Depression and Personal Finance

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If you are feeling suicidal, please seek help immediately. You can call the National Suicide Prevention Hotline at 1-800-273-8255 or text HOME to 741741. Find a trusted friend or family member to stay with you while you are suicidal.

 

Break the cycle of debt and depression. Loneliness, sadness, depression and helplessness are natural responses to serious money problems. #money #moneyproblems #debt #depression #suicide #breakthecycleDepression knows no boundaries. Anyone at any age can experience debilitating depression. No one is exempt: male or female, young and old, every ethnic background, every religious belief and every level of the economic spectrum.

Depression is hard to treat since it comes in so many flavors. Some people experience mild or seasonal depression, sometimes known as seasonal affective disorder (SAD). Depression can be brutally severe or cycle between periods of hyperactive behavior followed by an equally severe depressive episode. To complicate matter more, manic-depressives can cycle fast or slow.

Medication doesn’t help everyone and for many only provides mild relief. Frequently external factors trigger an event. Overwhelming debt can bring the walls crashing in.

But external triggers are not necessary for those with a tendency for depression. Successful and wealthy people are not exempt from external triggers causing depression. Eliminating debt can go a long way for many people in regaining mental health. But not always.




The Dear Debt Mission

Melanie is an incredible young woman who writes the Dear Debt blog. What started as a public journey to break up with debt brought an unexpected consequence. People started reading her blog and contacting her with their stories of unmanageable debt. Melanie also noticed in her analytics program that many people finding her blog were suicidal due to their debt load.

It might be forgivable to bow our head in silence and move on feeling there is nothing we can do. Not Melanie. Every September, which is Suicide Prevention Awareness Month, Melanie has a Debt Drop program where she encourages bloggers to join her in creating a web of posts focusing on suicide awareness and prevention. A heavy dose of debt reduction is encouraged. I added to the list a few times myself. Here is another entry.

It is impossible to know how many lives have been saved due to Melanie’s efforts. Certainly the number of people helped is tremendous.

But that isn’t why I’m writing today. There is another group of people in desperate need of help I want to address.

Living the Dream or Living in a Dream

Before we continue I must make a confession. The author is a rapid cycler manic-depressive. The dark days of winter can cause SAD, but I also suffer awesome bouts of efficient hyper-activity followed by crushing depression. It can happen any time of the year.

When I was a boy I was diagnosed with the disease. Later doctors tried a cocktail of medications to tone down the highs and lows. Lithium did nothing. Prozac and similar drugs were ineffective. They even tried scary drugs that really messed with my head. Eventually the medications were ended and I attended therapy to understand my triggers and methods to control an episode.

Here is the funny thing. I never had an overwhelming debt burden in my life. I grew up poor on a farm in rural Wisconsin, but we always had food, family life was good and I never felt like we were poor until I got older and the outside world reminded me what I am.

Later I married the best woman on earth and she blessed our household with two incredible daughters. Home life has always been good for me. I got lucky. With a predisposition for mania followed by depression, I found a way to create a life that minimized triggers. Like I said, lucky.




Money Doesn’t Solve Every Problem

When people are deep in debt they think money will solve all their problems. It doesn’t! Money will solve some issues in your life. Money can reduce and eliminate debt obligations. This is a major stress reducer.

Lots of money also opens doors unavailable to the poor. Money makes it easier to retire young or choose the job of your choice since you have resources to weather the time between fulfilling jobs. Money means you don’t have to settle for any job offered just to put food on the table. If you enjoy traveling money certainly helps with that too.

Money can solve financial problems. It can’t fix a broken marriage or resolve a drug problem. Money can buy quality healthcare, but can’t cure every ailment. And money can’t stop the demons of depression from crushing you down.

 

Dealing with Depression

To someone deep in debt it may sound strange to hear someone is suicidal when they have a quality home life and financial wealth. But depression doesn’t work that way!

Mental illness carries a social stigma. It shouldn’t. Depression is not a sign of weakness. Depression is a disease and must be treated as any disease.

Debt can cause serious depression. Not knowing where to turn is normal. Get your life back. #debt #suicide #depression #personalfinance #studentloans #creditcarddebtLeft unchecked it can destroy things of value in your life. Medication is an option for some. I encourage you to have a serious talk with your doctor on your situation. If medication doesn’t work for you, as it doesn’t for the author, you need a different set of tools. I will share some that have worked for me.

I was hesitant writing this post. After nearly a decade of controling excessive bouts of depression (I am less successful controlling the manias) I am in the deepest episode in nearly a decade.

