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Americans are stressed and anxious about money lately. Being mindful can help, according to wellness expert Deepak Chopra.
About 52% of US adults are under more financial stress than they were a year ago, according to CNBC + Acorns Invest in You poll carried out by Moment. The online survey was conducted March 23-24 among a national sample of 3,953 adults.
“A lot of people are fed up, frustrated, depressed, stressed,” he said. Choprafounder of the Chopra Foundation and Chopra Global.
That stress, in turn, can create inflammation in the body and weaken the immune system, he added.
While meditation, comedy, and music can help you relax, being mindful of your money is a good way to gain control of your financial life.
Mindfulness is “a state of active and open attention to the present”, according to psychology today. Applying mindfulness to your finances means that you are essentially paying attention and being present with your money.
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For Chopra, the most important thing to know about money is quite simple: Don’t buy things you don’t need, with money you haven’t earned, to impress people you don’t like. That will create stress in your life, he said.
“Our culture is so used to being in debt,” said Chopra, who recently published his 92nd book, “Abundance: The Inner Path to Wealth.”
To be sure, the average household with debt owes $155,622, according to a studio NerdWallet. Those with credit card debt owe an average of $6,006, the study found.
Instead, you should watch what you spend and try to save about 10% of what you earn, Chopra said. It’s something his mother taught him years ago.
“It served me well all these years,” he said.
“So be a little frugal in these times,” Chopra continued. “Ask yourself, ‘Do I need this?’ or, ‘Do I want this?’
“You know, wants and needs are two different things.”
When it comes to investing, try not to let your emotions take over, he said. The stock market, which had a dismal January and February, recovered in March. While April is a historically strong month, market watchers expect some volatility This room.
“People get nervous and melodramatic and make very irrational decisions,” said Chopra, a member of the CNBC Invest in You Financial Fitness Council.
“So be patient and don’t make irrational decisions.”
Also, take care of yourself both physically and mentally. If you get a good night’s sleep, have healthy relationships with friends and family, exercise and meditate, your ability to achieve financial success improves spontaneously, he said.
The most important thing is to keep things in perspective.
“If at the end of your life you say, ‘I made a lot of money, but I wasn’t happy,’ what’s the point?” Chopra said.
“Joy should always be the number one priority, and then everything else follows,” he added. “It’s called a top-down approach rather than a bottom-up approach.”
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Disclosure: NBCUniversal and Comcast Ventures are investors in acorns.