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Taxes and Mental Health

Taxes & Mental Health: The Emotional Side of Personal Finance

When it comes to mental health, we often think that family, work, or other personal relationships cause the main problems. But another conversation we should be having is how economic standing and finances can also put a toll on mental health. In fact, more than half of Americans have admitted that financial issues regularly stress them out, even surpassing job-related tension. That said, lack of money isn’t just a physical burden, but an emotional one too.

Looming Deadlines

If you’re handling all if your personal finances—including taxes, rent, and other utility costs—you can already imagine the amount of work you need to do whenever you’re preparing to pay for expenses. For the average person, there are a lot of deadlines to stay on top of, like credit cards cut-offs every month to taxes every quarter. It’s important to keep track because … Read More

Millennials in debt and most of it is not from student loans

Over 44 million Americans have student loans, with the average debt hovering around $33,000. And yet that’s not the number one source of debt for the average older millennial. Millennials between the ages of 25 and 34 have an average of $42,000 in debt each, the biggest source being credit card debt. Credit card balances make up a full fourth of the average older millennials owe, while student debt accounted for about 16 percent. The findings are based on a survey of over 2,000 U.S. adults, including an oversampling of more than 600 millennials.

As you grow older, your expenses increase. The additional pressures that come onto the pocketbook only grow and your disposable income shrinks in a lot of cases, even if your salary is growing. The pressure to start relying on credit cards makes a lot of sense. Millennials also cope with many other financial burdens that other generations … Read More