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stress money job

Adam Smith | March 15, 2019 | Leave a Comment

5 Ways Stress is Costing You Money & Your Job

This is a guest post from Elisa Ortiz. She started her career as a paralegal but has since developed a passion for understanding credit and personal finance which she now shares through the content she creates.

When left unmanaged or not managed properly, stress can end up costing you money or even your job. Based on the cost of stress-related illnesses and accidents, absenteeism, employee turnover, and decreased productivity, it’s estimated that stress costs U.S. employers some $300 billion per year.

What’s more, issues caused by stress can dig in to your personal finances in addition to your company’s budget. Money and work are the leading causes of stress in America, yet money and work are ironically the aspects that suffer the most from said stress. This makes a never-ending loop that can only be broken by reducing stress.

What can we do to mitigate, and possibly extinguish, this excessive cash outflow caused by stress? Fortunately, simple changes can make all the difference. However, it’s important to first understand the five main ways that stress hurts your wallet:

  1. Increased doctor’s visits due to stress-induced illnesses and injuries from accidents can rack up your medical bill, even with good health insurance. Stress can lead to or worsen serious medical conditions, including cardiovascular disease, that are costly to treat.
  1. Behavioral health care diagnoses and treats mental health issues such as depression, anxiety, bipolar disorder, and even obsessive-compulsive behaviors that can manifest as a result of too much stress. These health problems detract from your quality of life and bank account.
  1. Shopping as a coping method is a go-to for many people, whether they realize they’re doing it or not. The thrill and excitement of shopping for and purchasing new items is therapeutic as it combats the negative feelings of stress. However, this tendency quickly burns a hole in your pocket.
  1. Decreased productivity can hurt your income in several ways whether you’re paid a salary, hourly rate, or a commission. A decrease in your efficiency and effectiveness can hurt your bonus and hold you back from any potential promotions and pay raises. When you’re stressed, it’s harder to stay focused and driven, leading to decreased productivity.
  1. Dissatisfaction with your personal and/or professional life should be taken seriously. If you constantly find yourself fighting stress and hating every minute of the day, you need to make a change and fast. Finding satisfaction in your work and life can boost your mood and mental health, keeping you away from those expenses.

When you’re starting to feel stressed (in the workplace or at home), it’s important to remember ways you can lessen it. Consider developing a healthy stress response, such as cooking or exercising, instead of turning to binge eating or drinking. You could even adopt a pet as they are great companions and stress-relievers.

At work, you can set clear goals and expectations so you know exactly what you’re working towards. Set some boundaries with your business hours, paid time off, and breaks. Most Americans don’t use all of their allotted vacation time, but it’s vital for people to be refreshed in order to stay productive.

Check out the infographic below, provided by Credit.com, for more information regarding the cost stress and how to reduce it. 


employers employees respect

Adam Smith | October 17, 2016 | Leave a Comment

Employers, Please Show Some Respect

 

respect – a feeling or understanding that someone or something is important, serious, etc., and should be treated in an appropriate way

 

Lately, I’ve been thinking a lot about the word, ‘respect.’ What it means, how it makes people feel, and what the ramifications are when people don’t feel it for themselves and when people don’t show it to others. A lack of respect damages the very core of a team’s function and only hurts work culture. So, in an effort to increase respect in the workplace, here are three ways that employers can be more respectful:

[Read more…] about Employers, Please Show Some Respect

amazon wal-mart walmart via forbes.com

Adam Smith | September 28, 2016 | Leave a Comment

Amazon vs. Wal-Mart: Time, Money, and Service

The negatives of Amazon and Wal-Mart are all lost in the amount of time that these companies save their customers. With Amazon, the convenience of shopping online far outweighs the one to three days that it takes for products to show up on the doorsteps of shoppers. And then, if you need something immediately, Wal-Mart is typically the best solution, as they have almost everything you need in one physical location. And to compete even more with Amazon, they recently purchased jet.com, but it will take some time to see just how much advantage this brings to Wal-Mart. Anyway, say what you will about their business practices; the reason that these companies are both still alive and well is that they make shopping more convenient for consumers, a practice that many businesses should take note of.  [Read more…] about Amazon vs. Wal-Mart: Time, Money, and Service

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Hi, my name is Adam Smith and welcome to asmithblog.com. I am the author of the book, The Bravest You. Because of my work as an entrepreneur, consultant, writer, and speaker, I have been named a top industry influencer by American Genius. I live with my wife, Jasmine, and three children in Shenandoah, IA.

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