary expense or putting an extra $20 towards your debts each month. Small steps add up over time, but you've got to start by walking forward and taking that first small step

number five. Celebrate your [00:08:00] progress. This is a journey, not a destination. As you start to see positive changes in your financial situation. Take time to celebrate your wins. No matter how small they are. Let's say you paid off the smallest credit card debt you have. That's a win. Treat yourself to a special dinner, share your success with a friend, or do a happy dance in your living room. I'm not going to dance for your folks, but whatever works for you to recognize your progress, because it's going to help you stay motivated and keep you going.

A Unique IRS Battle: Overcoming Fear with Faith

So let's get to that IRS battle. I mentioned earlier in the episode, this one's an interesting one. I once had a client who hadn't filed tax returns for several years. When he came in to meet with me, he said he had an absolute fear of the IRS and a fear of. Of money that led him to not file his returns for many years, looking back, it might've been even 10 years. I did some research at the time and I found the IRS actually would allow people to catch up on their tax filings. And this type of anxiety and fear would be a [00:09:00] usable means to get penalties and interest removed. They call this in the tax code, fair administration of tax. And since this client actually had a note from his doctor documenting his anxiety, I was able to use this for his benefit. Now the IRS didn't want to do it. And I had to get some letters from some senators and others who were sympathetic to the client. But in the end, the IRS actually waived all of the penalties for years of unfiled taxes. Now the client had to pay the tax, but whatever tax he had to pay, the only thing they added was interest. They removed all the penalties.

Now I certainly don't recommend this approach. But it was certainly an interesting outcome from a situation of fear and anxiety. I told you it would be an interesting story.

Wrapping Up: Encouragement and Recap

Well, before we wrap up on or remind you to visit our podcast page, you do that at askralphpodcast.com for a ton of more resources and inspiration. And if you found this episode helpful, do me a favor and share it with a friend or family member who could use some encouragement in their [00:10:00] own financial journey together. We can break free from the grip of financial fear and anxiety. And step into the abundant life that God has for us.

So let's recap what we've covered today. We started with a powerful reminder from Philippians to bring your anxieties to God in prayer. Then we heard some crazy stories of how people have overcome their financial fears from tithing to facing their debts, head on to making a game out of saving money.

We also talked about some practical steps you can take, like praying. Facing your fears, head on finding an accountability partner, starting small, and most importantly, celebrating your progress. As we sign off, I want to leave you with this final thought. Your financial situation does not define your worth as a person. Hear me on this because we all fail in areas of finance.

All of us, I failed and you will fail at times, but you've got to pick yourself up. Remember this? You are a beloved child of God and he has a plan and a purpose [00:11:00] for your life. That goes well beyond your bank account. So keep your head up. Keep putting one foot in front of the other and keep trusting in the one who provides for your every need.

He will provide for your every need. Thanks for joining me today, financially savvy friends. Remember. Small changes lead to big results over time. So stay the course, keep the faith and may God bless you on your journey to financial freedom until next time, this is Ralph reminding you to stay financially savvy. Take care. And may God bless you on your journey.

Thank you for joining us on the AskRalph podcast. And with a simple click to subscribe, we'll invite you back to our next episode. And remember, financial issues don't have to be complicated. Just AskRalph. The information contained in this episode of AskRalph is based on data available as of the date of its release.

Saggio Accounting Plus and AskRalph Media Inc. is under no obligation to update this content if changes occur. Applying [00:12:00] this information to your specific situation requires careful consideration of all facts and circumstances, and any information provided is not to be considered as financial, tax, or legal advice.

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