Age gave me experience in handling triggers. Small bouts of depression would set in, but it was manageable. I have ready mental tools to get me back into life and motivated again. Manias are the worst because they make you feel so good as you get stuff done. I even managed to reduce the downside after a mania. Encouraging a mild mania is a valuable tool for an accountant during tax season. It is also dangerous. But when tax season spills into the remainder of the year the energy needs to come from somewhere, or so goes the crazy thinking.

Now is a good time to review the tricks I’ve learned to deal with depression since I’m struggling right now:

  • Triggers: Even if medication helps, controlling triggers is vital. Dark and short winter days can trigger depression in some people. It was an issue for me when I was younger, but it has been a non-event in later adulthood. Sunlight or sun lamps can help.

OTC medication or mild stimulants can trigger an event. For me large amounts of caffeine can trigger a mania. It’s easy when the workload increases to pound the coffee. You should constantly observe your response to foods, beverages, medications and recreational drugs (legal and illegal).

Stress is a huge trigger for many people. This is where a heavy debt burden comes in. But money isn’t the only stress. Other illness or the death of a friend or family member can do it. An unforeseen event can lift the stress level and start an uncontrollable spiral into depression.

  • Communicate: I have a very close relationship with my wife, Mrs. Accountant. We talk all the time. We can feel each other’s moods. Mrs. Accountant frequently knows I’m headed for depression before I do. She can see the outward signs I’m not paying attention to.

A trusted friend, family member or counselor is a tremendous benefit. Let people around you know when you are going down. Make sure a plan is in place to protect you if you become suicidal. It’s not a sign of weakness; it’s a sign of intelligence. You know the helplessness of depression. When the depression passes, only then do you realize what you would have thrown away if you ended your life. And the damage to your friends and family lasts decades and longer. Do the right thing. Have a support team in place.

  • Train Yourself: Many people benefit from motivational tapes if they only have mild depression or borderline personality disorder. The upbeat message of optimism from speakers like Zig Ziglar have helped millions.
  • Diet and Exercise: Finding the right diet and mix of aerobic and strength exercises has made an incredible difference in my life. It’s those times where running a business cuts into running in the park conflict when I eventually get into trouble. Then diet suffers and the sodas go down the throat during the day and Jack at night. It all ends badly. Discover what foods cause attacks. And consider a sensible exercise program developed with a professional (trainer, doctor, et cetera).
  • Sleep: Lack of sleep is a serious stressor. Depressive episodes for me are usually preceded by a bout of sleeplessness. Lack of sleep even messes with people who don’t have depression. Get your sleep. It might be the most important thing you do all day. Cut the caffeine if it disturbs your slumber.
  • Avoid alcohol: For some reason people with depression think alcohol will deaden the pain. It might a first, but alcohol doesn’t deaden the pain long and the risk of addiction is real. Alcohol is no solution for depression and is fraught with problems.
  • Avoid important decisions while suffering a depressive event: Depression is a funny thing when it comes to decision making. I can prepare a mean tax return without issue while struggling with depression. The reason is the decisions are less about a choice and more about application of facts. The decisions best avoided while depressed include financial decisions.

Important financial decisions are best avoided while suffering deep depression. Your judgment is clouded when you are suffering. Cashing in a retirement account is a bad idea when you should be focusing on healing. Major expenditures are also to be avoided at these times. Now is not the time to shop, buy a new car, home, et cetera.

When depression strikes deep I start to eliminate things. I cut back on life demands. Depression causes me (most people) to withdraw. I try to cut back on projects or even eliminate them. I’m not saying this is a good thing because this in itself is a decision with consequences long after the depression ends. Unfortunately, you don’t always have a choice. Life doesn’t go on as usual when you suffer depression. Something has to give and certain activities need to be curtailed. Things you don’t want to cut back are your relationships and job. Your family and friends are your support group in your time of need. And you may need that job later when the fog lifts.

  • Seek professional help: It isn’t easy to seek help for depression. When you are suffering the blinding tunnel vision of depression you don’t think anyone can help and don’t even know you need help many times. When not depressed you think you are okay now. You must break out of the trap and seek appropriate medical attention.
  • Don’t be alone: Depression can do strange things to good people. If you are suicidal, call the number at the top of this post. Help is available. Whenever possible, have someone with you.

Remain Strong

It’s not always possible to control triggers. A surprise stressor can come out of left field. Some people are lucky enough to grow out of some types of depression like SAD or borderline personality disorder. Regardless, the illness is always there. Like any serious disease, it is nothing to be ashamed of. Seek help. There are solutions.

