Can Financial Problems Lead to Mental Health Issues?
By: Misty Buck, Athlete Mental Health Coach and Contributor to HOFH
Financial issues plague many current and former athletes as well as individuals who have trouble understanding money health. For some individuals, mental health problems cause financial problems, but for others, financial issues lead to mental health issues. The connection between the two is very real and so it’s important to learn how to manage both in healthy ways.
Recent statistics over the last decade or so, point to the disturbing fact that the majority of pro athletes will face financial problems when they retire. One money manager who works with pro athletes said earlier this year that, “78% of professional athletes go broke after 3 years of retirement.” There are a variety of factors that might contribute to an athlete declaring bankruptcy or facing financial hardships, but nonetheless, the experience can feel devastating and lead some individuals to face serious health issues as a result.
The Stress Of Money Issues Can Lead to Mental Health Issues
A big payday doesn’t necessarily mean a big bank account forever. Behind the performance spotlight, athletes are often under pressure from their inner circle. Plus, most people don’t have a plan in place to manage a sizable income. Adding to that, unexpected life challenges like divorce or bad business deals can take you by surprise and affect your financial health. To some, it might seem like the money from sports will last forever, until it doesn’t. As Biggie famously said, “Mo Money Mo Problems.”
Money problems can cause stress, which in turn can lead to mental health issues such as depression or anxiety. When financial problems start to arise, you might feel overwhelmed and worried about your future. You might become anxious about keeping up with your lifestyle, providing for your family, and making ends meet. You might even beat yourself up for making poor choices. Financial problems can feel like they are swallowing you up and subsequently bring about mental health issues such as depression or anxiety. You may then turn to unhealthy outlets to help deal with the stress such as alcohol or drugs, which can result in even more problems.
On the other hand, if you’re struggling with your mental health, you’re dealing with a host of emotional difficulties and money might be the least of your worries. You may feel apathetic, which may lead you to not be as responsible with your money. For example, you may overspend to fill a gap in your life. You might also lose motivation or interest, which can lead you to make poor spending decisions.
“Debt is the killer of dreams,” says Chris Colston, CEO and Founder of Second Chance Credit and Sports Credit Advisor. Colston works with highly successful professionals and pro athletes to improve their credit scores and empower their financial futures. “I tell people it’s okay to treat yourself, but just don’t overdo it. What happens is once you start digging yourself a hole, it becomes really traumatic and you get into mental health problems due to finances. You go down a rabbit hole and you feel like you can’t out of it. Getting help for unhealed mental health problems can help improve your finances and vice versa. It’s all connected.”
You don’t have to hit rock bottom or run in the same vicious cycle over and over again. There’s always a way out, even when it may not feel that there is. Help is always available and there are solutions.
Tips To Improve Your Financial and Mental Health
Managing your finances well is one of the best ways to avoid financial stress and mental health issues. Here are some tips:
Create long-term financial goals so that it’s easier for you to see the big picture.
Create a budget to help you meet your financial goals.
Track expenses and monitor your progress monthly.
Pay off debt as quickly as possible.
Be mindful of your credit card spending habits and payment plans.
Create a savings plan, and stick to it.
Work with a credit advisor to maintain or improve your credit score.
Understand the emotional reasons for your spending habits.
Get to know your financial habits. For example, in what situations might you be more likely to throw caution to the wind and overspend?
Learn how to say “no” without feeling guilty about it.
Manage your mental health by regularly speaking with a mental health professional. Even if you feel like things are going well, a check-in session can help ensure that stress and problems don’t sneak up on you or spiral out of control.
If you are struggling with a mental health issue due to finances or any other reason, contact the Hall of Fame Health (HOFH) concierge call line at (866) 404-HOFH to find out more about treatment centers, health services, and providers. The service line is open to athletes and non-athletes. Scholarship funds may be available on a case-by-case basis through Fund Recovery. If you are experiencing a mental health emergency or require emergency assistance, please call the HOFH Crisis Line at 866-901-1245, call 911, or head to your nearest local emergency room.
Misty Buck is an athlete mental health and mindset coach and contributor to Hall of Fame Health. She can be reached at https://purposesoulathletics.com.