And most of all, remember, you are not alone.

 

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Keith Taxguy

10 Comments

  1. TheHappyPhilosopher on April 26, 2018 at 8:36 am

    Important topic Keith. Thanks for sharing. I’ve seen mental illness destroy lives, and can be devastating to finances. As you said, it can strike anyone anytime, and is often stigmatized and marginalized by people (ie: It’s all in your head. Just snap out of it!). Keep up the good work talking about important topics like this.

  2. Morning Waters on April 26, 2018 at 8:41 am

    Thanks so much for sharing your experience with depression. I, myself, do not suffer from depression but I work with many people and have been in relationships with people who do struggle with this disease. I often struggle with my own understanding of depression in all it’s permeatations and find information like your article very helpful in helping me understand what others experience and most of all I appreciate your sharing the tips and tools that you have found helpful.

  3. Adam on April 26, 2018 at 9:32 am

    Thank you for this very important message. I recently lost a dear friend to suicide. He left behind a young wife, three boys under the age of 6, and one on the way. We all wish he had asked for help. If your post encourages just one person to seek help you will have saved the lives of many. Thank you.

  4. Zachary Norris on April 26, 2018 at 12:26 pm

    I think the point that money doesn’t solve every problem is huge. The more money you make, the more amplified your personality will be. It’s simply a magnifier of your current personality and attitude. If you’re a happy person, you’ll become more happy. If you’re a sad person, you’ll become more sad. Money should never be used as a means to solve your own problems, but rather a tool to do good for the world. This was a very interesting article, and I haven’t seen many like it. Awesome content, serious topic!

  5. Life Of FI MD on April 26, 2018 at 4:06 pm

    Again Keith, you hammer the nail on the head. It’s no wonder you won the Plutus Prize last year. Your writing is real and you leave so much on the table for us to learn from and you provide such good insight as someone who has been there. It’s a true blessing to see one writing with such honesty among the financial independence blogs out there. Of all the medical conditions, we are most likely to suffer from a mental health crisis in our life. And everyone of us has been impacted by mental health. It’s such an important topic that needs to be brought up and talked about more than we do here in America. Of all the medical conditions known to man, we are highly likely to suffer from a mental health condition at sometime in our life and everyone of us has been impacted by mental health. It’s such an important topic that needs to be brought up and talked about. Thank you Keith.

  6. Carrie on April 26, 2018 at 4:37 pm

    Thank you for being so honest and open. I appreciate the sharing. I’m sorry you’re struggling at the moment and I hope that subsides for you shortly.

  7. Stacy on April 26, 2018 at 10:20 pm

    Keith
    Again I applaud you for your honesty dealing with a real life situation that affects so many preople. My daughter is type 1 Bi-Polar and it has wrought havoc on my finances for the past 10 years. I can only hope that she finds her “Mrs Accountant” some day that grounds her and keeps her sane and safe. As a parent it is especially difficult to see your child struggle with these issues they didn’t sign up for.

    • Keith Taxguy on April 26, 2018 at 11:29 pm

      Stacy, so far my daughters do not show signs of depression. Only dad is the crazy one in this family. The good news is that I found a way to go a very long time between major episodes. The current issue was brought on by a trigger followed by a mania I exploited. I have good coping mechanisms. I decided to share my current state because I know others also suffer.

      I wish you and your daughter well. With a solid support team she will be fine with a few bad days to deal with. I know it seems much worse, but optimism is a powerful tool in dealing with the chemical imbalances in the brain. Also, never let them convince you you’re crazy or your child is crazy. I say it about myself in jest. In real life this is a disease with treatments available.

  8. Sam Joyce on April 27, 2018 at 1:15 pm

    Congrats for the post. Depression is a very important topic and need to be talked.

  9. William Harvey on April 30, 2018 at 6:06 pm

    Keith that post really struck a chord close to home. I too am originally from the dark, Hodag-filled north woods of Wisconsin (now out West) and was (am?) a high performer subject to bipolar episodes as well. One thing people who checked in on me on the worst never understood was: “he has plenty of money, why doesn’t he just blow it all and enjoy himself?” As you so clearly point out, money or spending are usually not the true problem and therefore not the solution. Depression cuts deeply and directly at the root of our ability to enjoy anything (anhedonia). I’ve never found great strategies for other people to help me out of my low spots, so don’t have much to offer other than the hope that you can ride it through and pass along that I’ve greatly appreciated your insights.

    If there WAS something that could help you, like devouring some butter-smothered walleye at a greasy spoon supper club on a Friday night, you should exercise that option!

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